Market witnesses price correction in bank, cement issues

Dhaka,  Fri,  09 December 2016
Published : 29 Nov 2016, 21:15:22

Market witnesses price correction in bank, cement issues

Analysis
FE Report


The Dhaka stocks ended flat as the major sectors showed mixed performance.

On the day, the turnover crossed Tk 8.0 billion-mark due to investors' increased participation.

The market started the session positively and the trend continued more than one hour.

Later, the market failed to continue the upward trend amid sell pressure and the session ended with a marginal loss.

At the end of the session, the DSE broad index, DSEX shed 0.09 per cent or 4.34 points to close at 4793.30.

The shariah based index DSES lost 0.04 per cent or 0.56 point to close at 1135.47 points, whereas the blue chip index DS30 went down by 0.10 per cent or 1.92 points to close at 1768.06.

"Stocks observed a slight adjustment today as the risk-averse investors bagged some profits on sector specific stocks over last few weeks' price upsurge," said a market review of International Leasing Securities.

Among the major sectors, ceramic advanced 1.7 per cent, engineering 0.4 per cent, fuel & power 0.2 per cent, general insurance 1.8 per cent and mutual fund 0.1 per cent.

According to EBL Securities, optimism observed in morning did not sustain in the market till closing as the investors opted to book quick gain on their portfolio holdings.

"Price correction in bank sector and cement sector contributed mostly in Tuesday's correction," said the EBL Securities. Of 324 issues traded, 149 advanced, 125 declined and 50 were unchanged on the premier bourse.

The turnover stood at above Tk 8.08 billion which is 8.02 per cent higher than the turnover of previous session.

On Tuesday, investors' attention was mainly concentrated on engineering and textile which contributed 21 per cent and 15.1 per cent in market turnover respectively.

Of total turnover, above Tk 231.71 million came from transactions executed in spot market.

Among the losing sectors, bank declined 0.6 per cent, cement 0.6 per cent, jute 1.9 per cent, miscellaneous 0.6 per cent, tannery 0.1 per cent, textile 0.1 per cent and telecommunication 0.1 per cent.

Quasem Drycells topped the volume chart with a value of Tk 235 million followed by RSRM Steel Tk 225 million, Bangladesh Building System Tk 203 million, Beximco Tk 199 million and National Tubes Tk 197 million.

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