Dhaka stocks plummet as profit-taking sales continue

Staff Correspondent | Published: 22:51, Sep 25,2017


Dhaka stocks plummeted on Monday extending the bear run to the fourth session as investors continued selling shares to take profit after the recent market surge.
The key index of Dhaka Stock Exchange, DSEX, shed 0.95 per cent, or 59.07 points, to finish at 6,106.24 points.
The index lost 130 points in last four trading sessions.
The market moved downwards from the very beginning of the day that remained in the negative zone for the whole session, closing with a major loss.
Market operators said that investors continued booking profit from bank shares following their recent surge that helped the market reach to its historic high.
Some of the investors remained on the sidelines as the market ended negative for the fourth consecutive session, they said.
On the other hand, investors fretted about the news reports that Bangladesh Bank tightened its monitoring on banks’ activities including their share market exposure.
Earlier on September 11, the central bank revised reporting format of banks’ capital market investment in a manner that banks have to submit their reports on a weekly basis, with daily transactions separately.
As a result, the average share prices of banks plummeted by 2.47 per cent while pharmaceuticals fuelled the volatility, declining by 0.70 per cent on Monday.
Square Pharmaceuticals, Pubali Bank and National Bank led the worst losers of the day.
On the other hand, the average share prices of engineering and telecommunication rebounded by 0.5 per cent and 0.4 per cent that saved the market from further fall.
Out of the 330 companies and mutual funds traded, 180 declined, 108 advanced, and 42 remained unchanged on Monday.
Turnover on the bourse inched up to Tk 666.17 crore compared with that of Tk 662.01 crore in the previous trading session while banks posted 42 per cent of the day’s total turnover.
‘The capital bourse of the country witnessed another consecutive session in downbeat tune amid watchfulness,’ EBL Securities said in its market commentary.
‘Today [Monday] market started with profit-booking tendency that continued till the end of the session as the investors displayed risk aversion nature,’ it said.
DS30, the blue-chip index of the bourse, dropped by 0.62 per cent, or 13.84 points, to close at 2,185.97 points.
The Shariah index, DSES, fell by 0.62 per cent, or 8.60 points, to finish at 1,357.60 points.
National Bank led the turnover chart with its shares worth Tk 29.29 crore changing hands.
Shahjalal Islami Bank, BBS Cables, Jamuna Bank, IFIC Bank, Bangladesh Building Systems, Square Pharmaceuticals, LankaBangla Finance, Exim Bank and Uttara Bank were the other turnover leaders.
BBS Cables gained the most, adding 9.99 per cent, while Pubali Bank lost the most, shedding 5.88 per cent.

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