The daily trade turnover on the Dhaka Stock Exchange (DSE) dipped below Tk 5.0 billion-mark on Monday, hitting a seven-month low, as investors were reluctant to make fresh investment in stocks.
Turnover, a crucial indicator of the market, stood at Tk 4.67 billion on the country's premier bourse, slumping further by 32 per cent over the previous day's mark of Tk 6.94 billion.
It was the lowest single-day transaction since July 29, last year, when the turnover totaled a record Tk 3.99 billion.
Along with low turnover, DSEX, the prime index of the DSE, also plunged by 90.77 points or 1.65 per cent to settle at 5,385. DSEX eroded more than 159 points in the past four consecutive sessions.
DSEX lost more than 524 points in the past five weeks after hitting a 22-month high on January 14, 2021.
The market-cap which refers to the total market value of companies' outstanding shares wiped-out Tk 417 billion in the past five weeks after hitting an-all time high of Tk 5,017 billion on January 14, 2021.
Business conglomerate Beximco Group companies faced selling pressure further as heavyweight drug maker Beximco Pharma lost 3.36 per cent, Beximco 3.18 per cent and Shinepukur Ceramic lost 2.55 per cent.
Robi's shares fell further by 6.36 per cent to close at Tk 36.80 on Monday as investors continued to dump its shares following 'no' dividend declaration for 2020. Robi was also last week's top loser with 12.28 per cent loss.
Two other indices also ended lower. The DSE30 Index comprising blue chips, lost 48.20 points to finish at 2,057 and the DSE Shariah Index (DSES) fell 20.45 points to close at 1,222.
Market analysts said the wobbly investors continued their sell-offs in major stocks as a lack of positive triggers prevented them from making fresh investment.
The market remained under pressure amid prolonged bearish spell in the market as investors stayed cautious ahead of dividend declaration by December-end companies, said a merchant banker.
He noted that pressure on margin loans adjustment to regulatory allowable limit, Bangladesh Bank's circular regarding dividend limit of banks coupled with price fall of large-cap stocks continued to put a negative impact on the market.
"Investor sentiment remained bleak as the market showed no signs of recovery yet," he said.
"I prefer to stay on the sideline over the last few sessions as the market is going through a correction phase," said Rabiul Hasan, small investors.
Top negative index contributors were Grameenphone, Robi, British American Tobacco, Square Pharma, Beximco Pharma and Beximco, contributing roughly 83 points fall of DSEX jointly, according to data from amarstock.com, a stock market data analyst.
According to International Leasing Securities, stocks from all the sectors except engineering sector saw notable selling pressure.
The recent volatile market sent the share prices of around 100 companies to their floor price level which was imposed in March 2020 to curb the share price fall, said the stockbroker.
Telecom sector saw the biggest hit, losing 4.0 per cent, followed by financial institutions with 2.34 per cent, food 2.30 per cent, cement 1.80 per cent, pharma 1.70 per cent, banking 0.90 per cent and power 0.90 per cent.
Engineering sector gained 3.0 per cent as the sector heavyweight Walton rose more than 5.0 per cent alone.
Beximco continued to dominate the turnover chart with shares worth over Tk 1.05 billion changing hands, followed by Robi, BATBC, LankaBangla Finance and Beximco Pharma.
Al-Haj Textile was the day's best performer, posting a gain of 10 per cent riding as the company placed in 'B' category from 'Z' category while Prime Finance First Mutual Fund was the worst loser, losing 6.50 per cent.
A total number of 103,794 trades were executed in the day's trading session with a trading volume of 115.29 million shares and mutual fund units.
The market-cap of DSE also fell to Tk 4,600 billion on Monday, down from Tk 4,656 billion in the previous day.
The Chittagong Stock Exchange (CSE) also kept losing with the CSE All Share Price Index - CASPI -shedding 256 points to settle at 15,564 and the Selective Categories Index - CSCX losing 155 points to close at 9,389.
Of the issues traded, 122 declined, 26 advanced and 38 remained unchanged on the CSE. The port city's bourse traded 6.86 million shares and mutual fund units with turnover value of Tk 414 million.