Dhaka stocks inch down on after-surge profit taking

Staff Correspondent | Published: 00:00, Jan 11,2019

 
 

Dhaka stocks inched down on Thursday after a surge in the previous two sessions as investors booked some profits, especially from the financial scrips.
DSEX, the key index of Dhaka Stock Exchange, shed 0.02 per cent, or 1.28 points, to close at 5,797.30 points on Thursday after gaining 143.39 points in the previous two sessions.
The market was positive at the beginning but lost the momentum soon after and finished with a brief loss as investors were active from both sides of the trading fence, market operators said.
They said that investors went for profit taking share sales after a continuous surge at the market.
The key index had gained 580 points in the previous 15 sessions despite a fall on Monday.
Share prices of most of the companies gained in the rally that prompted investors to book some profits, market operators said.
Average share prices of bank and non-bank financial institution dropped by 0.83 per cent and 0.58 per cent respectively on Thursday after their recent gains.
Out of the 30 traded bank scrips, 24 declined, five advanced and one remained unchanged while out of the 23 traded NBFIs, 17 declined, three advanced and three remained unchanged.
Share prices of cement, engineering and miscellaneous also dropped on Thursday. The market began to jump after the December 30 national elections amid improving investors’ confidence over the market.
The polls in which Awami League-led alliance won a landslide victory eased the political tensions in the country, market operators said.
Moreover, a number of businesspersons were elected members of parliament in the national polls who have direct or indirect link with some listed companies that encouraged investors to buy shares of those companies, they said.
Average share prices of telecommunication, energy and textile sectors advanced by 1.75 per cent, 0.44 per cent and 0.40 per cent respectively.
The turnover on the bourse decreased to Tk 897.57 crore on Thursday compared with that of Tk 1,025.73 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Thursday, 148 advanced, 173 declined and 25 remained unchanged.
DSE blue-chip index DS30, however, gained 0.03 per cent, or 0.62 points, to close at 2,011.74 points.
Shariah index DSES added 0.20 cent, or 2.67 points, to finish at 1,318.66 points.
JMI Syringe and Medical Services led the turnover leaders with its shares worth Tk 26.91 crore changing hands on the day.
BBS Cables, Olympic Industries, Shepherd Industries, Paramount Textile, Active Fine Chemicals, Shajibazar Power Company, BRAC Bank, Nahee Aluminum and Singer Bangladesh were the other turnover leaders.
Prime Life Insurance gained the most on the day with a 9.87-per cent increase in its share prices, while Peoples Leasing and Finance Services was the worst loser, shedding 4.47 per cent.

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