Stocks skid on political nerves

Stocks fell 2.74 percent yesterday, the highest single day fall this month, as investors sold shares fearing political instability.
DSEX, the benchmark general index of the Dhaka Stock Exchange, broke the 4,000 points level for the first time this year, closing at 3,956.89 points, after shedding 111.50 points.
After taking a break, a downtrend became stronger as political tensions hit market sentiments, IDLC Investments said in its market analysis.
“As political climate goes cloudy once more, investors became wary of investment outlook ahead. Fearing further losses in light of a recent six-session fall, investors were in selling mood.”
Investors went for selling shares as the Bangladesh Securities and Exchange Commission on Tuesday rejected merchant banks' request to extend the deadline for replacing the omnibus accounts with individual beneficiary owner accounts, a merchant banker said.
Today is the last day of conversion of omnibus accounts, often called 'hide accounts' in derogatory terms.
Turnover on the premier bourse advanced 21.81 percent to Tk 324 crore, compared to the previous day.
A total of 0.97 lakh trades were executed with 8.07 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 265 issues that traded on the DSE, 16 advanced, 254 declined and 11 remained unchanged.
All major sectors also ended in the red with telecoms losing the most at 3.20 percent, followed by banks 2.74 percent, non-bank financial institutions 2.54 percent, power 2.31 percent and pharma 2.08 percent.
Summit Purbanchol Power Company featured in the most traded stocks chart with 28.39 lakh shares worth Tk 25.47 crore changing hands.
Eastern Lubricants was the biggest gainer of the day, at it gained 8.29 percent, while GlaxoSmithKline was the worst loser, plunging 10.39 percent.