Stocks gain for fourth day despite profit taking

Staff Correspondent | Published: 23:19, Jan 12,2017

 
 

Dhaka stocks remained positive for the fourth trading session on Thursday but marginally amid volatility as a result of a section of investors’ profit booking share sales.
The key index of Dhaka Stock Exchange, DSEX, finished at 5,342.87 points, adding 0.16 per cent or 9 points, after increasing 176 points in last three trading sessions.
Turnover, a major indicator of investors’ participation, on the bourse also declined to Tk 1,416.83 crore compared with that of Tk 1,704.55 crore in the previous trading session.
In line with last three trading sessions, market started positive but turned negative within half-an-hour of trading amid a section of investors’ profit booking share sales, said stockbrokers.
After turning into positive within next 15 minutes of trading, market for another time went into the negative trajectory before finishing with marginal rise of the bourse’s key index, they said.
Stockbrokers said the market finished positive despite some profit booking as optimistic purchasing overturned profit booking share sales.
Sharp rise in share prices in recent times including 176 points rise in previous three trading sessions might have prompted a section of investors to book some profit, they said.
On the sectoral front, textiles, non-bank financial institutions and energy scrips witnessed investors’ profit booking share sales the most.
Of the 45 NBFIs’ shares traded, 14 advanced, 23 declined and 8 remained unchanged.
On the other hand, prices of mutual funds and banks witnessed significant rise on the day.
Of the 35 mutual funds traded, 27 advanced, 2 declined and 6 remained unchanged.
DS30, the blue-chip index of the bourse, increased 0.11 per cent or 2.13 points, to close at 1,910.50 points on Thursday, the last trading session of the week.
The Shariah index of the bourse, DSES, increased to 1,243.01 points, shedding just 0.22 per cent or 2.84 points.
Of the 327 companies and mutual funds traded, 150 advanced, 158 declined and 19 remained unchanged.
‘Broad index was 9.0 points in the green on Thursday. The index moved in a zigzag pattern throughout the day and closed at 5,342.88 points level,’ said LankaBangla Securities in its market commentary.
‘The next major resistance level lies at 5,400 points,’ it said.
BEXIMCO led the turnover chart with its shares worth Tk 70.89 crore changing hands.
Baraka Power, LankaBangla Finance, IFAD Autos, Orion Pharma, Dhaka Electric Supply Company, Confidence Cement, Olympic Accessories, Appollo Ispat Complex and Grameenphone were other turnover leaders.
Baraka Power gained the most with a 9.64 per cent rise in its share prices, while Bd Autocars was the worst loser, shedding 4.40 per cent.

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