The market extended the losing streak for the second consecutive session on Sunday as cautious investors continued their profit booking on major sector stocks.
The market swung between positive and negative territory several times before ending marginally lower as investors were active both sides of the trading fence.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 25.47 points or 0.43 per cent to settle below the 5,800-mark after five days to 5,787. DSEX lost more than 85 points in the two consecutive sessions.
Two other indices also ended lower with the DSE 30 Index, comprising blue chips, lost 16.74 points to finish at 2,161 and the DSE Shariah Index (DSES) dropped 9.16 points to close at 1,263.
Market analysts said the risk-averse investors continued to book quick-gain over the recent price surge while some others were busy rebalancing their portfolios based on latest earnings declarations.
The market fell further as cautious investors booked profits, particularly on banking, financial institutions and pharmaceuticals sector stocks, said a leading merchant banker.
He noted that as the market was on a rising trend in the last few weeks, most stocks were up by 15 per cent to 20 per cent, so investors went for profit-booking.
Profit booking is a very normal trend in stock market, he said, adding that this is a positive thing because when investors make profit, they get the confidence to invest more.
Top negative index contributors were RobiAxiata, Beximco, Beximco Pharmaceuticals, Islami Bank, Trust Bank and Square Pharma, according to data from amarstock.com, a stock market data analyst.
The large-capitalised banks and non-bank financial institution stocks continued to plunge amid profit booking as recent rise in the financial scrips prompted investors to book gain, commented EBL Securities.
Turnover, a crucial indicator of the market, stood at Tk 14.85 billion on the country's premier bourse, which was 10 per cent lower than the previous day's turnover of Tk 16.52 billion.
According to International Leasing Securities, the cautious investors liquidated their investment to book some quick gain though the bargain hunters tried to reverse the downward trend.
The stockbroker noted that heavy sell pressure in banking, financial institution, pahrma and miscellaneous sectors pushed down the DSEX to below 5,800 points mark.
However, the optimistic investors continued their buoyancy on general insurance, IT, textile and engineering sectors, said the stockbroker.
Among the major sectors, pharmaceuticals saw the highest correction, losing 0.70 per cent, followed by banking and financial institutions, losing 0.60 per cent each. Cement, power and telecom also lost 0.50 per cent, 0.20 per cent and 0.10 per cent respectively.
On the other hand, general insurance, textile and engineering sectors gained 2.70 per cent, 0.40 per cent and 0.20 per cent respectively.
Losers took a modest lead over the gainers, as out of 362 issues traded, 188 declined, 110 advanced and 64 issues remained unchanged on the DSE trading floor.
Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth about Tk 1.47 billion changing hands, followed by Prime Bank (Tk 485 million), SaifPowertec (Tk 376 million), Bangladesh Submarine Cable (Tk 366 million) and NRB Commercial Bank (Tk 338 million).
Aman Feed was the day's biggest gainer hitting the upper limit circuit breaker with 10 per cent rise, while Exim Bank was the worst loser, shedding 7.03 per cent.
A total number of 212,377 trades were executed in the day's trading session with a trading volume of 465.97 million shares and mutual fund units.
The market-cap of DSE also fell to Tk 4,912 billion on Sunday, down from Tk 4,922 billion in the previous session.
The Chittagong Stock Exchange (CSE) also extended losses with the CSE All Share Price Index - CASPI -shedding 79 points to settle at 16,757 and the Selective Categories Index - CSCX losing 49 points to close at 10,099.
Of the issues traded, 147 declined, 95 advanced and 41 issues remained unchanged on the CSE.
The port city's bourse traded 28.92 million shares and mutual fund units with turnover value of Tk 917 million.
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