Stocks plunged yesterday due to fragile investor confidence in the market and less-than-expected first quarter earnings of listed companies.

The benchmark General Index, the indicator of Dhaka Stock Exchange, closed at 5,001.81 points after falling 74.81 points or 1.47 percent.

Investors lost confidence as uncertainty looms in the market regarding sponsors and directors' mandatory 2 percent shareholding, LankaBangla Securities said in its daily market analysis.

“As the deadline to comply with SEC's circular on minimum shareholding is forthcoming, investors remained sceptical,” IDLC Investments said in a market analysis. “To be in the safe zone, profit taking and loss minimisation seemed preferable to the investors than fresh investment.”

Turnover lost 7.5 percent, compared to the previous day. A total of 0.095 lakh trades were executed, generating turnover of Tk 389 crore with 6.87 crore shares and mutual fund units changing hands on the Dhaka bourse.

Of the total 265 issues that traded on the Dhaka bourse, 35 advanced, 210 declined and 20 remained unchanged.

All sectors, except cement, closed lower yesterday. Cement went up 1.18 percent. Three cement companies featured on the top gainer's list.

Among the major sectors, power lost 2.14 percent, pharmaceuticals 1.74 percent, non-bank financial institutions 1.67 percent, telecomm 1.63 percent and banks 0.98 percent.

LankaBangla Finance was the turnover leader with 24.68 lakh shares worth Tk 24.75 crore changing hands.

Meghna Cement was the biggest gainer of the day as it rose 9.69 percent. The biggest loser was Standard Bank that slumped 16.53 percent.

The Selective Categories Index of the Chittagong Stock Exchange closed at 9,429.72 points, after falling 159.32 points or 1.66 percent.

Losers beat gainers 155 to 25, with four securities unchanged on the port city bourse that traded 1.08 crore shares and mutual fund units with Tk 46.97 crore in turnover.