Stocks edged lower Tuesday, a day after positive trend with turnover crossing Tk 6.0 billion-mark as profit booking triggered the selling pressure in later part of the day's session.
The market started with a positive note, but lost momentum as session progressed. At the end of the session, the prime index of the Dhaka Stock Exchange (DSE) --- DSEX ended at 4,586.91 points, shedding 21.38 points or 0.46 per cent.
The DS30, comprising blue chips lost 0.17 points or 0.01 per cent to close at 1,682.07 points. However, the DSE Index (DSES) went up by 2.17 points or 0.21 per cent to close at 1,021.85 points.
Turnover value crossed Tk 6.0 billion-mark on DSE after 25-session and stood at Tk 6.26 billion, registering 24 per cent increase over the previous session's value of Tk 5.05 billion.
"The stock market closed the session in red zone as overall profit booking attitude of the investors triggered the selling pressure," commented International Leasing Securities, in its daily market analysis.
Some large cap scrips - GP, BATBC and Lafarge Surma Cement, however, performed well. Excellent dividend declaration of Reckitt Benckiser (400 per cent final cash dividend) also created hype among the investors, the International Leasing added.
"Despite a bullish start, session ended red as morning hype subsided at the later part. Due to weak performance in other segments, particularly Mini Cap class, upbeat vibe could not sustain," said IDLC Investments.
However, multinational companies continued shining, stimulated further by the corporate declaration of Reckitt Benckiser 400 per cent cash dividend declaration of the company knocked investors' attention very strongly and secured 26.32 per cent gain, said the merchant bank.
Trading of Lafarge Surma Cement and debutant Matin Spinning Mills added to participation span. Thus, turnover increased by 24 per cent and crossed Tk 6.0 billion level after 25 sessions, the merchant bank added.
"The market moved doughtily as multinational manufacturing and telecom stocks continued to see buying interest in noon trade with large volume accumulation," said LankaBangla Securities.
However, heavy sell-off on banking and FMCG stocks capped the gain of the large cap sector and in last hour it heavily came on benchmark index (DSEX), pushing it down, said the stock broker.
On the economic front, finance ministry in a meeting expressed that budget deficit of the current fiscal year might go beyond the target of 4.6 per cent of Gross Domestic Product (GDP), which might result in crowding out effect in banking system, said the stock broker.
On the capital market front, bank continued to lose market value, and it went down by 1.4 per cent. Telecommunications, tannery and cement gained market capitalization 2.45 per cent, 2.8 per cent and 4.7 per cent respectively, it added.
The losers took a strong lead over the gainers as out of 290 issues traded, 75 advanced, 200 declined and 15 issues remained unchanged on the DSE floor.
Among the large cap sectors telecommunications posted the highest gain for the second consecutive session that gained 2.38 per cent. Food & allied and fuel & power posted marginal gains of 0.98 per cent and 0.65 per cent respectively. Pharmaceuticals closed flat gaining 0.03 per cent.
