Stocks opened the week on a negative note as renewed selling pressure pushed major Index lower on the Dhaka Stock Exchange (DSE) on Saturday, reversing gains from the previous three trading sessions amid the lack of strong market catalysts.

The benchmark DSEX index dropped 19 points to close at 5,226, while the blue-chip DS30 index lost 11 points to settle at 1,970.

Market sentiment remained bearish throughout the session, with declining issues heavily outnumbering gainers. A total of 228 stocks declined, compared to 119 advances, while 45 issues remained unchanged.

Turnover on the premier bourse also declined significantly, falling 13 percent to Tk868 crore as many investors remained cautious and stayed on the sidelines.

According to EBL Securities PLC, the market slipped back into correction territory after a brief recovery phase, as continued selling in major stocks weighed heavily on investor confidence.

Trading started on a relatively stable note, with Index hovering near the flatline in early hours. However, selling pressure intensified later in the session, particularly among large-cap stocks, dragging the market into negative territory and extending the weakness seen at the close of the previous trading day.

Market analysts said the absence of a strong trigger to sustain the recent rally in selective stocks prompted investors to book profits and adopt a defensive strategy.

Major index-heavy stocks including Beximco Pharmaceuticals, Eastern Bank, BAT Bangladesh, NCC Bank and City Bank were among the key contributors to the market decline.

Sector-wise, pharmaceuticals dominated turnover, accounting for 14.5 percent of total market activity, followed by general insurance at 14.2 percent and engineering at 12.7 percent.

Despite active trading in some sectors, most sectors posted losses. The services sector suffered the sharpest decline, dropping 2 percent, while the IT sector fell 1.2 percent and life insurance declined 1.1 percent.

A few sectors, however, managed modest gains. Non-bank financial institutions rose 4.2 percent, jute advanced 0.8 percent and the travel sector edged up 0.5 percent.

Among individual stocks, NCC Bank, Bangladesh National Insurance, Dominage Steel, Asiatic Laboratories and Techno Drugs topped the turnover chart.

The day’s top gainer was Global Heavy Chemicals, which surged 10 percent. Investment Corporation of Bangladesh, National Feed Mill, SK Trims and Appollo Ispat also posted gains of more than 9 percent.

On the losing side, Apex Spinning led the decliners with an 8.72 percent fall, followed by Apex Tannery, GSPO Finance, Peoples Leasing and Fareast Finance.

Meanwhile, the Chittagong Stock Exchange (CSE) also ended lower. The CSCX index fell 33 points to 9,031, while the CASPI index lost 39 points to close at 14,675. Turnover at the port city bourse stood at Tk32 crore, reflecting subdued investor activity similar to the DSE.