Stocks extended the losing streak for the fourth straight day on Thursday, accompanied by a decline in turnover, as risk-averse investors continued to bag profits on quick-gaining shares.
Following the previous three days' downturn, the market opened on a positive note, and the key index rose around 30 points within the first 15 minutes of trading. Then the index went into reverse for the rest of the session, with investors being busy in realising profits in trendy stocks.
According to EBL securities, the benchmark index of the Dhaka bourse closed in the red territory owing to continuous sell pressure across the trading board, as investors felt discouraged "by the weakening strength of the market trend".
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally went down more than 35 points to settle at 6,336. The DSEX shed 111 points in the past four trading days.
Market insiders say cautious investors continued to sell stocks that saw significant gains in the past few trading days.
The indices remained volatile throughout the session, with a majority of scrips declining.
"Investors are taking a wait-and-see approach to observe the market momentum and look out for lucrative investment opportunities following the corrections," said EBL securities.
The newly-listed Best Holdings faced a major correction after a recent price hike.
The DSES index, which represents Shariah-based companies, shed 8.82 points to 1,382 while the DS30 index, which consists of blue-chip companies, lost 15 points to 2,157.
The market turnover dropped 8.42 per cent to Tk 10.75 billion on Thursday from the day before.
Losers took a strong lead over gainers, as out of the 396 issues traded, 250 saw price erosion, 92 closed higher, and 54 remained unchanged on the DSE trading floor.
Orion Infusion became the most traded stock, with shares worth Tk 837 million changing hands, followed by Best Holdings, Aftab Automobiles, and Fu-Wang Ceramics.
Sikder Insurance was the day's top gainer, posting a 9.80 per cent rise, while Vanguard AML Rupali Bank Balanced Fund was the worst loser, losing 7.35 per cent.
The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)-losing 107 points to close at 18290 and the Selective Categories Index (CSCX) shed 64 points to close at 10,950.
Of the issues traded, 158 declined, 67 advanced, and 29 issues remained unchanged on the CSE.
The port city bourse traded 7.11 million shares and mutual fund units with a turnover volume of Tk 255 million.
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