Stocks witnessed marginal correction Monday after four straight sessions' bullish streak as investors booked some profit on financial stocks.
The market tumbled in the early session, losing 42 points within 90 minutes of trade. However, it partly recovered by the price appreciation of large cap stocks in the final hour of the session.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down by 24.79 points or 0.46 per cent to close at 5,309.24 points after four sessions' 284 points gain.
The DS30, comprising blue chips, lost 4.57 points or 0.22 per cent to close at 1,994.12 points. However, the DSE Shariah Index managed to close in positive territory, gaining 3.42 points or 0.27 per cent to end at 1,237.74 points.
Turnover on DSE crossed Tk 10-billion mark again after hovering around Tk 9.0 billion for the last five sessions. The total turnover amounted to Tk 10.07 billion, registering an increase of 10.05 per cent over the previous session's value of Tk 9.15 billion.
The investors' attention was mostly concentrated on fuel and power, banks and pharmaceuticals - the sectors that accounted for 16 per cent, 14 per cent and 13 per cent respectively of the day's total turnover.
"Stocks suffered marginal correction amidst the investors' sell-off across major sectors after recent price hike," commented International Leasing Securities, in its regular market analysis.
LankaBangla Securities: "Market moved down as investors went for some profit booking".
A moderate pullback by the market offset the rally that was seen in previous sessions. The sell-off on the day was partly due to profit taking on banking stocks and NBFI following to recent price hike in financial stocks," said the stock broker.
Meanwhile, manufacturing stocks firmly reverted in green territory after few days of consolidation as investors showed buying interest on engineering, Oil and Pharma stocks, said the stock broker.
Sheltech Brokerage said: "After enjoying a 284 points gain in the last four green trading sessions, the DSEX lost 24.8 points on a profit taking spree".
The weakness came with general insurance and bank, the news of sponsor sell in three banks and insurance also had some contribution in the negative emotions, said the Brokerage.
IDLC Investments said: "Market moved to correction mood, after last four sessions' 284 points gain".
Sectoral performance was mixed. Among the major sectors, pharma and power are the only gaining sectors appreciating by 1.21 per cent and 0.45 per cent respectively. Pharma sector posted a convincing gain riding on the back of Square Pharma.
Banks witnessed heavy correction with losing 1.46 per cent after previous session's 5.3 per cent gain. Twenty four issues closed in red out of 30 on Monday.
Telecommunication lost 1.36 per cent. NBFIs posted negative return of 0.89 per cent while food and allied ended flat in red.
Losers outpaced gainers as out of 305 issues traded, 152 declined, 128 declined and 25 remained unchanged on the DSE floor.
MJL BD was the day's most traded stocks with shares worth Tk 389.51 million changing hands followed by Square Pharma, GP, Golden Son and Titas Gas.
GSP Finance was the day's highest gainer, posting a rise of 9.50 per cent while Bank Asia was the day's worst losers, losing 4.74 per cent.
A total number of 0.186 million trades were executed in day's trading session with 254.47 million securities of trading volume. The total market capitalization on DSE stood at Tk 3,465.99 billion against Tk 3,475.42 billion in the previous session.
The port city bourse, Chittagong Stock Exchange (CSE) also saw marginal correction with its Selective Categories Index - CSCX - lost 23.44 points to close at 9,971.87 points.
Losers beat gainers 121 to 107, with 12 issues remaining unchanged at the port city bourse that traded 19.35 million shares and mutual fund units, turnover value of Tk 591.87 million
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