Stocks slipped into the red on Sunday, snapping a two-day gaining streak, as investors went late-hour selling spree amid lower than expected earnings disclosure of some listed companies.
Market insiders said the market went back to the red as some listed companies' quarterly earnings failed to meet the investors' expectation.
Some 12 listed companies disclosed their un-audited financial reports for January-March quarter of 2018 on Sunday.
Of them, earnings per share (EPS) of seven companies, including Grameenphone, declined while five companies' earnings increased in January-March, 2018 compared to the same period a year ago.
Following the news, GP's share price plunged 2.42 per cent or Tk 12 each to close at Tk 484.10 on Sunday which impacted the overall market fall.
The market opened on positive note and key index of the prime bourse gained about 24 points within first hour of trading, but rest of the session went down steadily, finally ending more than 30 points lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 30.18 points or 0.51 per cent to settle at 5,813 points, after gaining 66 points in the past two consecutive sessions.
According to regular market analysis of International Leasing Securities, the stocks back to the red as the investors booked profit on the major sectors.
The stockbroker noted that the market started the session positively, but some investors opted to liquidate their holdings to book quick gains in the ongoing market trend.
"Selling of shares mostly from telecom, cement, financial institutions, pharmaceutical and banking sectors contributed the plunge in indices," the stockbroker said.
The two other indices also ended in the red. The DS30 index, comprising blue chips, fell sharply by 17.11 points or 0.77 per cent to finish at 2,187. The DSE Shariah Index (DSES) lost 12.14 points or 0.88 per cent to close at 1,353.
Bearish sentiment also reflected on the day's trading activities as the total turnover on the DSE amounting to Tk 4.92 billion, which was 15 per cent lower than the previous day's Tk 5.77 billion.
"Market turnover fell by 15 per cent as some investors adopted 'wait-and-see' stance amid ongoing earning declarations session," said the International Leasing Securities.
The banking sector kept its dominance in turnover chart, capturing 20 per cent of the day's total turnover, followed by miscellaneous with 13 per cent and pharmaceuticals 12 per cent.
All the large-cap sectors posted negative movement except food & allied and power which advanced 0.67 per cent 0.17 per cent respectively.
Telecommunication witnessed the highest loss of 2.43 per cent, followed by non-bank financial institutions with 0.81 per cent, pharmaceuticals 0.63 per cent, engineering 0.31 per cent and banking 0.21 per cent.
The losers took a strong lead over the gainers as out of 338 issues traded, 188 closed lower, 113 ended higher and 37 issues remained unchanged on the DSE trading floor.
Beximco continued to dominate the turnover chart with 14.72 million shares worth Tk 467 million changing hands, followed by Al-Afarah Islami Bank, Brac Bank, Grameenphone and United Power.
The top losers list was dominated by small-cap stocks while the top gainers list was dominated by "Z" category stocks.
Sonali Aansh Industries was the day's best performer, posting a gain of 8.74 per cent while FAS Finance was the day's worst loser, losing nearly 12 per cent following its price adjustment after record date.
Port city's bourse CSE also slipped into the red with the CSE All Share Price Index - CASPI - losing nearly 93 points to settle at 17,915 and Selective Categories Index - CSCX -shedding 59 points to finish at 10,825.
Here too, the losers beat the gainers as 141 issues closed lower, 64 ended higher and 31 remained unchanged.
The port city bourse traded 9.24 million shares and mutual fund units worth nearly Tk 220 million in turnover.
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