Stocks moved back into red yesterday as risk-averse investors opted for quick profit booking.
Telecommunication, cement and power stocks mainly suffered sell-off as most profit booking took place these sectors.
The benchmark index DSEX was down 46 points or 1% to close at 4,608.
The Shariah index DSES shed 15 points or over 1% to 1,110. The blue chip comprising index DS30 settled at 1,756, declining 20 points or 1%.
The Chittagong Stock Exchange Selective Category Index CSCX fell 173 points to 8,558.
Trade volume continued to lose its ground as DSE turnover stood at Tk456 crore, down more than 18% over the previous session.
Telecommunication tumbled almost 4%, followed by cement 3%, power 1.4% non-banking financial institutions 1.2%, banks 0.7% and pharmaceuticals 0.5%.
However, food and allied, engineering and textile managed to stay in positive.
Lanka Bangla Securities said the pullback on the day came on the heels of the rally seen in the previous session.
It said the weakness that emerged on DSE was partly due to a heavy sell pressure on large cap stocks. “Profit booking downplayed the short-term bull run in market.”
IDLC Investments said selling pressure took the toll over the market today as opportunistic investors opted for profit booking from the recent upward momentum in the market.
Escalating turnover in the past few sessions provided accommodation for profit taking by large portfolios, it said.
On the eve of year-end, it said exposure downsizing with portfolio re-balancing approach among the investors instigated the selling pressure mostly on large caps like Grameenphone and Lafarge Surma Cement that shed over 4% and 3% respectively.
