Stocks snap six-session winning streak as profit-taking pulls market lower

Stocks snapped its six-session winning streak on Thursday as investors booked profits in recently gained stocks, outweighing selective buying in fundamentally strong shares.

The broad index, DSEX, fell 19.0 points to close at 5,744, down from 5,763 in the previous trading session, according to BSS report.

The market came under selling pressure from the opening bell, with intraday trading remaining volatile as buyers and sellers remained active.

However, sustained profit-taking, across major sectors eventually outweighed buying interest, leading to a negative close.

Despite continued investor participation, market turnover declined by 8.5 percent to Tk 1440 crore from Tk 1570 crore in the previous session.

Sector-wise, the textile sector dominated turnover, accounting for 16.0 percent of total transactions, followed by general insurance with 15.7 percent and pharmaceuticals with 11.2 percent.

The market displayed mixed sectoral performance. The cement sector recorded the highest decline, losing 1.5 percent, followed by banks at 1.4 percent and services at 1.3 percent. On the gaining side, general insurance rose 2.0 percent, ceramic advanced 1.5 percent and information technology gained 1.4 percent.

Among the 396 issues traded on the premier bourse, 160 advanced, 182 declined and 54 remained unchanged.

Meanwhile, the Chittagong Stock Exchange (CSE) also ended lower. The Selective Categories’ Index (CSCX) dropped 23.2 points, while the All Share Price Index (CASPI) declined by 42.4 points at the close of trading.