Representational image. File Photo: Mehedi Hasan/TBS
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Representational image. File Photo: Mehedi Hasan/TBS
The stock market snapped its three-day winning streak today, dragged down primarily by profit-booking in the banking sector.
The benchmark index DSEX of the Dhaka Stock Exchange (DSE) declined by 50 points, or 0.90%, to close at 5,485, while the blue-chip index DS30 dropped by 20 points, or 0.95%, to settle at 2,129.
Investors, capitalising on recent gains, sold off banking shares, which had been among the top performers in the prior sessions. This selling pressure led to a broad-based decline across sectors.
Out of the 397 issues traded, 207 declined, 122 advanced, and 68 remained unchanged.
Market participation also weakened, as turnover dropped by 20% to Tk911 crore, compared to the previous day’s total.
Analysts said the market’s pause was expected after a sharp rally driven by renewed optimism and improved liquidity. They noted that while the banking sector saw a pullback, investor interest remains strong in selective blue-chip stocks.
According to the BRAC EPL Stock Brokerage, most of the large-cap sectors posted negative performance today. The banking sector experienced the highest loss of 1.82% followed by non-banking financial institutions, and food and allied.
Seven banks featured among the top ten losers, with Trust Bank leading the list after its share price plunged 8.97%. It was followed by SBAC Bank, United Commercial Bank, NRB Bank, First Security Islami Bank, Mercantile Bank, and One Bank.
EBL Securities noted that the market rally lost momentum as profit-taking dominated after the index hit a 10-month high, with selling pressure on large-cap stocks dragging indices down despite a strong start.
Titas Gas led the gainers chart as its share price jumped by 9.52%, followed by Shinepukur Ceramics and Active Fine Chemical.
