The prime index of the Dhaka Stock Exchange (DSE) dipped to two-and-a-half-months low Wednesday as risk-averse investors continued their selling binge on sector specific stocks.
DSEX, the prime index of the DSE, went down by 29.22 points or 0.51 per cent to finish at nearly two-and-a-half- months low at 5,653.
Market analysts said investors were mostly on selling binge on telecom, engineering and food sectors shares while some were busy with rebalancing portfolio amid ongoing corporate declarations, dragging the prime index two and a half months low.
Amid the current bearish market trend, the small investors were not confident enough to inject fresh fund while institutional investors followed 'wait-and-see' approach amid ongoing corporate declarations, said a leading broker.
However, the banking sector posted the highest gain of 1.58 per cent riding on Dutch-Bangla Bank which gained 15.18 per cent after its hefty dividend declaration news.
The bank has recommended 150 per cent stock dividend for the year ended on December 31, 2018.
The non-bank financial institutions, pharmaceuticals and power sectors also gained 0.31 per cent, 0.08 per cent and 0.01 per cent respectively.
Telecommunication posted the highest loss of 1.86 per cent, followed by engineering with 1.40 per cent, food 0.77 per cent.
The market opened on positive note and the key index rose about 30 points within first hour of trading. But rest of the session went down steadily, closing the prime index two and a half months low since January 03, 2019.
According to EBL Securities, the market started on optimism, but did not sustain as investors rebalanced their portfolio amid ongoing corporate declarations.
Turnover, another important indicator of the market, stood at Tk 7.08 billion, which was 14 per cent higher than the previous day's turnover of Tk 6.22 billion.
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