DSEX snaps 10-day winning streak amid pre-budget profit-taking
DS30 index lost 18 points to close at 2,069
The benchmark index of the Dhaka Stock Exchange (DSE) ended its impressive 10-session winning streak today (8 June) as investors moved to lock in gains following the market's recent rally.
The DSEX shed 33 points, or 0.61%, to close at 5,482, as market participants adopted a cautious stance ahead of the upcoming national budget, market insiders said.
The market remained under pressure from the opening bell, extending the corrective trend that emerged during the latter part of the previous session. Persistent selling across a wide range of stocks kept all major indices in negative territory throughout the day.
The blue-chip DS30 index also declined, losing 18 points to settle at 2,069.
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Market breadth strongly favoured the bears, with 247 issues declining against 102 gainers, while 44 stocks remained unchanged on the DSE trading floor.
The broad-based sell-off wiped out nearly Tk1,600 crore from the market capitalisation of the country's premier bourse in a single session.
Investor participation also weakened significantly. Turnover on the DSE fell by 30% to Tk1,072 crore, suggesting that many investors preferred to stay on the sidelines while awaiting potential policy signals from the national budget.
According to EBL Securities' daily market review, concerns surrounding the upcoming budget played a key role in cooling the market's recent bullish momentum.
Several heavyweight stocks exerted downward pressure on the benchmark index, including Square Pharmaceuticals, Beximco Pharmaceuticals, BRAC Bank, LafargeHolcim Bangladesh and British American Tobacco Bangladesh.
Sector-wise, general insurance led trading activity, accounting for 19.2% of total turnover, followed by engineering and pharmaceutical stocks.
Most sectors closed lower, with services, cement and financial institutions posting notable declines. However, general insurance, paper and tannery shares bucked the trend and recorded modest gains.
Among individual stocks, Anwar Galvanizing emerged as the day's top gainer, advancing nearly 10%. Shyampur Sugar Mills and Zeal Bangla Sugar Mills also hit their upper circuit limits.
On the losing side, Nahee Aluminum topped the decliners' list, falling more than 6%, followed by Fareast Finance and SS Steel.
Dominage Steel, Genex Infosys and NCC Bank featured among the most actively traded stocks during the session.
The bearish sentiment was also reflected at the Chittagong Stock Exchange (CSE), where the CASPI index dropped 84 points to close at 15,314. Turnover at the port-city bourse declined 24% to Tk43 crore.
