The Dhaka bourse posted a sharp correction on Wednesday extending the losing streak for fourth consecutive session as shaky investors 'liquidated' stocks from almost all sectors.
Due to investors' cautious stance, most of the listed securities closed in red.
The price correction witnessed by major sectors such as telecommunication, bank, engineering and financial institutions played a major role behind the correction observed in index and turnover as well.
General Insurance was the only one sector which experienced appreciation on the Dhaka Stock Exchange (DSE).
The market opened the Wednesday's session with a negative note and the broad index declined sharply for an hour.
Later, a recovery stance was observed during the mid session and soon later the upward trend of the DSE broad index failed to sustain.
Finally, the DSEX settled at 5230.63 points with a loss of 0.93 per cent or 49.41 points.
The price correction witnessed by large cap companies such as Grameenphone and MJL Bangladesh also triggered the fall of the broad index.
According a market review of International Leasing Securities, the broad index observed sharp correction and continued its bearish trend for the four consecutive sessions as the investors' confidence remained shaky about future market direction.
"The persistent bearish vibe in the market kept the investors worried and provoked them to go for selling offs to avoid further losses on their portfolio," said the International Leasing Securities.
The shariah based index DSES declined 0.76 per cent or 9.22 points to close at 1198.26 points.
The DS30 index comprising blue chip securities shed 0.77 per cent or 14.61 points to close at 1860.90 points.
Of total issues traded, only 51 advanced, 279 declined and 23 were unchanged on the premier bourse DSE.
The turnover stood at above Tk 4.08 billion which was 20.29 per cent less than the turnover of the previous session.
Of the major sectors which witnessed correction, bank declined 0.5 per cent, engineering 1.6 per cent, financial institutions 1.8 per cent, fuel & power 0.8 per cent, life insurance 3.8 per cent, mutual funds 3.5 per cent, pharmaceuticals & chemicals 0.3 per cent, telecommunication 2.0 per cent and textile 1.6 per cent.
Investors' participation was concentrated mostly on general insurance sector which grabbed 20.7 per cent of the market turnover followed by engineering 12.7 per cent, textile 10.9 per cent, mutual funds 9.7 per cent and pharmaceuticals & chemicals 7.6 per cent.
National Life Insurance Company topped the turnover chart with a value of Tk 157 million followed by Rupali Insurance Company, Runner Automobiles, Sinobangla Industries, and Pioneer Insurance Company.
Nitol Insurance Company was the number one gainer with a rise of 10 per cent or Tk 2.80 to close at Tk 30.80 each.
Imam Buttoon Industries was the worst loser after declining 9.96 per cent or Tk 2.50 to close at Tk 22.60 each.
On Wednesday, all indices witnessed correction on the Chittagong Stock Exchange (CSE).
The benchmark index CASPI declined 1.04 per cent or 169.99 points to close at 16030.28 points.
Of 264 issues traded, only 39 advanced, 209 declined and 18 were unchanged.
The turnover stood at above Tk 187.87 million on the port city bourse CSE.
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