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Stocks continue to decline over political instability

Star Business Report
Stocks declined for the fourth day yesterday with the key index dropping below the 4,200 points level as investors remained averse to fresh investments amid ongoing political instability.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,147.21 points, after falling 83.51 points or 1.97 percent.
The decline was prolonged by a strengthened perception of bleak investment outlook, IDLC Investments said in its daily market analysis.
Turnover experienced a drought as the buy side subsided, the investment banker said.
Turnover declined 4.86 percent to Tk 349 crore, compared to the previous day.
"Investors are continuing their 'wait-and-see1 policy and waiting for a clear direction," stated LankaBangla Securities in its daily market analysis.
Gloomy political outlook has been a major setback for the market in recent days, said the stockbroker.
"Probably all the market participants are expecting slowdown in corporate profitability because of nationwide blockade and discounting their valuations accordingly."
The losers took a strong lead over the gainers as out of282 issues traded, 207 declined, 57 advanced and 18 remained unchanged on the premier bourse.
All the major sectors closed in the red: power 2.22 percent, banks 1.89 percent and non-bank financial institutions 1.83 percent, pharma 1.46 percent and telecoms 1.29 percent.
However, life insurance gained 2.08 percent and tannery 1.45 percent.
On the other hand, textile and engineering suffered the highest amount of sell pressure, losing 2.90 percent and 2.83 percent respectively.
A total of 0.94 lakh trades were executed with 8.74 crore shares and mutual fund units changing hands on the Dhaka bourse.
Delta Life Insurance generated the highest turnover with 12.06 lakh shares worth Tk 33 crore changing hands.
RN Spinning Mills and Meghna Petroleum were the next popular stocks of the day.
Rahima food was the highest gainer of the day, posting a rise of 9.95 percent, while Meghna Petroleum was the worst loser, slumping by 20.65 percent following its price adjustment after record date.
The Chittagong Stock Exchange also ended lower for the fourth session with its selective categories index, CSCX, losing 173.96 points, to close at 8,108.68 points.
Losers beat gainers 177 to 27, with nine issues remaining unchanged on the port city bourse that traded 1.25 crore shares and mutual fund units with Tk 45 crore in turnover.