Stocks witnessed yet another bearish session on Thursday with a sluggish turnover value as investors were mostly cautious ahead of the year-end drawing near.
Market insiders said retail investors remained cautious about fresh exposure to the market, while institutional investors adopted a 'go-slow' strategy as the year-end closing is nearing.
The heavyweight banking sector witnessed the highest correction of 0.90 per cent, with share prices of 21 banks, out of 30, closing lower. It drove the index down.
Following the previous day's correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened with a mixed trend that saw low trading activities.
The first half of the session saw a flat movement of the price index, but in the latter half of the session it fell steadily. Finally the key index of the country's prime bourse fell 13.69 points. The CSE All Shares Price Index (CAPSI) of the port city's bourse lost 49 points at close.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 13.69 points or 0.22 per cent to settle at 6,183.
According to International Leasing Securities, profit booking sell-off on the large-cap stocks, especially in the bank, food and engineering sectors, pushed down the market.
The stockbroker noted that trading activities fell by 28 per cent, indicating the investors were staying on the sidelines and preferred to observe the market amid the bearish trend.
However, the two other indices managed to close green. The DS30 index, comprising blue chips, saw a fractional gain of 0.03 point to close at 2,231. The DSE Shariah Index (DSES) advanced 1.68 points or 0.12 per cent to close at 1,366.
Turnover, the crucial indicator of the market, also fell 28 per cent to Tk 3.68 billion, compared to the previous day's turnover of Tk 5.12 billion.
The banking sector kept its dominance of the transaction chart, accounting for 28 per cent of the day's total turnover, followed by engineering sector with 14 per cent and textile 9.0 per cent.
EBL Securities, a stockbroker, said, "Activity from the market participants remained shaky amid watchfulness and bearish streak continued due to liquidity crisis in the market and year-end selling pressure".
The stockbroker noted that the main index settled in the red zone as investors exerted selling pressure on stocks from bank, food & allied and financial institution sectors.
Most of the major sectors faced correction with the banking sector witnessing the highest correction of 0.90 per cent, followed by food & allied with 0.80 per cent, textile 0.60 per cent and engineering 0.50 per cent.
The cement sector posted the highest gain of 2.90 per cent as the sector's heavyweight Lafarge Surma Cement's price surged by 5.64 per cent to close at Tk 54.30. Fuel & power sector also gained 0.20 per cent.
Losers took a strong lead over the gainers, as out of 335 issues traded, 174 closed lower, 108 higher and 53 remained unchanged on the DSE trading floor.
The lone listed telecom company Grameenphone topped the day's turnover chart with shares worth Tk 166 million changing hands. It was closely followed by National Tubes, Brac Bank, Square Pharmaceuticals and City Bank.
Emerald Oil Industries was the day's best performer, posting a gain of 9.74 per cent while Progressive Life Insurance was the day's worst loser, shedding 7.41 per cent.
The port city bourse - the Chittagong Stock Exchange (CSE) also closed lower with CSE All Shares Price Index (CAPSI) - losing 54 points to finish at 19,123.
The Selective Categories Index of the port city bourse-CSCX-also lost 33 points to settle at 11,558.
Losers beat gainers as 134 issues closed lower, 68 higher and 37 remained unchanged on the CSE.
The port city bourse traded 7.08 million shares and mutual fund units worth Tk 193 million.
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