The local stock market closed further lower on Wednesday, with the key index of the premier bourse dipping below the 6,400-mark after two months, as the investors continued sell-off of their holdings.
The market started on a positive note, adding more than 60 points to the main index of the Dhaka Stock Exchange (DSE) within the first hour of the trading session. But late selling pressure on stocks in some major sectors left the market in the negative territory.
DSEX, the DSE prime index, finally dropped 10.52 points or 0.16 per cent to settle at 6,390, lowest in two months since August 25. The DSEX lost over 110 points in the past five trading days.
Turnover, however, rose to Tk 11.78 billion on the premier bourse, up by 17 per cent from the previous day's Tk 10.05 billion.
The share price of Navana Pharmaceuticals kept gaining for the second straight session after its debut, rising 9.85 per cent to close at Tk 29 on Wednesday.
Stocks extended their slide for the fifth consecutive session as investors adopted a cautious selling approach in order to reshuffle their portfolios ahead of the upcoming corporate declarations, said EBL Securities.
"Investors are taking a cautious stance since the market has been concentrated on selective issues while a majority of stocks are stuck at the floor prices without potential buyers," said the stockbroker.
Moreover, the companies that failed to meet investors' expectations with their recent earnings disclosure also logged corrections, it added.
According to International Leasing Securities, the investors opted to stay on the sidelines amid global economic uncertainty caused by the rising inflation globally.
More than 200 stocks remained unchanged due to the 'floor price' restriction. Of the 366 issues traded, 81 declined, 59 advanced and 220 remained unchanged.
Beximco became the most-traded issue with shares worth Tk 788 million changing hands, followed by Eastern Housing, Orion Pharma, JMI Syringes & Medical Devices, and ADN Telecom.
The Chittagong Stock Exchange (CSE) also fell marginally with the CSE All Share Price Index (CASPI) losing 33 points to settle at 18,820 and its Selective Categories Index (CSCX) shedding 20 points to close at 11,280.
Of the issues traded, 58 advanced, 58 declined and 97 issues remained unchanged.
The port-city bourse traded 3.55 million shares and mutual fund units with the turnover value clocked at Tk 178 million.
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