Overcast sentiment hits stock prices

Stocks yesterday registered the highest single day fall in two weeks, driven by investors' selling spree.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed at 3,454.52 points, after falling 1.39 percent, or 49.03 points.
Turnover came down to a two-month low, dropping 0.44 percent from the previous day to Tk 112 crore.
“Pessimism continued to take its toll on the bourse, with participation progressively thinning out over persistently dismal market sentiment,” IDLC Investments said in its regular market commentary.
“With eyes focused on the Savar tragedy and its potential after-
math on businesses, investors
hardly had any motive to increase exposure.”
The disappointing earnings announcement of a few stocks, especially in the textile and insurance sector, added to the gloomy outlook, the merchant bank noted.
“Given the prevailing sentimental, political and economic incertitude, the market tracking indices showed nothing but a heightened discounting tendency by investors throughout the day,” LankaBangla Securities said.
A total of 0.52 lakh trades were executed, with 3.57 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 271 issues that traded on the premier bourse, 52 advanced, 194 declined and 25 remained unchanged.
All big sectors lost in value except non-bank financial institutions, which posted a gain of 2.13 percent.
The pharmaceutical sector shed 1.67 percent, banks 1.17 percent, telecoms 0.98 percent and power 0.86 percent.
RN Spinning Mills topped the charts with its transaction of 17.30 lakh shares worth Tk 5.04 crore.
Kohinoor Chemicals was the biggest gainer of the day, posting a rise of 10 percent, while Global Heavy Chemicals lost the most, of 13.77 percent.