Two major sectors - banking and telecommunication -witnessed a moderate correction last week that ended on Thursday, contributing to the overall market fall.
Of the 19 sectors listed with the prime bourse, except corporate bonds, debenture and treasury bonds, the market cap of 11 sectors edged higher while eight faced correction, according to weekly analysis conducted by the Dhaka Stock Exchange (DSE) and LankaBangla Securities.
Among the major sectors, banking sector posted the highest correction of 1.92 per cent as investors continued to sell bank shares in reaction to the central bank's recent punitive action against seven banks.
The central bank probe found that some banks invested in stocks beyond their exposure limit. The central bank is now investigating the stock market activities of another eight banks.
Brokers said the market reacted negatively to the central bank's recent action against overexposed banks.
The bank sector posted a 1.92 per cent loss as the share prices of 22 banks closed lower, out of 30 listed banks.
Of the banks, Social Islami Bank posted the highest loss of 11.40 per cent, followed by Prime Bank 6.80 per cent, Al-Arafa Islami Bank 4.40 per cent, National Bank 4.30 per cent, Islami Bank 4.10 per cent, AB Bank 3.80 per cent and Premier Bank 3.70 per cent.
Another heavyweight telecom sector, which comprised two issues - Grameenphone (GP) and Bangladesh Submarine Cable Company (BSCCL), also fell 1.03 per cent.
Share prices of GP, the largest market cap listed company in the country's capital market, fell 1.16 per cent to close at Tk 424 at DSE on Thursday, the last trading session of the week.
The country's leading mobile operator Thursday disclosed that it recorded Tk 7.0 billion as profit for the third quarter for July-September period of 2017 on the back of a healthy growth in internet subscription and operational efficiency.
The lone-listed mobile operator's earnings per share (EPS) for the July-September quarter stood at Tk 5.16 against Tk 4.78 in the same quarter a year earlier.
However, share price of BSCCL advanced 4.0 per cent to close at Tk 111.50 each on Thursday at the premier bourse.
Among other losing sectors were: IT with 1.62 per cent loss, ceramics 1.09 per cent, jute 0.24 per cent, paper & printing 0.19 per cent and insurance 0.17 per cent.
On the other hand, 11 sectors edged higher with cement sector posted the highest gain of 2.80 per cent, followed by services & real estate with 2.78 per cent, travel & leisure 2.65 per cent, engineering 1.85 per cent, food & allied 1.52 per cent, fuel & power 1.46 per cent, textile 1.34 per cent, tannery 1.17 per cent, mutual fund 0.70 per cent, financial institutions 0.48 per cent, miscellaneous 0.27 per cent.
The cement sector gained 2.80 per cent as large-cap issues of the sector closed higher.
Of the cement issues, Lafarge Surma Cement witnessed a 4.90 per cent return, followed by Confidence Cement 3.10 per cent and Meghna Cement 2.60 per cent.
The engineering sector also gained 1.85 per cent as 22 issues of the sector closed higher, out of 36.
Of the engineering sector, BBS Cables posted the highest gain of 10 per cent.
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