Stocks slipped into the red on Wednesday, snapping a four-day winning streak, as risk-averse investors opted for booking profit.
DSEX, the key index of the Dhaka Stock Exchange, went down by 8.41 points or 0.17 per cent to settle at 4,919, after gaining 90 points in the past four straight sessions.
The DSE Shariah Index also saw a fractional loss of 0.70 point to close at 1,114. However, the DS30 index, comprising blue chips, advanced 4.05 points to finish at 1,706.
Turnover, a crucial indicator of the market, stood at Tk 8.20 billion, which was 3.14 per cent higher than the previous day's turnover of Tk 7.95 billion.
Market operators said the retail investors booked profits on stocks which saw substantial gain in the past four sessions while institutional investors remained analyzing the latest corporate disclosures.
The cautious investors opted to liquidate their investment as many of them opted to cash out gains from recent price surge, said a merchant banker.
"Some investors are more interested to make profits in the form of cash rather than by shares," he added.
Bangladesh's exports plummeted over 4.0 per cent in October'20 which might dampen investors' confidence on the business potential in the days ahead as they fear another demand shock due to the second wave of Covid-19 in major export destinations of the country, commented EBL Securities.
However, the stocks which announced satisfactory dividends and quarterly earnings drew investor's attention as many have seen to hold a grip on those issues to book gains from dividend yield, said the stockbroker.
According to International Leasing Securities investors booked some quick-gain amid second wave of coronavirus pandemic which seems to be impending in Europe might have adverse impact on the country's economy.
However, the bargain hunters took some positions on general insurance stocks following the last few sessions' price correction, said the stockbroker.
Among the major sectors, banking, non-bank financial institutions, food and textile sectors witnessed correction, losing 1.0 per cent, 0.90 per cent, 0.40 per cent and 0.40 per cent respectively.
On the other hand, general insurance posted the highest gain, soaring 5.10 per cent, followed by engineering 1.10 per cent and pharma 0.30 per cent.
Losers took a strong lead over the gainers, as out of 357 issues traded, 189 ended lower, 95 closed higher while 73 issues remained unchanged on the DSE trading floor.
A total number of 158,852 trades were executed in the day's trading session with a trading volume of 273.74 million shares and mutual fund units.
The market capitalisation of DSE fell to Tk 3,949 billion on Wednesday, from Tk 3,950 billion in the previous day.
Beximco Pharma topped the turnover list with 6.14 million shares worth Tk 802 million changing hands, followed by Asia Pacific Insurance, Associated Oxygen, Peoples Insurance and Republic Insurance.
Insurance sector dominated the day's gainers chart once again as seven out of the top 10 gainers belonging to the sector with Eastern Insurance was the day's best performer, posting a gain of 10 per cent while Zahintex Industries was the worst loser, losing 10 per cent.
The Chittagong Stock Exchange also edged lower with its All Shares Price Index (CASPI)-losing 11.84 points to close at 14,114 while the Selective Categories Index - CSCX shedding 5.49 points to close at 8,490.
Of the issues traded, 142 declined, 70 advanced and 46 issues remained unchanged on the CSE.
The port city bourse traded 13.91 million shares and mutual fund units with turnover value of Tk 429 million.
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