Stocks hit by political nerves

Stocks returned to the red yesterday following political agitations as most investors sold shares and mutual fund units to pocket profits.
The DGEN, indicator of Dhaka Stock Exchange, finished the day at 5,357 points, after falling 31.25 points or 0.58 percent.
While the market continues to show resistance, ongoing political unrest has shaken the investors, bringing another flat session, IDLC Investments Ltd said in its market analysis.
Amid seemingly expected continuation of political instability for coming few days, investors restrained new investments and took a risk-averse stance, it said.
However, movement was high in stocks with earnings and dividend expectations ahead, IDLC said.
“Selling pressure from the confused investors due to political agitation did not let the market sustain the earlier gain,” LankaBangla Securities said in its daily market commentary.
Turnover on the DSE floor declined 4 percent to Tk 874 crore, compared to the previous day.
A total of 16.78 lakh trades were executed with 12.32 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the total 264 issues that traded on the DSE, 69 advanced, 177 declined and 18 remained unchanged.
Among the major sectors, pharmaceuti-cals gained 1.44 percent, followed by telecoms 0.81 percent. Power lost 1.07 percent, followed by non-bank financial institutions 0.86 percent and banks 0.32 percent.
GP, which represents the telecom sector, topped the turnover chart with 25.66 lakh shares worth Tk 57.80 crore changing hands.
Keya Cosmetics topped the gainers' list, rising 7.68 percent, while People Insurance was the biggest loser of the day that slumped 18.47 percent.
The Chittagong Stock Exchange also declined yesterday due to selling pressure.
The Selective Categories Index of CSE finished the day at 10,136.88 points, after falling 51.96 points or 0.51 percent.
Losers beat gainers 129 to 43 with 14 securities remaining unchanged on the port city bourse that traded 1.16 crore shares and mutual fund units with Tk 71.81 crore in turnover.