Stocks finished lower for the second day in a row on Wednesday with less trading activities as a section of investors continued to book profit on sector-wise stocks.
Market operators said the market fell further mainly due to the late-hour profit taking selling pressure, particularly of banking, textile and engineering issues.
The market opened on positive note and key index of the prime bourse gained about 22 points within first 25 minutes of trading, but rest of the session went through volatility, finally ended more than 26 points lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,833, shedding 26.34 points or 0.45 per cent over the previous session.
"Index closed red for the second day in a row as investors continued to take profit," commented AT Capital Partners, an asset management company, in its regular market analysis.
Two other indices also closed in the red. The DS30 index, comprising blue chips, fell 4.78 points or 0.21 per cent to finish at 2,191. The DSE Shariah Index (DSES) lost 3.12 points or 0.23 per cent to close at 1,357.
According to International Leasing Securities, stocks witnessed another downbeat session amid choppy trading, as the investors bagged profits on bank and textile stocks.
The stockbroker noted that the market started on optimistic note, profit booking tendency of risk-averse investors pushed down the market in the later part of the session.
EBL Securities said that despite the market opened on optimistic note, late hour selling spree pulled the index down.
The stockbroker noted that selling of shares mostly from bank, textile, engineering, banking and fuel & power sectors contributed to the fall in the indices. Textile sector witnessed the highest correction of 1.50 per cent, followed by engineering with 1.10 per cent, banking 0.90 per cent, power 0.40 per cent, pharmaceuticals 0.30 per cent.
Only telecommunication advanced for the second day with 1.1 per cent gain as the sector heavyweight Grameenphone's share price soared 1.20 per cent to close at Tk 486.10 each.
The trading activities also fell sharply by 25 per cent and the total turnover on the DSE amounting to Tk 5.29 billion which was Tk 7.10 in the previous day.
Port city bourse CSE also closed lower with the CSE All Share Price Index - CASPI - losing more than 80 points to settle at 18,011 and Selective Categories Index - CSCX - shedding 48 points to finish at 10,884.
The losers beat the gainers as 143 issues closed lower, 61 ended higher and 23 remained unchanged on the CSE.
© 2024 - All Rights with The Financial Express
