Dhaka stocks dropped for the second consecutive session on Tuesday, as a section of investors chose to book profits by selling shares after the recent surge in share prices, market operators said.
The key index of the Dhaka Stock Exchange, DSEX, decreased by 64.31 points, or 1.08 per cent, to close at 5,867.96 points, after losing 83.62 points in the previous session.
The key index rallied for four trading sessions till Sunday, following Sheikh Hasina鈥檚 resignation as prime minister on August 5 and fleeing from the country, ending her 15-year rule amid an unprecedented student-led mass uprising against her authoritarian regime.
The key index of the Dhaka bourse crossed the 6,000-point mark on Sunday after five months.
The total turnover of the DSE also dropped Tuesday, as investors reduced their activity across the trading board.
The DSE posted Tk聽1,015.01 crore as its total turnover on the day, compared with that of Tk聽1,143.02 crore crore in the previous session.
Market operators said that the market was going through a correction phase after the recent surge in the prices.
They said one reason for Tuesday鈥檚 drop was investors cashing in on their profits.
They also pointed out that the country鈥檚 poor economic situation was making many investors uncertain about whether to invest in the market.
Of the 399 issues traded on Tuesday, 106 advanced, 269 declined and 24 remained unchanged.
The DSE Shariah index decreased by 15.45 points, or 1.21 per cent, to close at 1,255.35 points on the day.
The DS30 index lost 19.49 points, or 0.90 per cent, to finish at 2,134.04 points.
On the sectoral front, bank issues exerted the highest turnover, followed by the pharmaceutical and textile shares.
EBL Securities in its daily commentary said, 鈥楳arket volatility persisted throughout the session as sellers continued their dominance to realise their recent gains from the volatile market in apprehension of a probable shift in market momentum.鈥�
BRAC Bank topped the turnover chart on the day with its shares worth Tk 53.88 crore changing hands.
Square Pharmaceuticals, Unilever Consumer Care, Renata, IFIC Bank, AB Bank, Techno Drugs, Robi Axiata, City Bank, and Agni Systems were the other turnover leaders.