Stocks inch down on profit taking after 4-day rise

Staff Correspondent | Published: 00:05, Jan 25,2018

 
 

Dhaka stocks inched down on Wednesday, breaking a four-day winning streak, as investors went for selling shares to book profits ahead of the announcement by Bangladesh Bank of the monetary policy for the second half of this fiscal year.
A rise in the share prices of some large capitalised scrips ahead of their dividend declaration, however, offset the impact, market operators said.
DSEX, the key index of Dhaka Stock Exchange, lost 0.09 per cent, or 6.03 points, to close at 6,200.68 points on Wednesday after gaining 107.72 points in the previous four trading sessions.
The market witnessed a choppy trading session that ended up in negative trajectory as a section of investors went for selling shares to take profits, market operators said.
Investors preferred to lock in some gains as they felt uncertainty over the upcoming monetary policy, they said.
The central bank will announce the monetary policy statement next week.
The share prices of pharmaceutical cement and bank sectors declined by 0.6 per cent, 0.4 per cent and 0.2 per cent respectively.
The turnover at the bourse also declined to Tk 424.32 crore from that of Tk 562.71 crore in the previous session.
Despite a fall in the share prices of most of the scrips, the market did not fall much as some of the large capitalised scrips continued gaining on the day ahead of the announcement of their financial disclosures.
BRAC Bank, Grameenphone, British American Tobacco gained by 0.68 per cent, 0.24 per cent and 0.17 per cent respectively as investors expected better dividends and earnings’ disclosures from the companies.
The average share prices of non-bank financial institutions, food and telecommunications gained 1.2 per cent, 0.5 per cent and 0.4 per cent respectively.
Of the 333 companies and mutual funds traded, 171 declined, 111 advanced, and 51 remained unchanged.
‘The market started with positive tune but the momentum didn’t sustain as the core index drifted downwards,’ said EBL Securities in its daily market commentary.
Investors’ selling pressure was spurred on stocks from pharmaceutical, bank and cement sectors, it said.
DS30, the blue-chip index of the DSE, however, added 0.06 per cent or 1.5 points to close at 2303.95 points.
Shariah index DSES declined by 0.14 per cent, 2.13 points, to close at 1,431.03 points.
Square Pharmaceuticals led the turnover chart on the day with its shares worth Tk 27.44 crore changing hands.
Grameenphone, Beximco Pharmaceuticals, BBS Cables, Olympic Industries, IFAD Autos, National Tubes, Singer Bangladesh, Pharma Aid and Monno Ceramics were the other turnover leaders.
Alif Industries increased most with a 4.66-per cent rise in its share prices, while Aziz Pipes was the worst loser, shedding 3.11 per cent. 

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