Dhaka stocks slump on profit-taking moves

Staff Correspondent | Published: 23:42, Jan 07,2018 | Updated: 23:46, Jan 07,2018

 
 

Dhaka stocks slumped on Sunday with the share prices of most of the traded scrips falling as investors kept selling shares to book profits after the market surge in the last couple of weeks.
The turnover at Dhaka Stock Exchange also declined further to Tk 485.00 crore compared with that of Tk 518.76 crore in the previous session.
The market started falling from the beginning of the trading session on Sunday and maintained the trend till the end of the session as investors continued selling shares to book profits for the second trading session, market operators said.
DSEX, the key index of the DSE, lost 0.54 per cent, or 34.42 points, to close at 6,268.42 points on the day after losing 15.42 points in the previous session.
Most of the scrips had gained in last couple of weeks that prompted investors to lock in some gains, the operators said.
The key index had gained 158.74 points in the six trading sessions before Thursday.
The average share prices of the financial sector continued to fall after their recent gains that contributed most to the decline in the index on the day.
Bank and non-bank financial sectors dropped 1.2 per cent and 0.6 per cent respectively.
Out of the 30 bank scrips traded, 23 declined, two advanced and five remained unchanged while out of the 23 NBFI issues, 14 declined, four advanced and five remained unchanged on the day.
The share prices of cement, energy and pharmaceuticals also declined on the day.
Among the prominent issues, the share prices of Lafarge Surma, BRAC Bank and City Bank were the worse losers of the day.
On the other hand, a surge in the share prices of miscellaneous, engineering and telecommunication sectors by 2.5 per cent, 0.4 per cent and 0.1 per cent respectively saved the market from further fall.
Furthermore, many investors were cautious over the market trend as the turnover at the bourse remained low and the key index fluctuated most in last one month, they said.
‘The capital bourse of the country observed notable price correction today [Sunday] due to a daylong profit-booking selling frenzy,’ said EBL Securities in its daily market commentary.
The market remained negative throughout the day’s session as investors adopted cautions approach that resulted in the selling pressure, it said.
Of the 335 companies and mutual funds traded, 189 declined, 96 advanced, and 50 remained unchanged.
DS30, the blue-chip index of the DSE, also lost 0.52 per cent, or 12.00 points, to finish at 2,283.21 points.
Shariah index DSES shed 0.33 per cent, 4.73 points, to close at 1,402.87 points.
United Power Generation Company led the turnover chart on the day with its shares worth Tk 40.16 crore changing hands.
IFAD Autos, National Tubes, City Bank, Lafarge Surma, Bangladesh Export and Import Company, Paramount Textiles, Dragon Sweater, Western Marine Shipyard and BBS Cables were the other turnover leaders.
Wata Chemicals increased most with a 4.83-per cent rise in its share prices, while Shyampur Sugar Mills was the worst loser, shedding 3.66 per cent.

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