Stocks posted a moderate correction Tuesday, snapping a four-day winning streak, as risk-averse investors opted to book profit on stocks, particularly financial stocks.
Market insiders said the fall in the index was expected as the market was going upward for the fourth straight session, making records in turnover.
"The market slipped into the red as retail investors went for booking profits that saw significant gain in recent price upsurge, particularly financial issues," said an analyst at a leading brokerage firm.
He noted that investors' active participation kept the turnover buoyant as total turnover on the major bourse surpassed Tk 7.0 billion-mark for the first time in four and a half months.
The market opened on a positive note and key index of the prime bourse crossing the 5,900 points mark in early trading, but could not sustain the momentum amid last hour's profit booking sell pressure.
Finally, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), settled at 5,859, losing 19.80 points or 0.33 per cent after gaining 89 points in the past four consecutive sessions.
"The late hour selling spree pulled the index down. Selling pressure was spurred on stocks especially from financial institutions, bank and fuel & power," commented EBL Securities, in its regular market analysis.
The two other indices also finished lower. The DS30 index, comprising blue chips, fell 11.94 points or 0.54 per cent to finish at 2,195. The DSE Shariah Index (DSES) lost 2.64 points or 0.19 per cent to close at 1,360.
However, the market activities increased and the total turnover on the DSE amounting to Tk 7.10 billion, which was 2.89 per cent higher than the previous day's Tk 6.91 billion.
Textile sector dominated the turnover chart, grabbing 16 per cent of the day's total turnover, closely followed by banking with 15 per cent and pharmaceuticals 13 per cent.
According to International Leasing Securities, the Dhaka bourse witnessed profit booking selling of shares, ending a four-day rally.
"Investors booked quick-profit mostly on financial institutions, engineering, cement and bank stocks, which saw substantial gains in the last few days," said the stockbroker.
Among the major sectors, only telecommunication closed higher, gaining 1.20 per cent.
The non-bank financial institutions posted the highest loss of 1.30 per cent, followed by banking 0.40 per cent, engineering 0.30 per cent, pharmaceuticals 0.20 per cent, food & allied 0.20 per cent and power 0.10 per cent.
The losers took a modest lead over the gainers as out of 338 issues traded, 184 closed lower, 122 ended higher and 32 issues remained unchanged on the DSE trading floor.
Beximco continued to dominate the turnover chart with 17.26 million shares worth Tk 537 million changing hands, followed by Brac Bank, Keya Cosmetics, Alif Manufacturing Company and Generation Next Fashions.
Peninsula Chittagong was the day's best performer, posting a gain of 9.56 per cent while Prime Insurance Company was the day's worst loser, shedding 9.50 per cent.
Port city bourse CSE also slipped into the red with the CSE All Share Price Index - CASPI - losing 64 points to settle at 18,092 and Selective Categories Index - CSCX - shedding 41 points to finish at 10,933 points.
The losers beat the gainers as 146 issues closed lower, 81 ended higher and 25 remained unchanged on the CSE.
The port city bourse traded 15.55 million shares and mutual fund units worth more than Tk 452 million in turnover.
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