Profit booking pulls stocks down

Dhaka,  Mon,  21 August 2017
Published : 17 Jul 2017, 16:42:26
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Profit booking pulls stocks down

FE Online Report
After hitting all time high, the key index of the premier bourse witnessed a marginal correction on Monday as cautious opted for profits on quick-gaining stocks.

Dealers said the investors sold shares and mutual fund units to bag profits on stocks that saw substantial gains in the past few sessions, taking the market in the red zone.

The market opened with a mixed trend and first half of trading session saw volatility, but later half of the session went down steadily, finally closed more than 20 points lower.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 20.29 points or 0.34 per cent to settle at 5,824, after hitting historical high since its inception on January 27, 2013.

The two other indices also edged lower. The DS30 index, comprising blue chips fell 0.33 points or 0.01 per cent to finish at 2,133. The DSE Shariah Index (DSES) lost 3.27 points or 0.25 per cent to close at 1,324.

Turnover, the important indicator of the market, stood at Tk 11.47 billion, which was 9.18 per cent lower than the previous day’s turnover of Tk 12.63 billion.

The losers took a strong lead over the gainers as 329 issues traded, 214 closed lower, 82 closed higher and 33 remained unchanged on the DSE trading floor.

Confidence Cement emerged as turnover leader with about 3.70 million shares of nearly Tk 583 million changing hands, closely followed by IFAD Autos, Keya Cosmetics, MJL Bangladesh and Simtex Industries.

BD Autocars was the day’s highest gainer, posting a 8.91 per cent rise, while United Insurance was the worst loser, shedding 6.55 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index - CSCX – losing more than 45 points to settle at 10,907.

Losers beat gainers as 163 issues closed lower, 82 closed higher and 24 remained unchanged on the CSE.

The port city bourse traded 21.59 million shares and mutual fund units’ worth Tk 635 million in turnover.

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