Stocks fall on profit-taking sales

Staff Correspondent | Published: 23:05, Aug 03,2017

 
 

Dhaka stocks declined on Thursday, the last trading session of the week, as investors went for profit-taking share shares after the key index of Dhaka Stock Exchange, DSEX, had touched the ‘psychological barrier’ of 5,900 points during the first half of the session.
The DSEX lost 0.18 per cent, or 10.71 points, to close at 5,880.44 points after increasing by 89 points in the previous three trading sessions.
Although the market started positive, investors’ profit-taking tendency was observed within the first fifteen minutes of trading, stockbrokers said.
Investors’ profit-booking share sales increased gradually when the DSE key index crossed 5,900 points, they said.
Besides, an increase in the share prices of most of the traded scrips in the previous three trading sessions also triggered share sales on the day, they said.
Stockbrokers said that media reports on decreased net overseas investment at the DSE in July was among the other reasons for increased share sales on Thursday.
The net overseas investment at the DSE declined by 49 per cent or Tk 190 crore to Tk 200 crore in July against Tk 390 crore in the previous month.
Among the major large cap sectors, mutual funds, engineering and non-bank financial institutions registered positive movements of 2.22 per cent, 0.47 per cent and 0.21 per cent respectively.
‘The index went through some major fluctuation, reaching as high as 5,905 points level within the first half of the trading session,’ LankaBangla Securities said in its market report.
‘From that point, index started to drop down and closed red at 5,880.45 points,’ the stockbroker said.
‘The market took a slight negative tilt with the DSEX losing 10.7 points and closing at 5,880.4 points,’ said IDLC Investments in its market commentary.
The market participation slowed down, it said.
Banks continued to be the turnover leader with 24.6 per cent contribution to the total trade value, the stockbroker said.
Turnover on the bourse also declined to Tk 1,077.99 crore compared with that of Tk 1,238.74 crore in the previous trading session.
Of the 331 companies and mutual funds traded, 137 advanced, 165 declined and 29 remained unchanged.
DS30, the blue-chip index of the DSE, closed at 2,123.12 points, shedding 0.40 points or 8.54 points.
The Shariah index of the bourse, DSES, fell by 0.26 per cent, or 3.52 points, to close at 1,311.62 points.
Generation Next Fashions led the turnover chart on the day with its shares worth Tk 40.15 crore changing hands.
SAIF Powertec, C&A Textiles, LankaBangla Finance, City Bank, IFAD Autos, Keya Cosmetics, Grameenphone, Prime Bank and Mercantile Bank were the other turnover leaders.
Prime Finance First Mutual Fund gained the most on the day with an 8.45 per cent increase in its share prices, while Sinobangla Industries was the worst loser, shedding 7.64 per cent. 

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