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Dhaka stocks closed negative on Sunday with a decrease in turnover due to dominant profit-booking sell pressure across the bourse as cautious investors opted to secure short-term gains owing to uncertainty regarding the market outlook.
The country’s prime bourse, Dhaka Stock Exchange’s (DSE) key index, the DSEX, went down by 25.19 points or 0.40 per cent and closed at 6,234.99 points.
The blue-chip index, DS30, fell by 0.24 per cent and the Shariah-based index, DSES, fell by 0.25 per cent, closing at 2,221.55 and 1,358.91 points, respectively.
Turnover decreased by 20.54 per cent to Tk 434 crore at DSE. The IT sector dominated the turnover chart, covering 23.80 per cent of total turnover.
The market was downbeat throughout the session, with the majority of scrip experiencing corrections due to selling dominance prevailing across the bourse since the market has yet to experience a major trigger to return to persistent positive momentum.
Investors prefer short-term profit-taking opportunities over taking long-term positions in equities, dismayed by the poor financial performance of the majority of listed companies in recent quarters, EBL Securities said in its daily market review on Sunday.
On the sectoral front, IT (23.8 per cent) issues exerted the highest turnover, followed by food (11.2 per cent) and life insurance (10.6 per cent) stocks.
Most sectors displayed dismal returns, out of which paper (-4.3 per cent), jute (-3.1 per cent), and services (-3.0 per cent) exerted the most corrections, while only food (1.6 per cent) exhibited slight positive returns on the bourse on Sunday.
Unilever Consumer Care made the highest gain with an increase of 20 per cent. Legacy Footwear was the biggest loser with an 8 per cent fall.
Out of the 391 issues traded, 17 advanced, 139 declined and 235 remained unchanged at the DSE.
The port city exchange, CSE, also settled on red terrain. The selected indices (CSCX) and the all-share price index (CASPI) declined by 32.4 and 54.8 points, respectively.
