Dhaka stocks plunged for the second running session Wednesday, as the investors were in uncertainty centring new writ petitions filed challenging the securities regulator's power under Section 2CC.

Meanwhile, a section of aggrieved investors took to the streets and demonstrated in front of the Dhaka Stock Exchange (DSE) Building at about 12:45pm.

They chanted slogans against the SEC chairman and DSE president and sponsor-directors of different listed companies who filed writ petitions challenging the SEC directive and its power under Section 2CC.

They alleged despite the High Court upheld the Securities and Exchange Commission's (SEC) directive, the SEC is yet to make any specific direction on the issue which created confusion among the investors and put negative impact in the market.

The market started with a steep fall and DGEN shed more than 158 points within first two hours. However, last two hours it recovered half of the points and finally ended 76 points lower.

The DGEN, the benchmark general index of the Dhaka Stock Exchange (DSE), plunged 76.80 points or 1.56 per cent to close at 4,828.77.

The broader All Shares Price Index (DSI) lost 61.95 points or 1.49 per cent to close at 4,078.08. The DSE-20 Index comprising blue-chip shares also lost 51.64 points or 1.37 per cent to close at 3,692.35.

The investors' confidence deteriorated further as five more writ petitions were filed and the securities regulator is yet to make specific direction on the sponsor-directors share holding position, said a market insider.

Mr Akter H Sannamat, former managing director of Prime Finance and Investments, said the investors were somewhat shaky following filing of more writs against the SEC and they went for panic sale.

He said the investors should not sell shares out of panic as he expects that the HC will deliver its judgments in favour of the SEC as the HC upheld its earlier directive.

Mr Sannamat also said the SEC should clear its position on sponsor-directors share holding and help the investors to get rid of confusion. And it may be a reasonable time extension to buy shares, he added.

He also urged the big and institutional investors to play their supportive role in the market at this crisis moment.

"The investors assumed substantial time to get verdict from the court and little hope for reversal from ongoing bearish trend, luring them to trigger panic sale and DGEN lost 158 points within first two hours," commented IDLC Investments Limited, in its regular analysis.

"However, the news of meeting between SEC chairman and investors at 3pm and another meeting between finance minister and DSE representatives at 4pm helped to recover some points latter," it added.

The turnover value stood at Tk 2.74 billion against Tk 2.62 billion in the previous session.

Out of 262 issues traded, 207 declined, 40 advanced and 15 remained unchanged.