Dhaka stocks snap out of two-day recovery streak

The Dhaka bourse closed Wednesday's session with a marginal loss after two previous recovery sessions following a price correction experienced by market leaders such as Grameenphone and Square Pharmaceuticals.
On the day, the majority of blue-chip stocks closed in the red, while junk stocks dominated the gainers' chart on the Dhaka Stock Exchange (DSE).
The market opened the day's session on a positive note, and the DSE broad index, DSEX, continued the trend for one and a half hours.
After the mid-session, selling pressure dominated the trading floor, and the broad index went down below the day's opening level and exhibited ups and downs until the close.
At the end of the session, the DSEX settled at 4,941 points with a loss of 0.42 per cent, or 21 points.
ACI was the number one index puller, followed by Eastern Bank, BRAC Bank, Singer Bangladesh, and Pragati Life Insurance.
On the other hand, Grameenphone topped the chart of index draggers, followed by Beximco Pharmaceuticals, Olympic Industries, and Pubali Bank.
Of the 394 issues traded on Wednesday, 114 advanced, 227 declined, and 53 were unchanged, while the premier bourse posted a turnover of Tk 5.33 billion, up 16.57 per cent from the previous session.
Of the total turnover, Tk 519 million came from transactions executed on the block board.
Investors' participation was mostly concentrated in the textile sector, which grabbed 14.5 per cent of the market turnover, followed by the pharmaceuticals & chemicals, engineering, and food & allied sectors.
Of the 30 blue-chip stocks, 20 declined, and subsequently the DS30 index dropped 0.45 per cent, or 8.67 points, to close at 1,899 points.
Among the losers, British American Tobacco Bangladesh declined 0.32 per cent, Square Pharmaceuticals 0.25 per cent, Grameenphone 1.24 per cent, and Walton Hi-Tech Industries 0.26 per cent.
According to a market review by EBL Securities, the DSE witnessed a pullback after a brief recovery momentum in the previous two sessions, as bargain hunters shifted to short-term profit booking.
The loss-making company FAS Finance & Investment, which had already turned into a penny stock, was the day's top gainer, rising 10.26 per cent to close at Tk 0.86 each share.
Other loss-making companies that dominated the gainers' chart included Union Capital, HR Textile, Meghna Cement Mills, Prime Finance & Investment, and First Finance.
Paramount Textile was the top turnover leader, with transactions worth Tk 214.5 million, followed by Dominage Steel Building Systems, Orion Infusion, Khan Brothers PP Woven Bag Industries, and Grameenphone.

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