Stocks plummeted for the third consecutive session on Tuesday as cautious investors went on late hours selling spree amid lack of market triggers.
The market started on a positive trend, but failed to sustain that level amid heavy sell-offs by shaky investors in cement, food and banking sector stocks.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 43.68 points or 0.62 per cent to settle at 6,954. DSEX shed more than 108 points in the past three consecutive days.
Two other indices also fell with the DSE 30 Index, comprising blue chips, dropping 19.76 points to finish at 2,605 and the DSE Shariah Index (DSES) lost 6.28 points to close at 1,468.
Turnover stood at Tk 12.95 billion, which was 1.56 per cent higher than the previous day's three and a half months lowest transaction of Tk 12.75 billion.
Market experts said institutional investors have not exhibited much exuberance amid ongoing quarterly earning disclosures and choppy trading sessions prompted general investors to cash in on stocks.
"The investors kept their focus on strategies, trying to locate undervalued investment opportunities," said a merchant banker, requesting anonymity.
He noted that many investors remained on the sidelines and observed the market movement amid lack of clear market direction.
As the prime index is hovering around the 7,000-point range, the shaky investors showed profit booking tendency in the last hour of the session, according to International Leasing Securities.
The hype among general investors was mostly concentrated in the textile sector, capturing 26 per cent of the day's total turnover, while Prime Textile topped the gainer's list with an exorbitant return.
Most of the major sectors suffered losses with cement saw the highest correction of 2.50 per cent, followed by food with 1.90 per cent, banking 1.0 per cent, financial institutions 0.80 per cent, engineering 0.70 per cent and pharma 0.30 per cent.
On the other hand, textile and telecom sectors soared by 0.80 per cent and 0.50 per cent respectively.
Losers took a strong lead over the gainers as out of 376 issues traded, 201 ended lower, 147 higher and 28 remained unchanged on the DSE trading floor.
Beximco was the most traded stock with shares worth Tk 1.24 billion changing hands, followed by IFIC Bank (Tk 713 million), Alif Manufacturing Company (Tk 537 million), Makson Spinning Mills (Tk 536 million) and Orion Pharma (Tk 458 million).
Prime Textile Spinning Mills was the day's top gainer, rising 22.31 per cent following the news that it returned to profit and recommended 2.0 per cent cash dividend for the year ended on June 30, 2020.
The textile maker has reported earnings per share (EPS) of Tk 0.62 for the year ended on June 30, 2021 against loss of Tk 2.67 per share in the same period last year.
Safko Spinning Mills was the worst loser, losing 6.48 per cent.
The market-cap of DSE stood at Tk 5,559 billion on Tuesday, down from Tk 5,590 billion in the previous session.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index - CASPI -losing 134 points to settle at 20,404 and the Selective Categories Index - CSCX-- losing 83 points to close at 12,256.
Of the issues traded, 150 declined, 116 advanced and 23 remained unchanged on the CSE.
The port-city bourse traded 17.02 million shares and mutual fund units with a turnover value of Tk 435 million.
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