Stocks fell further Wednesday with slight improvement in turnover as the investors continued to book short-term profit ahead of budget announcement.
The market started with upward trend, but the morning hype evaporated gradually as the session progressed. Eventually, DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 4,401.00 points, shedding 17.79 points or 0.40 per cent.
The DS30, comprising blue chips lost 0.27 points or 0.01 per cent to close at 1,625.04 points. However, the DSE Shariah Index (DSES) managed to close positive with gaining 5.19 points or 0.51 per cent to close at 1,008.52 points.
The total turnover at DSE amounted to Tk 4.08 billion, registering an increase of 4.08 per cent over the previous session's value of Tk 3.92 billion.
"The market witnessed another bearish session as the investors converted their optimistic sentiment of early hour to the selling mood as the session progressed, commented International Leasing Securities, in its regular market analysis.
The investors sustained their attention especially in the cement sector following the news that the major portion of the budget will be allocated to develop the country's infrastructure, said the International Leasing.
"National Budget was knocking at the door. The market movement was indicating risk reduction strategy by the mass market participants just before the upcoming budget declaration," said IDLC Investments.
Market continued to act shaky for third consecutive session dragging down the index to 4,400 points mark as some major stocks of bank, food and allied and fuel and power continued the correction mode amid selling pressure from participants, said LankaBangla Securities.
On the day before the budget for fiscal year 2014-15 comes out, market acted cautiously. Investors are leaning towards defensive stocks to safe guard their investment, said the stock broker.
The losers took a strong lead over the gainers as out of 297 issues traded, 201 declined, 74 advanced and 22 closed unchanged on the DSE floor.
Most of the sectors suffered loss. Among the major sectors, telecommunications sector was the only one to close in green with 1.55 per cent gain.
Banks and food and allied lost the most with losing 1.77 per cent and 1.62 per cent.
