Stocks slid for the fifth consecutive session on Tuesday with the core index of the Dhaka Stock Exchange (DSE) falling to a nearly 23-month low.
The DSEX, the prime index of the DSE, fell by 20.58 points or 0.39 per cent to settle at 5,204, its lowest level since January 08 last year.
The DSEX had shed more than 1,040 points or 17 per cent since January 1, 2018 and the market capitalisation declined by Tk 440 billion during the period under review.
Market insiders said investors continued their selling spree as lower-than-expected earnings disclosures made by a number of companies dented investors' confidence.
They said the investors were keeping an eye on the rally of opposition alliance Jatiya Oikyafront on Tuesday at the city's Suhrawardy Udyan.
"Shrinking foreign investment, fear about political turmoil ahead of national elections, coupled with lower participation of institutional investors" led to the market's falloff, said a merchant banker, seeking anonymity.
He noted that investors were not confident about injecting fresh funds into stocks amid a gloomy market outlook. As a result, the market turnover fell below the Tk 5.0 billion (500 crore) mark.
A bearish sentiment was also reflected in the trading activities as the turnover on the DSE came down to Tk 4.40 billion, lower by 18 per cent than the previous session's Tk 5.38 billion.
Of the 339 issues traded on the DSE trading floor, 214 closed lower, 79 went up and 46 issues remained unchanged.
The persisting pessimism, coupled with the disappointing quarterly earnings results, particularly of banks and non-bank financial institutions, in the third quarter dented the investors' confidence, said a leading broker.
Earnings of 18 listed banks, out of 30, recorded decline during the January-September period of the current calendar year compared to that of the corresponding period of last year.
The earnings of most of the non-bank financial institutions (NBFIs) fell in the nine months to September last compared to that of the corresponding period of last year.
The consolidated earnings per share (EPS) of 17 NBFIs out of 23 declined during the period.
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