Stocks drop amid year-end jittery

Staff Correspondent | Published: 23:01, Dec 06,2017 | Updated: 23:17, Dec 06,2017

 
 

Dhaka stocks dropped on Wednesday after gains in the previous session as investors preferred profit taking share sales amid cautiousness as year closure is approaching.
The key index of Dhaka Stock Exchange, DSEX, increased 0.32 per cent, or 20.45 points, to close at 6,266.29 points on the day after gaining 23.98 points in the previous session.
In line with the previous session, the market opened with bullish trend that did not sustain for long as investors went on share selling during last hour of the session, market operators said.
Investors appeared unsettled on the trading floor as the year closure is approaching that instigated a section of investors to take out profit before any unexpected loss, they said.
The market returned to negative as share prices of telecommunication and banks faced profit taking sales pressure on the day, declining by 1.2 per cent and 0.9 per cent respectively after their previous gains.
Out of 30 traded bank scrips, 24 issues declined, just 4 advanced and two remained unchanged.
Average share prices of non-bank financial institutions and engineering also declined marginally.
Among the prominent scrips, share prices of Grameenphone, BRAC Bank and Investment Corporation of Bangladesh led the negative session on Monday.
On the other hand, share prices of cement, pharmaceuticals and food gained by 1.0 per cent, 0.7 per cent and 0.1 per cent respectively that saved the market from further fall.
Square Pharmaceuticals, British American Tobacco and Marico Bangladesh were the highest positive index mover of the day.
Moreover, some of the investors remained on the sideline to watch the next move of the market since the year closing is approaching, they said.
Therefore, turnover of the bourse, an important indicator of the market participation, declined little to Tk 584.80 crore compared with Tk 648.03 crore in the previous session.
Of the 332 companies and mutual funds traded, 172 declined, 113 advanced, and 50 remained unchanged.
‘Investors exerted profit booking sales pressure especially on the stocks from Telecommunication, Banks and Financial Institution sectors that continued the plummeting tendency of market index from the earlier part of the session,’ said EBL Securities in its daily market commentary.
DS30, the blue-chip index of DSE, also dropped 0.28 per cent, or 6.58 points, to finish at 2,271.47 points.
Shariah index, DSES, inched down 0.004 per cent, or 0.06 points, to close at 1,390.81 points.
Square Pharmaceuticals led the turnover chart on the day with its shares worth Tk 38.33 crore changing hands.
Golden Harvest Agro Industries, BD Thai, Premier Cement, Grameenphone, Paramount Textiles, City Bank, Zaheen Spinning, Confidence Cement and LankaBangla Finance were the other turnover leaders.
CAPM BDBL Mutual Fund increased the most with a 7.31 per cent rise in its share prices, while Western Marine Shipyard was the worst sufferer on the day, shedding 11.79 per cent.

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