Dhaka stocks inch down as banks offset losses of most of scrips

Staff Correspondent | Published: 21:51, Sep 26,2017


Dhaka stocks inched down on Tuesday, stretching the losing spell to fifth session, as investors continued selling off shares from most of the sectors while banks rebounded.
The key index of Dhaka Stock Exchange, DSEX, finished at 6,104.27 points, shedding by 0.03 per cent or 1.97 points on Tuesday.
The index lost 132 points in last five trading sessions.
Although the equity market opened negative, it rebounded soon with gaining 24 points at one point of the sessions when investors moved towards fresh investment after profit taking, market operators said.
However, the late hour sale pressure of the stocks erased the earlier gains of the trading session as the market could not hold the vibe, they said.
The investors were unstable on the trading floor and were active on both sides of the trading fence that reasoned flat ending of the session, they said.
As the market remained sluggish in the last few sessions, some of the investors stayed cautious over the next move of the market, stockbrokers said.
The investors realised it safe to sell-off their holdings as they assumed the market could fall further following its record breaking rally, they said.
As a result, share prices of all the large capitalised sectors except banks and non-bank financial shares declined on the day while cement, energy and pharmaceuticals slumped by 0.6 per cent, 0.5 per cent and 0.3 per cent respectively.
Despite fall in share prices of most of the prominent sectors, the rebounding surge of non-bank financial and bank shares by 1.1 per cent and 0.8 per cent respectively shielded the market from significant fall, brokers said.
Grameenphone, British American Tobacco, and Marico Bangladesh led the worst losers while Investment Corporation of Bangladesh, Rupali Bank and Pubali Bank led the gainers of the day, they said.
Out of the 330 companies and mutual funds traded, 180 declined, 113 advanced, and 37 remained unchanged on Tuesday.
Turnover on the bourse increased further to Tk 715.22 crore compared with that of Tk 666.17 crore in the previous trading session.
‘The capital bourse of the country witnessed another session of flat correction amidst investors’ shaky participation,’ EBL Securities said in its market commentary.
‘Index experienced sales pressure as investors opted for realising gains from their portfolio,’ it said.
DS30, the blue-chip index of the bourse, dropped by 0.14 per cent, or 3.23 points, to close at 2,182.73 points.
The Shariah index, DSES, fell by 0.15 per cent, or 2.14 points, to finish at 1,355.45 points.
Shahjalal Islami Bank led the turnover chart with its shares worth Tk 63.49 crore changing hands.
Al-Arafah Islami Bank, LankaBangla Finance, Summit Power, BBS Cables, National Bank, Uttara Bank, IFAD Autos, Exim Bank and Rupali Bank were the other turnover leaders.
Rupali Bank gained the most, adding 6.92 per cent, while RN Spinning Mills lost the most, shedding 17.18 per cent.

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