DSEX dips below 5,800-mark

Dhaka,  Wed,  26 July 2017
Published : 12 Jul 2017, 15:51:50
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DSEX dips below 5,800-mark on selling spree

DSEX dips below 5,800-mark
FE Online Report
Stocks witnessed a major correction on Wednesday with core index of the prime bourse dipped below 5,800-mark, snapping a recent rally, as risk-averse investors booked quick-profit on large-cap issues.

Market insiders said investors mostly preferred to pocket profit on stocks that saw significant gain in recent upsurge, especially banks, non-bank financial institutions and fuel & power stocks.

“Correction occurred as the market saw a substantial gain in the past few trading days, which prompted many investors to book quick-profit,” said an analyst at a leading brokerage firm.

The market opened with a mixed trend and first half of trading session  witnessed volatility, but last half went down steadily, finally closed nearly 40 points lower.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), came down below the 5,800-mark after two sessions and settled at 5,791, losing 40 points or 0.68 per cent over the previous day.

The two other indices also faced correction. The DS30, comprising blue chips, fell 10.28 points or 0.48 per cent to close at 2,116. The DSE Shariah Index (DSES) lost 5.16 points or 0.39 per cent to finish at 1,317.

Turnover, the important indicator of the market, came down to Tk 9.14 billion, which was 31 per cent lower than the previous day’s five months highest turnover of Tk 13.21 billion.

“The market took a breath after witnessing a persistent bullish spell amid spontaneous participation from investors both side of the trading fence,” said a stockbroker.

The losers took a strong lead over the gainers as 330 issues traded, 232 closed lower, 65 closed higher and 33 remained unchanged on the DSE trading floor.

Keya Cosmetics emerged as turnover leader after one-session break, with about 40.62 million shares of Tk 748 million changing hands, followed by Generation Next Fashions, IFAD Autos, Fu-Wang Food and Beximco.

Generation Next Fashions was the day’s highest gainer, posting a 5.50 per cent rise, while Progressive Life Insurance Company was the worst loser, plunging 7.48 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index - CSCX - shedding 101 points to settle at 10,852.

Losers beat gainers as 212 issues closed lower, 54 closed higher and 15 remained unchanged on the CSE.

The port city bourse traded 24.68 million shares and mutual fund units’ worth Tk 570 million in turnover.

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