The benchmark index of the Dhaka Stock Exchange (DSE) commenced the week on a sour note today (11 October) as broad-based selling pressure erased early gains amid investor apprehension over upcoming corporate earnings disclosures and escalating geopolitical risks in the Middle East.
The broad-based DSEX index fell 24 points to settle at 5,451, while the blue-chip DS30 index edged down 2 points to close at 2,103.
Market participation also thinned out, with total daily turnover at the Dhaka bourse slipping 6.64% to Tk568 crore compared to the previous session.
Out of the 385 issues traded, only 79 advanced, while 264 declined and 42 remained unchanged.
Brokerage firms attributed the negative performance to heightened caution among market participants surrounding the fiscal year-end earnings and dividend announcement season of June year-end companies, alongside concerns over the broader macroeconomic outlook.
EBL Securities noted in its daily market commentary that the capital market opened on a positive note with sustained buying interest across the board through mid-session. However, intense profit-taking and liquidations emerged thereafter, eroding earlier gains and ultimately dragging the benchmark index into negative territory at the close.
Sheltech Brokerage Limited echoed similar views, adding that selling pressure intensified after mid-session and pushed the index to an intraday low of 5,451 points.
On the sectoral front, textiles dominated liquidity, accounting for 23.9% of the day's total turnover, followed by the miscellaneous sector at 11.1% and general insurance at 8.8%.
Most sectors posted negative returns, with general insurance taking the hardest hit with a 3.5% correction, followed by mutual funds at 2.9% and life insurance at 2.2%.
On the flip side, paper, fuel and power, and miscellaneous sectors posted modest gains of 1.0%, 0.8%, and 0.6% respectively.
Beximco topped the turnover chart, followed by GQ Ball Pen, Evince Textile, Saiham Textile Mills Limited, and Sonali Aansh Industries Limited.
Aziz Pipes Ltd emerged as the top gainer on the Dhaka bourse, surging 9.96%, while Anlimayarn, Baraka Patenga Power, S Alam Cold Rolled, and National Bank also featured prominently on the gainers' list.
Conversely, MBL First Mutual Fund was the day's worst performer, plunging 10%, followed by Phoenix Finance First Mutual Fund, Exim Bank First Mutual Fund, CAPM IBBL Mutual Fund and First Prime Finance Mutual Fund.
Mirroring the capital's bourse, the Chittagong Stock Exchange also closed lower. The selective CSCX index dropped 17 points to end at 8,999, while the all-share CASPI index slipped 25 points to settle at 14,635.