Stocks depressed by political turmoil

The ongoing political turmoil took a heavy toll on the stock market as the Dhaka Stock Exchange (DSE) declined for the second week, with its key index dropping below the psychological 3,700-point mark.
DSEX, the benchmark general index of DSE, closed the week at 3,507.86 points, after shedding 173.80 points, or 4.72 percent.
"Another bearish week continued as the political unrest weighed heavily on investors' sentiments," LankaBangla Securities said in its weekly market analysis.
The DSE started the week with a significant drop, with DGEN, the benchmark index, tumbling to a 40-month low by the end of the second trading sessions.
"The downturn was led from the front by the heavyweight banking sector, as investors made wholesale sell-offs anticipating incremental provisioning in the forthcoming quarter and deteriorating operating conditions," the stockbroker said.
IDLC Investments said turnover stayed low all week, thanks to the ever deepening political worries, which have left investors  tensed.
The average daily turnover during the week increased 0.38 percent from the previous week to Tk 145 crore.
Of the 287 companies and mutual funds that traded during the week, 37 advanced, 242 declined and 8 remained unchanged.