Stocks fell on quick profit booking on Wednesday, snapping three consecutive session rally, dragging down by mainly heavyweight banks that lost more than 3%.
The benchmark index DSEX fell 43 points or 1% to close at 3,946, after crossing 4000-mark in the morning.
The blue chip index DS30 was slightly down 2 points or 0.2% to 1,402. The
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, lost 88 points to 7,740.
After remaining on the spotlight in last three sessions due to better-than-expected earnings, the heavyweight banks fell by 3.47%, sending six scrips of this sector to the list of top ten losers.
Profit booking has been accelerated by the news, which was poured in the market during the trading hour, that some banks posted negative third quarter earnings, said a stock dealer.
“Tri-session long streak broke as quarterly declarations and political vibes shook market sentiment,” said IDLC Investment in its market analysis.
Resultantly, significant portion of investors went for profit booking, creating some selling pressure and poor quarterly declarations, especially in heavyweight banking sector, sparked disappointments and thus accelerated the downfall, it said.
Lanka Bangla Securities said after rising around 190 points in last consecutive trading sessions, in the fourth trading day of this week, market showed a small correction.
Market participation of traders remained steady following the last couple of days, where sellers outstripped the buyers throughout the day amid strong encounter between two forces keeping the market volatile.
Besides engineering, jute, textile, cement and tannery were on buying spree while stocks of bank, telecommunication and food & allied were reeling under selling pressure.
Trading activities remained subdued as the total market turnover stood at Tk3.8bn, which was 1.8% lower than the previous session.
Out of total 280 issues traded, values of 124 advanced, 125 declined and 31 remained unchanged.
Generation Next was the most traded stocks worth Tk287m changing hands, followed by Bangladesh Submarine Cable and Company Ltd, Argon Denim, United Commercial Bank, Summit Purbanchal Power Company, Malek Spinning, Envoy Textile and United Airways.
