Stocks slipped into the red on Tuesday, snapping a five-day gaining streak, as cautious investors booked some profit on quick-gaining issues amid rising trend of virus cases.
After crossing the key index 6100-mark in the previous day, the market opened on negative note which continued till the closure though the bargain hunters tried to reverse the morning trend.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 19.67 points or 0.32 per cent to settle at 6,105, after hitting a 41-month high in the previous day.
Two other indices also ended marginally lower with the DSE 30 Index, comprising blue chips, fell 15.18 points to finish at 2,202 and the DSE Shariah Index (DSES) shed 1.26 points to close at 1,304.
Market experts said the index failed to uphold the upward drive as the rising trend of coronavirus cases and deaths prompted investors to take some profit on quick-gaining stocks.
As the core index restrained settling above the 6,100 mark, some shaky investors opted for booking profit on major sectors, said a leading broker.
The risk-averse investors preferred to book quick-gain amid upward trend of the virus cases and deaths which might have negative impact on the country's economy, commented International Leasing Securities.
The stockbroker noted that the cautious investors' sell-offs in the major sector stocks pushed down the market index after hitting a 41-month high in the previous day.
Turnover, a crucial indicator of the market, remained above Tk 20 billion-mark and amounted to Tk 20.17 billion on the DSE, which was 1.28 per cent lower than the previous day's tally of Tk 20.43 billion.
Turnover remained high as the institutional investors were active on the market due to removal of the floor price restriction from all listed securities, said a merchant banker.
He noted that tax benefits facility in the outgoing fiscal year and continuation of the special facility to disclose untaxed money in the stock market may positively impact the market ahead.
Investors exerted selling pressure in most of the sectors as they looked to book profit after the index reached three and a half years high in the previous session, commented EBL Securities.
However, investors showed immense interest in the textile sector as the sector topped both the turnover and return chart, said the stockbroker.
Insurance sectors continued to suffer losses as general insurance and life insurance lost 3.0 per cent each, followed by cement with 1.40 per cent, financial institutions 0.80 per cent, food 0.70 per cent and banking 0.50 per cent.
On the other hand, textile sector gained 5.0 per cent further, followed by telecom with 1.0 per cent.
Losers took a modest lead over the gainers, as out of 360 issues traded, 204 declined, 134 advanced and 31 issues remained unchanged on the DSE trading floor.
Pioneer Insurance topped the turnover chart with shares worth Tk 1.48 billion changing hands, closely followed by Beximco (Tk 969 million), Makson Spinning Mills (Tk 499 million), National Feed Mills (482 million) and Orion Pharma (Tk 328 million).
Makson Spinning was the day's top gainer, posting a 9.92 per cent gain while Prime Islami Life Insurance was the worst loser, losing 17.19 per cent following its 'no' dividend deceleration news.
A total number of 311,479 trades were executed in the day's trading session with a trading volume of 658.92 million shares and mutual fund units.
The market-cap of DSE also drooped to Tk 5,124 billion on Tuesday, from the previous day's all-time high of Tk 5,130 billion.
The Chittagong Stock Exchange (CSE) edged lower with its Selective Categories Index - CSCX- losing 0.60 point to close at 10,688.
Of the issues traded, 154 declined, 130 advanced and 32 issues remained unchanged on the CSE.
The port city's bourse traded 36.36 million shares and mutual fund units with turnover value of Tk 1.02 billion.
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