Stocks extended the losing streak for the second consecutive sessionon Tuesday as shaky investors continued their sell-offs on major sector shares.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 17.81 points or 0.36 per cent to settle at 4,928 after four and a half hours trading.
Two other indices also ended marginally lower. The DS30 index, comprising blue chips, lost 6.76 points to finish at 1,678 and the DSE Shariah Index fell 2.82 points to close at 1,109.
Turnover, a crucial indicator of the market, however, crossed Tk 10 billion-mark after six-session and amounted to Tk10.68 billion, which was 10.67 per cent higher than the previous session's turnover of Tk9.65 billion.
Market analysts said the risk-averse investors continued their sell-offs on major sectors stocks for booking profit as the sectors saw significant gain in the past two months.
"Stocks ended lower further owning to investors' continuous profit booking," commented UCB Capital Management, in its regular market analysis.
The retail investors sold stocks for booking profit while institutional investors remained on the sidelines, said an analyst at a leading brokerage firm.
He said many investorsare also moving to the primary market as the Bangladesh Securities and Exchange Commission (BSEC) approved a good number of initial public offerings in the past two months.
International Leasing Securities said the bargain hunters tried to upturn the index but active presence of the wobbly investors pushed down the DSEX.
The stockbroker noted that the shaky investors opted to liquidate their investment, particularly from general insurance, food, banking, telecom, power and pharma sectors.
Major sectors suffered losses with food sector faced the highest correction of 1.60 per cent, followed by banking with 0.70 per cent, telecom 0.60 per cent, power 0.40 per cent and pharma 0.30 per cent.
Engineering sector continued to gain, advancing 3.80 per cent riding on Walton Hi-tech Industries. The textile sector also gained 2.40 per cent following the export growth data.
Losers took a modest lead over the gainers as out of 355 issues traded, 187 ended lower, 15closed higher while 53 issues remained unchanged on the DSE trading floor.
A total number of 205,804 trades were executed in the day's trading session with a trading volume of 414.24 million shares and mutual fund units.
The insurance sector dominated the turnover chart with Continental Insurance topped the turnover list with shares worth Tk355 million changing hands, closely followed by Express Insurance, Beximco, BD Finance and Pioneer Insurance.
Hamid Fabrics was the day's best performer, posting a gain of 9.79 per cent while Republic Insurance was the worst loser, losing 8.15 per cent.
The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)-losing 61 points to close at 14,085 while the Selective Categories Index - CSCX shedding 39 points to close at 8,462.
Of the issues traded, 127 declined, 107 advanced and 45 remained unchanged on the CSE.
The port city bourse traded 13.29 million shares and mutual fund units with turnover value of more than Tk360 million.
babulfexpress@gmail.com