Turnover on Dhaka Stock Exchange (DSE) yesterday sank to its lowest in the last one and a half months as institutional investors pulled out from the market.
At the close of trading it stood at Tk 580.70 crore, down 15.17 percent from the previous day, with 11.98 crore shares and mutual fund units changing hands on the DSE.
Institutional investors are slightly wary of investing now as banks, non-bank financial institutions and insurance companies are gearing up to report on their earnings, market insiders said.
The financial institutions make their earnings announcement between the months of March and May. The top three negative contributors to the index were National Bank, Eastern Bank and Prime Bank, according to IDLC Securities.
The DSEX, the benchmark index of the DSE, dropped 31.56 points, or 0.54 percent, to close the day at 5,714.27.
Of the traded issues, 77 advanced and 225 declined, while 41 securities remained unchanged on the premier bourse.
UCB Capital, one of the leading stock brokers, said in its daily market commentary that the shares that were offloaded were mostly bank, NBFI and textile ones.
However, investors were bullish about a few selected stocks such as Bangladesh Submarine Cables and Khulna Power Generation. Bangladesh Submarine Cables dominated the turnover chart with its transactions of 28.57 lakh shares worth Tk 48.90 crore, followed by Khulna Power, Monno Ceramics, Fortune Shoes and United Power Generation.
Karnaphuli Insurance was the day's best performer with its 9.56 percent gain, while Savar Refractories was the worst loser, shedding 9.99 percent.
Among the major sectors, telecommunication rose 0.1 percent, while banks fell 1.2 percent.
Chittagong stocks also plummeted, with the bourse's benchmark index, the CSCX, losing 41.40 points, or 0.38 percent, to finish the day at 10,601.11.
Loser beat gainers as 169 declined and 62 advanced, while 25 finished unchanged on Chittagong Stock Exchange.
The port city bourse traded 51.04 lakh shares and mutual fund units worth Tk 15.67 crore.