Stocks drop for 4th day on pre-Eid slow trading

Staff Correspondent | Published: 23:12, Jun 12,2017 | Updated: 00:19, Jun 13,2017

 
 

Dhaka stocks edged lower for the fourth consecutive trading sessions on Monday amid dullness at the market as investors preferred to take some profits ahead of Eid-ul-Fitr holidays.
The key index of Dhaka Stock Exchange, DSEX, declined by 5.05 points, or 0.09 per cent, to stand at 5,450.11 points on Monday.
The DSEX lost 50 points in last four trading sessions.
Stockbrokers said the fluctuation in the index showed that the investors were unstable throughout the day that resulted in a flat ending.
The market edged lower on the day as a section of investors went for selling binge to pocket some cash for the upcoming Eid festival, they said.
As the market will be closed from June 23 on the occasion of Eid-ul-Fitr, one of the biggest religious festivals for the Muslims, investors looked indifferent to injecting fresh fund during this sluggish period, they said.
On the other hand, some investors preferred to be on the sidelines as the market remained sluggish during Ramadan, fasting month for the Muslims, stockbrokers said.
As a result, the turnover on the bourse declined further to Tk 370.31 crore compared with that of Tk 469.01 crore in the previous trading session.
Among the heavyweight chips that declined on Monday, British American Tobacco, Investment Corporation of Bangladesh and BRAC Bank were the worst losers.
On the sectoral front, a decline in share prices of cement (0.51 per cent), non-bank financial institutions (0.47 per cent) and pharmaceuticals (0.22 per cent) contributed most to the market’s negative ending on the day, stockbrokers said.
On the other hand, a little rise in share prices of bank and energy stocks saved the market from further fall, they said.
‘Profit booking tendency has been displayed from the very beginning of the session with minimum buying pressures spurred on sector-specific stocks in regular interval,’ said EBL Securities at its market commentary.
DS30, the blue-chip index of the DSE, decreased by 0.37 per cent, or 7.56 points, to close at 2,024.71 points.
The Shariah index, DSES, fell by 0.15 per cent, or 1.92points, to close at 1,262.05 points.
Of the 331 companies and mutual funds traded, 157 declined, 103 advanced and 67 remained unchanged.
Like the previous day, Paramount Textiles led the turnover chart on Monday with its shares worth Tk 14.50 crore changing hands.
IFAD Autos, LankaBangla Finance, United Power Generation, Beximco Pharmaceuticals, BRAC Bank, BD Finance, Square Pharmaceuticals, MJL Bangladesh and City Bank were the other turnover leaders.
Rupali Bank gained the most with a 4.66-per cent increase in its share price, while Savar Refractories was the worst loser, shedding 9.24 per cent.

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