Stocks witnessed yet another bearish session Tuesday, extending the losing streak for the fourth sessions in a row, as investors continued their selling binge on large-cap stocks.
Dealers said the market kept downturn as the largest market-cap listed company, Grameenphone's share price plunged 2.74 per cent or Tk 13.90 each to close at Tk 492.80 Tuesday despite the company rolled out fourth generation (4G) mobile phone service.
Khairul Bashar Abu Taher Mohammed, secretary general of the Bangladesh Merchant Bankers Association (BMBA), finds "no valid reason" for the day's market fall.
Mr Bashar, however said, Grameenphone's share price correction contributed the overall market fall as the largest market-cap company affects the index largely.
Some investors booked profit on GP as the company's trading resumed Tuesday after record date, said Mr Bashar.
"Ongoing liquidity shortage in the banking sector pushed banks' deposit interest rate high in recent weeks and lured many investors to put money in banks instead of investing capital market which took a toll in the market turnover," a stockbroker said.
Meanwhile, the Dhaka bourse is likely to send the 'reconfirmed' proposal of the Chinese consortium to become the strategic partner to the securities regulator tomorrow (Thursday) for final approval.
The market started higher and the key index of the major bourse gained more than 41 points within first 30 minutes of trading, but rest of the session fell steadily. Finally it ended more than 31 points lower.
DSEX, the core index of the Dhaka Stock Exchange (DSE), went down by 31.21 points or 0.52 per cent to settle at 5,909. DSEX shed about 193 points or 3.16 per cent in the past four consecutive sessions.
According to EBL Securities, the market witnessed another session of price correction amid profit booking from the investors.
The stockbroker noted the core index opened on positive note but after sometime did not sustain as investors opted for quick-gain from their portfolios amid concern.
"Investors selling pressure was visible on stocks, especially from telecommunication, banking, pharmaceuticals and financial institution sectors," said the stockbroker.
Two other indices of the premier bourse also ended lower. The DS30 index, comprising blue chips, fell 15.66 points or 0.71 per cent to finish at 2,173 and DSES (Shariah) lost 10.42 points or 0.75 per cent to settle at 1,379.
CSE also ended lower for the fourth day with CSE All Share Price Index - CASPI - losing 110 points to settle at 18,257 and Selective Categories Index - CSCX - shedding 64 points to finish at 11,018.
Here too, the losers beat the gainers as 131 issues closed lower, 67 ended higher and 32 remained unchanged on the CSE.
The port city bourse traded 9.38 million shares and mutual fund units worth Tk 511 million in turnover.
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