Stocks weighed down by sell pressure

Dhaka stocks faced a slump on Sunday as the bourse experienced heavy sell pressure from cautious investors who were actively booking profits. 

DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), slipped by 0.3% and settled at 6,286, compared to the previous trading session. 

The overall market participation also took a beating as the daily turnover at the DSE dropped 23.5% to Tk536 crore. 

Out of all the issues traded on Sunday, only 33 advanced, 131 declined, and 136 remained unchanged compared to the previous trading session. 

According to the daily market commentary of EBL Securities, the market remained downbeat throughout the session, with the majority of scrips facing corrections. 

"Investors opted to liquidate their holdings, anticipating a probable shift in market momentum."

However, some quick gain focused investors chased particular life insurance stocks with positive expectations of a short-term gain amid subdued investment appetite across the bourse, the commentary reads. 

On the sectoral front, general insurance contributed the highest 27.4% to the day's turnover, followed by food stocks adding 16.5%, and life insurance stocks adding 13.8%. 

Most of the sectors displayed dismal returns, of which, the travel sector faced the highest correction of 5.6%, while IT, paper, and general insurance fell by 1.8%, 1.3%, and 1.2% respectively. On the other hand, life insurance posted a 1.5% increase in its market capitalisation. 

Rupali Insurance was the top gainer with a 9.9% gain, whereas Fu Wang Food was the top loser shedding 9.4% on Sunday.