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Stocks slipped into the red on Wednesday, snapping a five-day winning streak, as risk-averse investors opted for quick-profit on selective issues.
The market opened on upward trend and key index of the prime bourse rose more than 22 points within first 15 minutes of trading. But rest of the session went down amid modest volatility.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 6.63 points or 0.13 per cent to close at 4,971, after gaining 116 points in the past five straight sessions.
Market analysts said cautious investors booked quick-profit on sector specific issues, which saw substantial gain the past five trading sessions, taking the market in negative trend.
“Stocks witnessed a natural correction as some investors intended to realise the profit generated from the previous five days’ consecutive gain,” said a merchant banker.
Two other indices also edged lower. The DS30 index, comprising blue chips, fell 7.32 points to finish at 1,726 and the DSE Shariah Index lost 3.75 points to close at 1,146.
Turnover, a crucial indicator of the market, amounted to Tk 10.78 billion on the country’s premier bourse, which was 9.0 per cent lower than the previous day’s turnover of Tk 9.76 billion.
However, the optimistic investors continued their buying spree on large-cap sectors amid the securities regulator’s tough stance on wrongdoers and gradual improvement of economic activities.
Gainers, however, outnumbered the losers, as out of 355 issues traded, 165 closed higher, 147 ended lower while 43 issues remained unchanged on the DSE floor.
A total number of 211,967 trades were executed in the day’s trading session with a trading volume of 367.34 million shares and mutual fund units.
The market-cap on the premier bourse rose to Tk 3,763 billion on Wednesday, from Tk 3,756 billion in the previous session.
The pharmaceuticals sector continued to dominate the turnover chart with Beximco Pharma topped the turnover chart with shares worth Tk 1.04 billion changing hands, followed by Beximco, Brac Bank, Delta Brac Housing Finance Corporation and Square Pharma.
Asia Pacific Insurance was the best performer, posting a gain of 10 per cent while Pragati Life Insurance was the worst loser, losing 9.93 per cent.
The Chittagong Stock Exchange also slipped into the red with its All Shares Price Index (CASPI)—losing 24 points to close at 14,194 and the Selective Categories Index – CSCX shedding 22 points to close at 8,549.
Of the issues traded, 113 gained, 132 declined and 35 remained unchanged on the CSE.
The port city bourse traded 15.21 million shares and mutual fund units with turnover value of Tk 288 million.