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Stock market extends losing streak amid profit-taking

Stocks on Sunday fell for the second consecutive session as investors continued profit-taking amid concerns over the sustainability of the recent market rally and uncertainty over upcoming corporate earnings.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), shed 45.6 points, or 0.82 percent, to close at 5,533 points, down from 5,578 points in the previous trading session.

Selling pressure persisted throughout the session as cautious investors largely stayed on the sidelines, awaiting clearer market signals amid a lack of fresh positive catalysts and concerns over the upcoming earnings season.

Market turnover also declined by 3.8 percent to Tk 730cr from Tk 760cr in the previous session.

Textiles accounted for the highest share of turnover at 19.2 per cent, followed by general insurance at 17.1 per cent and pharmaceuticals at 14.7 per cent.

Most sectors recorded negative returns. Cement posted the highest correction of 3.3 percent, followed by life insurance at 2.2 percent and IT at 1.9 percent.