Political turmoil continues to weigh down stocks

Stocks dropped for the second day owing to the political commotion, which swayed investors into profit-booking.
DSEX, the key market tracking index of Dhaka Stock Exchange (DSE), finished the day at 4,265.09 points, after falling 21.23 points, or 0.49 percent.
The day started on a flying note, with investor participation in full swing despite the countrywide strike enforced by Jamaat-e-Islami.
Turnover, an important indicator for investors, advanced 10.08 percent from the previous day to Tk 499 crore.
Owing to the ongoing political turmoil, profit-taking took over to send the market gauge on a descent, IDLC Investments said.
“Earnings expectations enhanced scrip-wise movement in the bourse,” the investment bank said.
The premier bourse yesterday introduced the bangla version of its website for enhanced communication.
A total of 1.19 lakh trades were executed, with 12.51 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 275 issues traded on the DSE floor, 80 advanced, 165 declined and 30 remained unchanged.
Among the major sectors, only power ended in the black, gaining 0.68 percent, while non-bank financial institutions and bank dropped 1.09 percent and 0.96 percent respectively.
United Airways was the most traded stock of the day, thanks to its transaction of 2.7 crore shares worth Tk 62.67 crore.
Summit Purbanchol Power Company and Unique Hotel and Resorts were the next popular stocks of the day.
Purabi General Insurance, which went up 9.91 percent, was the biggest gainer of the day, while Meghna Pet Industries was the worst loser, dropping 6.94 percent.
Chittagong Stock Exchange's selective categories index, CSCX, dropped 47.24 points, or 0.55 percent, to close the day at 8,505.88 points.
The port city bourse traded 1.41 crore shares and mutual fund units with a turnover of Tk 52 crore.