Stocks slipped into the red on Wednesday, snapping a four-day winning streak, as risk-averse investors booked profits on large-cap shares.
Market analysts said investors opted to book profit on large-cap multinational companies (MNCs) like Grameenphone, BATBC, Marico and Berger Paints, dragging down the market.
These four companies are jointly responsible for a drag of 11 points to the benchmark index.
The investors also became cautious after media reports that the Anti-Corruption Commission (ACC) has initiated a move to probe graft allegations against the chairman of the Bangladesh Securities and Exchange Commission (BSEC).
The ACC received complaints that BSEC Chairman Prof M Khairul Hossain in collusion with some quarters had embezzled money by giving approval to the IPOs (initial public offering) of some low-profile companies.
On the day, the market opened on a positive note and the key index of the major bourse surged about 17 points within first 15 minutes of the trading. But the selling pressure for profit booking in the later part of the session led the prime index to close in the red.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), finally settled at 5,223, shedding 4.08 points over the previous day.
Two other indices also finished slightly lower. The DS30 index, comprising blue chips, closed 3.87 points lower at 1,841 and the DSES (Shariah) index saw a fractional loss of 0.25 point to settle at 1,204.
Turnover, another important indicator of the market, clocked in at Tk 5.42 billion, nearly 15 per cent up from the previous day's turnover of Tk 4.73 billion.
The investors' attention was mostly glued to power sector, which grabbed 19 per cent of the day's total turnover, closely followed by pharma (18 per cent) and engineering (12 per cent).
According to the EBL Securities, the market finished slightly lower as risk-averse investors booked profit on some large-cap stocks.
The stockbroker noted that some investors followed 'wait-and-see' approach ahead of year-end dividend declarations.
The International Leasing Securities said the investors are closely eyeing on the sector-specific stocks ahead of year-end dividend declarations.
The risk-averse investor sold off shares in telecom, food, bank, pharma and engineering sectors, pushing down the prime index, said the stockbroker.
The telecom sector saw the highest correction of 1.0 per cent after a two-day gain, followed by food (0.48 per cent), banking (0.34 per cent), pharma (0.28 per cent) and engineering (0.25 per cent).
A total of 135,661 trades were executed in the day's trading session, with trading volume standing at 156.78 million shares and mutual fund units.
The market-cap of the DSE also fell to Tk 3,880 billion on Wednesday from Tk 3,887 billion in the previous session.
Losers took a modest lead over the gainers, as out of 354 issues traded, 194 closed lower, 123 ended higher and 37 issues remained unchanged on the DSE trading floor.
The United Power topped the turnover chart, with 1.70 million shares worth more than Tk 678 million changing hands.
The other turnover leaders were Orion Infusions, Fortune Shoes, JMI Syringes and Bangladesh Shipping Corporation.
RAK Ceramic was the day's best performer, posting a gain of 10 per cent while SEML FBSL Growth Fund was the day's worst loser, slumping by 8.33 per cent.
The port city bourse, the Chittagong Stock Exchange, closed mixed with the CSE All Share Price Index - CASPI - gaining 1.30 points to settle at 15,977 and the Selective Categories Index - CSCX - shedding 3.40 points to finish at 9,699.
Here too, the losers beat the gainers, as 121 issues ended lower, 107 closed higher and 31 remained unchanged.
The port city bourse traded 9.37 million shares and mutual fund units worth more than 212 million in turnover.
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