Dhaka stocks inch down

Staff Correspondent | Published: 22:41, May 03,2021

 
 

Dhaka stocks inched down on Monday after a three-day gain as a section of investors went for profit taking.

DSEX, the key index of the Dhaka Stock Exchange, shed 0.1 per cent, or 5.65 points, to close at 5,511.36 points on Monday after gaining 94.62 points in the previous three sessions.

After a slight gain at the beginning of Monday’s session, the core index moved downward to end the session in the negative trajectory, market operators said.

The market had gained significantly in recent days that provoked investors to book some profits, they said.

The market has gained 347 points in the last 15 trading sessions with just three negative sessions.

Among the large capitalised companies, share prices of Beximco Pharmaceuticals, LafargeHolcim Bangladesh, Summit Power and Grammenphone dropped on the day.

Average share prices of energy, pharmaceuticals and textile sectors decreased by 0.7 per cent, 0.6 per cent, 0.5 per cent respectively.

However, the market dipped slightly on Monday as many investors kept buying shares with expectation of better gains, market operators said.

The investors’ worries over the fresh wave of Covid outbreak are decreasing as the rates of infection and fatality have witnessed a downward trend in the past week, market operators said.

The government on Monday extended the Covid restriction period to May 16, allowing public transports to operate inside cities and districts beginning on May 6.

Earlier, it had removed almost all restrictions on public movement and other activities with the reopening of shops and shopping malls on April 25. Many companies’ better financial growth during the third quarter (January-March) period despite the coronavirus fallout that raised the investors’ confidence, market operators said.

EBL Securities in its daily market commentary said, ‘Investors continued to restructure their portfolios according to the recent earning disclosures while maintaining their high interest in general insurance sector this session. Overall investors’ confidence remained stable as fear of economic stagnation from Covid-induced strict lockdown has gradually gone down,’ it said.

The insurance sector continued dominating the market trend as the sector logged 30 per cent of the day’s total turnover and share prices of the sector increased by 1 per cent on Monday.

Besides, share prices of non-bank financial institution, bank and telecommunication sectors increased by 1.2 per cent, 0.7 per cent and 0.6 per cent respectively.

Turnover on the DSE declined to Tk 1,159.83 crore on Monday from Tk 1,406.96 crore in the previous session.

Of the 357 scrips traded on the DSE on Monday, 179 advanced, 105 declined and 70 remained unchanged.

DS30, a composition of 30 large capitalised companies, lost 0.34 per cent, or 7.26 points, to close at 2,116.06 points on Monday.

Shariah index DSES inched down by 0.34 per cent, or 7.26 points, to settle at 1,248.15 points.

BEXIMCO led the turnover chart with shares worth Tk 164.17 crore changing hands on the day.

LafargeHolcim Bangladesh, Robi, LankaBangla Finance, Beximco Pharmaceuticals, BD Finance, Sonar Bangla Insurance, Maksons Spinning Mills, Provati Insurance Company and Nitol Insurance Company were the other turnover leaders on the day.

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