Equity indices of both Dhaka and Chittagong stock exchanges went down on Wednesday after a two-day rally.
The indices firmly gained on Tuesday, as the market got a shot in the arm after the Ministry of Finance announced the rate cuts of the national savings certificates and postal savings schemes now yielding double digit annual returns, says analysts.
The port city bourse Chittagong Stock Exchange (CSE) All Share Price Index (CASPI) declined by 82.9 points on Wednesday.
The EBL Securities says stocks in Dhaka bourse opened in the green and traded higher in the first half of the session but investors embarked on profit-booking which made the market to end in the red trajectory.
DSEX, the benchmark index of the DSE, declined by 16.7 points or 0.23% and closed at 7,241.84 points as against 7,258.57 points on Tuesday.
The total turnover has advanced by 12.60% and stood at Tk2150 crore as against Tk1910 crore in the last session.
Out of the 376 issues traded, 125 advanced, 209 declined, and 42 remained unchanged.
The EBL Securities said in its daily market commentary, participation in the market upsurge due to the profit-taking selling frenzy as the benchmark index of the Dhaka bourse is hovering around the highest point.
On the sectoral front, textile (18.91%), pharma & chemical (17.41%), and life insurance (9.46%) issues were traded the most on the bourse.
Most of the sectors observed dismal performance, out of which life insurance (2.4%), engineering (1.2%), and mutual fund (0.7%) have exerted the most positive returns.
General insurance (-1.9%), jute (-1.7%), and cement (-1.2%) observed the most corrections.
CAPM IBBL Islamic Mutual Fund topped the gainer list with a 9.73% increase followed by Active Fine Chemical—an 8.46% and Pacific Denims—an 8.38%.
On the other hand, Desh Garments was the worst share, which lost 6.30%, followed by Eastern Insurance—6.16% and Monospool Paper Manufacturing—a 5.76%.