---

Stocks fell for a third straight session on Wednesday as investors adopted a wait-and-see stance, looking for clear policy signals from the newly sworn-in BNP-led government.

The government, formed after taking oath on Tuesday, has yet to outline its plans for the capital market. “Perhaps investors are waiting for a clear direction” before committing fresh funds, said Akramul Alam, head of research at Royal Capital.

Investors who had rushed in after the 13th parliamentary election were quick to book profits in recently surging stocks, accelerating the downturn. Following the BNP’s landslide victory, the benchmark index had jumped 200 points on February 15, driven by strong demand for undervalued blue-chip shares. Many stocks had gained 15–20 per cent before the rally began to fade.

Institutional investors are now bracing for possible changes at the top of the Bangladesh Securities and Exchange Commission, as lobbying intensifies for key positions under the new administration.

In its election manifesto, BNP Chairman and now Prime Minister Tarique Rahman pledged to appoint qualified and honest professionals to lead the securities regulator, restore good governance and introduce investment-friendly tax policies to support the stock market.

A senior BSEC official, requesting anonymity, questioned why a portion of public funds used to compensate depositors could not also be considered for investors. The regulator has suggested that compensation calculations for general shareholders should take into account the assets of non-bank financial institutions, pledged collateral and properties of those accused of embezzlement.

Blue Chips Drag Index

The market remained volatile throughout the session, with profit-taking outweighing buying support.

The benchmark DSEX of the Dhaka Stock Exchange settled at 5,519, down 51 points or 0.92 per cent. Over the past three sessions, the index has shed a total of 81 points.

Blue-chip stocks led the correction. Price declines in Islami Bank, Walton, Square Pharma, IFIC and BAT Bangladesh accounted for a combined 24-point fall in the DSEX. Islami Bank alone dragged the index down by 13 points after its share price fell 4.5 per cent.

The DS30 index, comprising 30 leading companies, dropped 16 points to 2,110. The Shariah-based DSES index lost 12 points to 1,105.

Turnover slipped below Tk 10 billion after three sessions, falling 23 per cent to Tk 9.36 billion.

Major sectors closed in the red, with non-bank financial institutions posting the steepest loss of 2.56 per cent, followed by food, banking, power, pharmaceuticals, engineering and telecom.

Out of 393 traded issues, 286 declined, 82 advanced and 25 remained unchanged.

Square Pharma topped the turnover chart with shares worth Tk 365 million changing hands, followed by Asiatic Laboratories, Dhaka Bank, City Bank and Pragati Life Insurance.

The Chittagong Stock Exchange also ended lower. Its CASPI index fell 84 points to 15,429, while the CSCX index lost 62 points to 9,463.