Stocks fall after 4-day rise

Staff Correspondent | Published: 00:00, Nov 13,2019


Dhaka stocks inched down on Tuesday, snapping a four-day gaining streak, as a section of investors went for selling shares to take profits amid poor financial disclosures by a number of companies.

DSEX, the key index of Dhaka Stock Exchange, lost 0.04 per cent, or 2.28 points, to close at 4,779.18 points on Tuesday after gaining 103 points in the previous four sessions.

After a slight gain at the beginning, the market started falling on Tuesday and continued the vibe until the end of the session as a section of investors went for profit taking after a four-day gain, market operators said.

They said that some companies disclosed poor financial accounts that dampened the investors’ mood.

State-run Investment Corporation of Bangladesh declared loss of Tk 1.93 per share for the July-September period compared with profit of Tk 0.41 per share in the same period last year.

Profits of Titas Gas and Premier Cement dropped in the first quarter this year and profits of Bashundhara Paper Mills and Meghna Cement decreased in the year ending on June 30, 2019 compared with that in the previous year.

The market gained in the previous four trading sessions that was perceived by some investors to be positive.

The country’s capital market remained sluggish in last nine months that eroded a significant amount of funds from the investors’ portfolios, reducing confidence of the investors.

Market experts said that the wounds would take time to heal and investors would gain their confidence back gradually.

A section of investors, especially institutional ones, came forward to invest in the ailing stock market this week as they thought that the market reached its bottom and would rebound soon.

Turnover on the DSE increased to Tk 392.50 crore on Tuesday from Tk 296.63 crore in the previous day.

Out of the 350 scrips traded on the day, 128 advanced, 194 declined and 32 remained unchanged.

The DSE blue-chip index, DS30, shed 0.002 per cent, or 0.03 points, to close at 1,664.31 points.

Shariah index DSES, however, gained 0.36 per cent, or 3.96 points, to end at 1,094.77 points.

National Tubes led the turnover chart with its shares worth Tk 12.45 crore changing hands on the day.

Wata Chemicals, Sonar Bangla Insurance, National Polymer, Fortune Shoes, Uttara Bank, Shurwid Industries, Mutual Trust Bank, Khulna Power Company and LankaBangla Finance were the other turnover leaders.

Agrani Insurance gained the most on the day with a 9.42-per cent increase in its share prices while Regent Textile Mills performed the worst, losing 9.24 per cent.

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