Dhaka stocks dropped on Monday after a surge in the previous session as investors went for selling shares to book profits but the turnover at Dhaka Stock Exchange hit a 14-month high.
DSEX, the key index of DSE, lost 0.40 per cent, or 23.98 points, to close at 5,836.23 points on Monday after gaining 62.91 points in the previous session.
The core index gained 618 points in last 18 sessions.
The market began the day positive but moved downward in late trading as investors went for selling shares, especially bank stocks, to book profits, market operators said.
They said the market had been rising in recent days and share prices of most of the companies soared, which provoked investors to book some profits.
Average share prices of cement, non-bank financial institution, bank and telecommunication dropped by 0.93 per cent, 0.31 per cent, 0.24 per cent and 0.22 per cent respectively.
The investors’ confidence over the market has improved in recent days, making the average daily turnover at Tk 900 crore after the December 30 national elections.
The turnover on the bourse advanced to Tk 1,146.32 crore on Monday compared with that of Tk 973.94 crore in the previous trading session.
Monday’s turnover was highest after November 20, 2017 when it was at Tk 1,158.49 crore.
Average share prices of food, energy and general insurance advanced by 0.92 per cent, 0.45 per cent and 0.16 per cent respectively.
Share prices of Olympic Industries has been rising in recent weeks amid a rumour that British brand Cadbury, the second largest confectionery brand in the world, would buy Olympic.
Besides, share prices of JMI Syringe has been also rising as the company disclosed that NIPRO Corporation of Japan had shown its interest to subscribe to 1,11,00,000 ordinary shares of JMI Syringes.
Of the 336 companies and mutual funds traded on Monday, 202 declined, 122 advanced and 21 remained unchanged.
DSE blue-chip index DS30 lost 0.21 per cent, or 4.43 points, to close at 2,025.99 points.
Shariah index DSES shed 0.24 per cent, or 3.28 points, to finish at 1,326.58 points.
Olympic Industries led the turnover leaders with its shares worth Tk 39.58 crore changing hands on the day.
Khulna Power Company, BBS Cables, Singer Bangladesh, JMI Syringe, BRAC Bank, Shasha Denims, United Power Generation Company, Active Fine Chemicals and Dhaka Bank were the other turnover leaders.
United Finance gained the most on the day with a 10-per cent increase in its share prices, while United Air was the worst loser, shedding 8.82 per cent.
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