Stocks slipped into the red on Sunday, snapping a three-day rally, as shaky investors preferred to book profit on quick-gaining stocks.
Following the last three days' upward movement, the market opened on positive note. But profit booking sell-offs in bank, telecom and financial institutions stocks in the final hour wipedout the early gains.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 30.58 points or 0.50 per cent to settle at 6,036, after gaining 91 points in the past three consecutive sessions.
Market experts said the cautious investors booked some profit on stocks which saw significant gain in the past few trading days, taking the market in the red territory.
The witnessed moderate correction as risk-averse investors booked profits, particularly on banking, non-bank financial institutions, telecom, engineering and cement sector stocks, said a merchant banker.
He noted that as the market was on a rising trend in the last few days, many stock prices were up by at least 10 per cent to 15 per cent, so investors are taking in their profits now.
"This is a positive thing because when investors make profit, they get the confidence to invest more," he added.
The market saw a cautious approach as the market witnessed resistance to settle above the 6,100 marks while some investors favored booking profit amid volatile trading, commented EBL Securities.
According to International Leasing Securities, the risk-averse investors sell-offs in engineering, banking, telecom and financial institution sectors while the optimistic investors took position on mutual fund, tannery, textile and general insurance stocks.
Two other indices also ended marginally lower with the DSE 30 Index, comprising blue chips, fell by 12.53 points to finish at 2,192 and the DSE Shariah Index (DSES) shed 6.05 points to close at 1,293.
Turnover, a crucial indicator of the market, remained above Tk 20 billion-mark and amounted to Tk 20.69 billion on the country's premier bourse, which was 22 per cent lower than the previous day's mark of Tk 26.69 billion.
Losers took a modest lead over the gainers, as out of 372 issues traded, 192 declined, 159 advanced and 21 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 2.18 billion changing hands, followed by Orion Pharma (Tk 586 million), Fortune Shoes (Tk 439 million), Green Delta Insurance (Tk 339 million) and LankaBangla Finance (Tk 322 million).
Shuwrid Industries was the day's top gainer hitting the upper limit circuit breaker with 10 per cent rise, while Al-Arafah Islami Bank was the worst loser, losing 9.66 per cent following its price adjustment after record date.
A total number of 312,427 trades were executed in the day's trading session with a trading volume of 722.08 million shares and mutual fund units.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index - CASPI -losing 57 points to settle at 17,528 and the Selective Categories Index - CSCX-- shedding 39 points to close at 10,554.
Of the issues traded, 156 declined, 144 advanced and 22 issues remained unchanged on the CSE.
The port city's bourse traded 39.01 million shares and mutual fund units with turnover value of Tk 900 million.
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