Stocks drop for 2nd day on profit taking sales

Staff Correspondent | Published: 23:13, Dec 04,2017 | Updated: 00:05, Dec 05,2017

 
 

Dhaka stocks dropped on Monday, extending its losing streak to the second consecutive session as investors remained on profit taking share sales, especially those of the banks following their recent gains.
The key index of Dhaka Stock Exchange, DSEX, dropped 0.53 per cent, or 33.43 points, to close at 6,262.76 points on Monday after losing 10.66 points in the previous session.
The market was flat during the first hour of the session that moved downward sharply as investors continued their profit taking share sales, market operators said.
They said that bank sector plummeted by 2.07 per cent on the day following the continuous surge in recent days.
Out of 30 traded bank scrips, 28 declined, just one advanced and one remained unchanged on the day.
Besides banks, average share prices of non-bank financial institutions, cement and engineering declined by 0.78 per cent, 0.69 per cent and 0.44 per cent respectively that also contributed in sending the market to the negative trajectory.
Among the prominent scrips, share prices of BRAC Bank, Pubali Bank and City Bank dropped the most on the day.
On the other hand, surge in share prices of Grameenphone by 1.41 per cent on Monday saved the market from significant fall. Square Pharmaceuticals and British American Tobacco also soared on the day.
Average share prices of telecommunication and pharmaceuticals gained by 1.28 per cent and 0.82 per cent respectively.
They said that most of the scrips gained in the recent bullish market that instigated investors to cash profit.
Moreover, some of the investors preferred wait and see policy since the year closing is approaching that resulted in dullness in the trading.
Turnover of the bourse, an important indicator of the market participation, increased little to Tk 687.11 crore compared with Tk 573.76 crore in the previous session.
Of the 328 companies and mutual funds traded, 184 declined, 110 advanced and 37 remained unchanged.
‘Index started the day with slight positive movement but started falling after an hour,’ said LankaBangla Securities in its daily market commentary.
Among the major large cap sectors, Telecommunication, Ceramic, and Pharmaceuticals registered 1.28%, 0.99%, and 0.82% gains respectively, it said.
DS30, the blue-chip index of the DSE, also dropped 0.33 per cent, or 7.67 points, to finish at 2,266.30 points.
Shariah index, DSES, however, added 0.33 per cent, or 4.70 points, to close at 1,387.47 points.
Grameenphone led the turnover chart on the day with its shares worth Tk 33.50 crore changing hands.
Square Pharmaceuticals, BRAC Bank, Golden Harvest Agro Industries, BD Thai, AB Bank, Paramount Textiles, City Bank and LankaBangla Finance were the other turnover leaders.
Bengal Windsor Thermoplastics increased the most with a 6.73 per cent rise in its share prices, while Shahjibazar Power was the worst sufferer on the day, shedding 13.12 per cent.

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