Stocks slip into red on profit-booking

Dhaka,  Sun,  04 December 2016
Published : 27 Nov 2016, 21:33:01

Stocks slip into red on profit-booking

Turnover drops 7.3pc on premier bourse
Stocks slip into red on profit-booking
FE Report


Stocks witnessed a mild correction Sunday, snapping a three days winning spell, as risk-averse investors bagged some profit on sector specific stocks.

Analysts said the market broke the winning spell as investors mostly preferred to book quick gain on their investment over last few weeks' price surge.

"However, it can be termed as natural correction, creating some scope for investors to add some fresh fund and repositioning their investment," said an analyst at a leading brokerage firm.

After hitting nearly 14-month high on the previous session, the key index of the premier bourse crossing the 4,800-mark within first 15 minutes of trading, but could not sustain that level amid short-term profit booking sale pressure, ultimately closed 4.76 points lower.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 4,786.58, eroding 4.76 points or 0.09 per cent, after adding 70 points in the past three consecutive sessions.

The DS30 comprising blue chips also fell 1.03 points or 0.05 per cent to settle at 1,768.49 points. However, the DSE Shariah Index (DSES) advanced 1.42 points or 0.12 per cent to close at 1,134.68 points.

Turnover, the important indicator of the market, also fell to Tk 6.10 billion, which was 7.30 per cent lower than the previous session's turnover of Tk 4.57 billion.

Overall activities remained confined on, engineering, banks and textile sectors, where they captured 16 per cent, 14 per cent, 13 per cent respectively of the day's total turnover value.

Asian Tiger Capital Partners, an asset management company, said, "The market consolidated on the first day of the week following 70 points gain in the previous three trading sessions".

However, the sectoral preference remained almost same while investors' switch prolonged for lucrative price hunts, including better fundamentals.

"The first trading session of the week observed mixed sentiment from the investors," said LankaBangla Securities, a stockbroker, in an analysis.

The stockbroker noted that the day's top gainers and losers list comprised small cap stocks whereas the turnover list was dominated by both large and small caps.

"Large cap stocks like GP, BATBC, and Square Pharmaceuticals did not see any major movement," said the stockbroker.

All the large-cap sectors showed negative performance except engineering, which advanced 0.42 per cent. Banks posted the highest loss of 0.53 per cent, followed by NBFIs 0.36 per cent and telecommunication 0.15 per cent.

Pharmaceuticals and food and allied also edged 0.05 per cent and 0.04 per cent lower respectively.

The losers took a modest lead over the gainers as out of 320 issues traded, 152 closed lower, 128 closed higher and 40 remained unchanged on the DSE trading floor.

Doreen Power Generation and Systems dominated the DSE turnover chart for the two consecutive sessions with about 1.96 million shares worth Tk nearly 249 million changing hands, closely followed by Bangladesh Building Systems, Quasem Drycells, AB Bank and Beximco.

Fortune Shoes was the day's highest gainer, posting a 9.50 per cent gain, while Emerald Oil Industries was the worst loser, slumping by 12.50 per cent following its corporate declaration.

The port city bourse, the Chittagong Stock Exchange (CSE) also saw slight correction with its Selective Categories Index - CSCX - falling 4.85 points to settle at 8,959.45 points.

Losers beat gainers as 115 issues closed lower, 101 closed higher and 29 remained unchanged on the CSE.

The port city bourse traded 18.75 million shares and mutual fund units' worth over Tk 407 million in turnover.

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