The market extended the losing streak for the second straight sessions on Monday as risk-averse investors continued to book profit on quick-gaining stocks.
The market swung between positive and negative trend several times before closing moderately lower due to profit booking sell-offs on engineering, telecom and textile sector stocks.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 22.43 points or 0.37 per cent to settle at 6,013.
Two other indices also ended lower with the DSE 30 Index, comprising blue chips, fell 19.58 points to finish at 2,172 and the DSE Shariah Index (DSES) shed 8.83 points to close at 1,284.
Turnover, a crucial indicator of the market, dipped below Tk 20 billion-mark after eight sessions and amounted to Tk 17.40 billion on the DSE, which was 16 per cent lower than the previous day's mark of Tk 20.69 billion.
Market experts said the cautious investors continued to book profit on stocks which saw significant gain in the past few trading days.
As the key index is hovering 6,000-mark for the last few days, investors followed a cautious approach while some preferred to book some profits, said a merchant banker.
He noted that stock prices of many companies up by at least 10 per cent to 15 per cent in the past few days which prompted investors for taking some profits.
The market observed a cautious selling approach as the core index restrained to settle at above the 6,000 marks, while some investors opted to book profit amid the volatile trading session, commented EBL Securities.
The stockbroker noted that a section of investors were active on some quick-gaining small-cap stocks which they deemed to be lucrative.
According to International Leasing Securities, the investors remained cautious and liquidated their investment although the bargain hunters tried to reverse the downward trend.
Heavy sell pressure in textile, engineering, telecom, cement and pharma sectors pushed down the DSEX, said the stockbroker.
Textile sector saw the highest correction, losing 2.10 per cent, followed by engineering with 2.0 per cent, life insurance 1.90 per cent, telecom 1.10 per cent, cement 0.90 per cent and pharma 0.60 per cent.
On the other hand, general insurance posted the highest gain of 3.90 per cent, followed by banking with 1.30 per cent, financial institutions 0.30 per cent and power 0.10 per cent.
Losers took a strong lead over the gainers, as out of 372 issues traded, 258 declined, 103 advanced and 11 issues remained unchanged on the DSE trading floor.
Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth Tk 1.12 billion changing hands, followed by NRB Commercial Bank (Tk 550 million), Pioneer Insurance (Tk 470 million), Lub-rref (Bangladesh) (Tk 459 million) and Fortune Shoes (Tk 406 million).
Index Agro Industries was the day's top gainer, posting a 9.95 per cent gain while Khan Brothers PP Woven Bag Industries was the worst loser, losing 7.62 per cent.
A total number of 277,100 trades were executed in the day's trading session with a trading volume of 548.85 million shares and mutual fund units.
The market-cap of DSE also dropped to Tk 5,053 billion on Monday, down from Tk 5,083 billion in the previous session.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index - CASPI -losing 63 points to settle at 17,465 and the Selective Categories Index - CSCX shedding 38 points to close at 10,516.
Of the issues traded, 198 declined, 90 advanced and 19 issues remained unchanged on the CSE.
The port city's bourse traded 31.61 million shares and mutual fund units with turnover value of Tk 799 million.
Meanwhile, shares prices of four re-listed companies continued to rise despite the market saw corrections.
Bangladesh Monospool Paper's share closed at Tk 60.50, after hitting the upper limit circuit breaker with 10 per cent rise, followed by Monno Fabrics with 10 per cent gain to close at Tk 12.10, Tamijuddin Textile's share soared 9.85 per cent to close at Tk 14.50 and Paper Processing's share close at Tk 19.30 rising 9.66 per cent.
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