Dhaka stocks snap 11-day gaining streak on profit taking

Staff Correspondent | Published: 00:00, Jan 08,2019

 
 

Dhaka stocks dropped on Monday, snapping an 11-day positive run as investors went for selling shares to book profits.
DSEX, the key index of Dhaka Stock Exchange, lost 0.55 per cent, or 31.82 points, to close at 5,655.18 points on Monday after gaining 469 points in the previous 11 sessions.
Trading at the market was choppy with a couple of ups and downs and the market finished in the negative territory as investors went for profit taking, market operators said.
They said share prices of many companies witnessed a sharp rise in the recent rally that prompted investors to take some profits.
They said investors were also cautious as they were waiting to see what policies and strategies the newly appointed finance minister, AHM Mustafa Kamal, would take.
Investors had purchased shares heavily after the December 30 general election as political tensions eased after the 11th parliamentary polls.
In the national polls, the Awami League-led ruling alliance won 288 seats while the opposition alliance led by Bangladesh Nationalist Party secured just seven.
The turnover on the bourse dipped to Tk 965.53 crore on Monday compared with that of Tk 1,026.76 crore in the previous trading session.
The financial sector led the dive with a fall in share prices of bank and non-bank financial institution by 1.02 per cent and 1.0 per cent respectively.
Out of the 30 traded bank scrips, 22 declined, six advanced and one remained unchanged.
Average share prices of textile, pharmaceutical, energy and telecommunication sectors dropped by 0.9 per cent, 0.4 per cent and 0.32 per cent respectively.
‘The capital bourse of the country took a breather on Monday after experiencing 11 consecutive bullish sessions due to profit booking tendency,’ said EBL Securities in its daily market commentary.
Of the 336 companies and mutual funds traded on Monday, 199 declined, 116 advanced and 30 remained unchanged.
DSE blue-chip index DS30 declined by 0.51 per cent, or 10.20 points, to close at 1,963.89 points.
Shariah index DSES shed 0.44 cent, or 5.80 points, to finish at 1,289.54 points.
BRAC Bank led the turnover leaders with its shares worth Tk 25.59 crore changing hands on the day.
Olympic Industries, BBS Cables, Singer Bangladesh, Bangladesh Export Import Company, Alif Manufacturing Company, Dragon Sweater, Grameenphone, BD Thai and Paramount Textile were the other turnover leaders.
Alif Manufacturing Company gained the most on the day with a 10-per cent increase in its share prices, while Shyampur Sugar Mills was the worst loser, shedding 6.41 per cent.

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