Stocks inch up amid pre-Eid profit booking

Staff Correspondent | Published: 22:52, Aug 29,2017 | Updated: 23:48, Aug 29,2017

 
 

Dhaka stocks inched up on Tuesday, extending their winning streak to fourth consecutive day, aided by fresh investment in pharma and energy shares while many investors went for profit taking ahead of Eid vacation.
The key index of Dhaka Stock Exchange, DSEX, added 0.02 per cent, or 1.25 points, to finish at 5,948.50 points.
The index surged by 93 points in the last four trading sessions.
The market opened bullish on Tuesday, touching 5,982 points within the first hour of the trading session for the first time as investors were mostly on a buying mood, provoked by the previous three bullish sessions, market operators said.
Soon later, the broad index moved downward as many investors preferred profit taking, especially from those of bank shares, assuming the point of market fall following the record making session ahead of Eid festivals, they said.
The benchmark index closed flat as investors were active on both the sides of the trading fence.
Brokers said that the investors became cautious as they assumed that the market became vulnerable to profit booking spell from higher levels before Eid vacation.
As the market saw bullish rally in the last three trading sessions, some investors opted to cash profits from their investment to avoid any loss and to meet the expenses of the coming Eid festival.
Bank shares played the key role in ending the core index flat as the sector snapped gains in the previous three trading sessions, losing 0.34 per cent on Tuesday.
The average share prices of engineering and non-bank financial institutions also declined 1.0 per cent and 0.3 per cent respectively.
On the other hand, the broad index closed little high as many investors remained on optimistic share purchasing with the expectation of further gains, stockbrokers said.
As the market moved upward without a major down trend in recent days, investors of all kinds looked to inject fresh and idle fund into the market, they said.
Of the prominent sectors that helped the market giving positive end, telecommunication, energy and pharmaceuticals increased 0.5 per cent, 0.4 per cent and 0.3 per cent respectively.
‘The capital bourse of the country exhibited a roller coaster ride as investors displayed buoyancy on sector specific stocks in the early part of the session before sliding down on a steep track,’ said EBL Securities in its daily market commentary.
DS30, the blue-chip index of the DSE, increased 0.16 per cent, or 3.53 points, to close at 2,124.89 points.
The Shariah index, DSES, gained 0.27 per cent, or 3.57 points, to finish at 1,315.71 points.
Turnover on the bourse, however, declined to Tk 924.95 crore compared with that of Tk 1,032.81 crore in the previous trading session.
Of the 330 companies and mutual funds traded, 146 declined, 142 advanced, and 42 remained unchanged.
IFIC Bank led the turnover chart for the third consecutive session, with its shares worth Tk 41.18 crore changing hands on Monday.
BBS Cables, RAK Ceramics, Bangladesh Building Systems, Al-Arafah Islami Bank, Fu Wang Ceramics Industries, Fortune Shoes, AB Bank, Mercantile Bank and MJL Bangladesh were the other turnover leaders.
Hwa Well Textiles increased the most with a 10-per cent rise in its share prices, while BBS Cables was the worst loser, shedding 7.46 per cent. 

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images