Stocks retreat from three-day rally

Dhaka,  Thu,  17 August 2017
Published : 03 Aug 2017, 15:46:36
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DSE, CSE break three-day winning spell

Stocks retreat from three-day rally
FE Online Report
Stocks slipped into the red Thursday, snapping a three-day gaining streak, as investors opted for profit booking on quick-gaining stocks.

Dealers said the market witnessed mild correction as cautious investors opted for booking profit on sector-specific issues, which saw substantial gains in the past few days, triggering selling pressure in the market.

The market witnessed volatility in the first 30 minutes of trading and next 30 minutes went up sharply, crossing the 5,900-mark.

But, rest of the session fell steadily as the risk-averse investors engaged in quick profit booking from sector specific issues, finally closing 10.71 points lower.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 10.71 points or 0.18 per cent to settle at 5,880 points, after adding nearly 90 points in the past three consecutive sessions.

The two other indices also closed lower. The DS30 index, comprising blue chips fell 8.54 points or 0.40 per cent to finish at 2,123 points. The DSE Shariah Index (DSES) shed 3.52 points or 0.26 per cent to close at 1,312.

Turnover, the important indicator of the market fell to Tk 10.78 billion on the DSE, which was nearly 13 per cent lower than the previous day’s Tk 12.39 billion.

A total number of 0.150 million trades were executed in the day’s trading session with trading volume of 422.42 million securities.

The total market capitalisation of the DSE also came down to Tk 3,956 billion, from previous day’s record high of Tk 3,965 billion.

Losers took a modest lead over the gainers as 321 issues traded, 165 closed lower, 137 closed higher and 29 remained unchanged on the DSE trading floor.

Generation Next Fashions topped the turnover chart with about 33.46 million shares of Tk 402 million changing hands, closely followed by Saif Powertec, C&A Textile, LankaBangla Finance and City Bank.

Prime Finance First Mutual Fund was the day’s highest gainer, posting a 8.45 per cent rise, while Sinobangla Industries was the worst loser, plunging by 7.64 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index - CSCX – losing 25.54 points to settle at 11,013 points.

Losers beat gainers as 141 issues closed lower, 87 closed higher and 30 remained unchanged on the CSE.

The port city bourse traded 30.35 million shares and mutual fund units’ worth Tk 637 million in turnover.

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