Stock markets nosedived on Thursday, snapping a two days gaining streak, as cautious investors sold shares to bag profit on quick gaining stocks.
Market insiders said the cautious investors booked quick-profit on large-cap sectors, especially financial and telecommunication issues, taking the market into the red zone.
The market opened on positive note, gaining about 24 points within 10 minutes of trading. But rest of the session went down steadily.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 38 points or 0.69 per cent to settle the week at 5,467.
Two other indices also ended lower. The DS30 index, comprising blue chips, fell 10.21 points to end at 1,901 and the DSE Shariah Index lost 5.90 points to close at 1,256.
Turnover, the most important indicator of the market, remained almost same as total turnover amounting to Tk 8.26 billion, which was Tk 8.24 billion in the previous day.
Of the 338 issues traded, 222 closed lower, 82 higher and 34 issues remained unchanged on the DSE trading floor.
A total number of 150,923 trades were executed in the day’s trading session with trading volume of 174.70 million securities.
The market capitalisation of the DSE stood at Tk 3,898 billion on the day which was Tk 3,917 billion in the previous session.
Khulna Power Company topped the turnover chart for the fourth straight day with 6.68 shares worth Tk 876 million changing hands.
The other turnover leaders were IFAD Autos, Active Fine Chemicals, BBS Cables and Shasha Denims.
Pragati Insurance was the best performer, posting a gain of 9.94 per cent while Paramount Insurance was the worst loser, losing 8.49 per cent.
The Chittagong Stock Exchange (CSE) also ended lower with its CSE All Share Price Index – CASPI – losing 59 points to settle at 16,887 and the Selective Categories Index - CSCX –shedding 37 points to finish at 10,227.
The gainers beat losers as 132 issues closed higher, 88 ended lower and 32 issues remained unchanged on the CSE.
The port city’s bourse traded 9.38 million shares and mutual fund units worth Tk 344 million in turnover.
