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Dhaka stocks down as investors book profits

Staff Correspondent | Published: 00:00, Jan 17,2019

 
 

Dhaka stocks decreased on Wednesday but the turnover at Dhaka Stock Exchange hit 1,000 crore for the third consecutive session as investors went for selling shares to take profits after the recent surge in stock prices.
DSEX, the key index of DSE, lost 0.40 per cent, or 23.79 points, to close at 5,839.48 points on Wednesday after gaining 27.04 points in the previous session.
The core index gained 645.79 points in a recent rally.
The market opened with positive vibe but went downward as the session progressed and ultimately closed the day in the negative territory as investors went for booking profits in late trading, market operators said.
They said that the share prices of most of the companies gained in the recent bull-run that prompted some investors to book some gains.
Some investors also cashed shares to buy shares of new company S.S. Steel Limited which will make its debut on the country’s stock exchanges today.
Non-bank financial institution and bank sectors dropped by 0.4 per cent and 0.2 per cent respectively after their recent gains.
Average share prices of textile, telecommunication and pharmaceutical sectors also declined on investors’ profit-taking sales.
‘The morning buoyancy did not sustain as several investors opted for profit booking on shares that witnessed price appreciation in the recent upbeat momentum and taking positions in fundamental stocks ahead of earnings declaration,’ said EBL Securities in its daily market commentary.
A drop in share prices of Grameenphone, Olympic Industries and IFAD Autos weighed on the index most.
The insurance companies, however, continued its bull-run with an increase in share prices of general insurance and life insurance by 2.5 per cent and 1.5 per cent respectively.
The turnover on the bourse slightly fell to Tk 1,000.52 crore on Wednesday compared with that of Tk 1,139.31 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Wednesday, 185 declined, 123 advanced and 37 remained unchanged.
DSE blue-chip index DS30 shed 0.58 per cent, or 11.80 points, to close at 2,017.26 points.
Shariah index DSES declined by 0.59 per cent, or 7.90 points, to finish at 1,322.71 points.
Khulna Power Company led the turnover leaders with its shares worth Tk 28.31 crore changing hands on the day.
Olympic Industries, Dhaka Bank, JMI Syringe, United Power Generation Company, United Finance, Bangladesh Shipping Corporation, Pharma Aid, Agrani Insurance and BBS Cables were the other turnover leaders.
Eastern Insurance gained the most on the day with a 9.91-per cent increase in its share prices, while Nitol Insurance was the worst loser, shedding 8.02 per cent.

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