Quick profit booking by investors dragged down stocks, with benchmark index of the Dhaka Stock Exchange (DSE) falling below the 4,600-mark after three sessions.
The prime index of the DSE rose around 15 points with the opening bell, but started to decline immediately. At the end of the session, DSEX shed 71.41 points or 1.55 per cent to finish at 4,544.70 points.
The two other indices also saw steep decline. The DS30 index, comprising blue chips, moved down by 28.71 points or 1.63 per cent to end at 1,731.45 points. The DSE Shariah index - DSES-dropped 11.30 points or 1.02 per cent to close at 1,099.43 points.
Amid the selling frenzy, the day's turnover rose 1.90 per cent to Tk 8.58 billion from the previous the day. It was also the highest turnover in seven and a half months. On October 15, 2014, turnover was Tk 9.75 billion.
The investors' attention was remained mostly focused on power, pharma and engineering - the sectors that accounted for 24 per cent, 17 per cent and 15 per cent respectively of the day's total turnover.
LankaBangla Securities, a stock broker, said, "Stocks fell further, as market was under pressure in the presence of sellers with profit booking behaviour outpaced cautious buyer throughout the trading session".
"The market took a nosedive amid robust turnover where investors hurried to realise profit," said IDLC Investments, a merchant bank, in an analysis.
However, turnover increased to Tk 8.58 billion signalling panic sale by some quarter of investors, said the merchant bank.
International Leasing Securities, a stock broker, said, "The investors remained watchful and preferred to book quick profit to recoup losses as they were afraid of the sustainability of the recent bullish momentum in the market".
In response to securities regulator's urge to extend the time limit of reducing capital market exposure of banks, the central bank stated that government can decide on any extension of the 2016 deadline as it was set in the amended bank company act, said LankaBangla Securities, quoting media reports.
Among the major sectors, fuel and power took the biggest hit, as the sector declined 2.16 per cent followed by banks 2.08 per cent, NBFIs 2.08 per cent.
Food and allied also went down by 1.11 per cent. Cement, pharmaceuticals and telecommunication also lost 1.09 per cent, 0.89 per cent and 0.48 per cent respectively.
Losers beat gainers, as 217 issues declined, 71 advanced and 26 remained unchanged on the DSE floor.
A total number of 0.176 million trades were executed in the day's trading with trading volume of 191.77 million securities. The market capitalisation on DSE stood at Tk 3,203.80 billion against Tk 3,236.60 billion in the previous session.
Khulna Power Company Ltd (KPCL) was remained the day's top turnover, with shares of Tk 680.56 million changing hands followed by GP, RAK Ceramics, SPPCL and Beximco.
Apex Spinning was the day's best performer, posting a rise of 8.16 per cent while Exim Bank First Mutual Fund was the worst loser, plunging by 10 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also saw a sharp fall with its Selective Categories Index - CSCX -losing 126 points to close at 8,583 points.
Losers beat gainers, with 23 issues remaining unchanged on the port city bourse that traded 21 million shares and mutual fund units worth Tk 746 million in turnover.
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