Stocks face mild correction on profit taking

Dhaka,  Tue,  26 September 2017
Published : 23 Aug 2017, 16:09:24 | Updated : 23 Aug 2017, 16:14:42
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Stocks face mild correction on profit taking

Stocks face mild correction on profit taking
FE Online Report
Stocks witnessed a mild correction on Wednesday, snapping a two-session gaining streak, as cautious investors booked some profits on quick-gaining stocks ahead of Eid festival.

Brokers said the some investors opted booking some profits on stocks that saw significant gains in the past two sessions, as Eid festival nears. There are only six trading sessions left before Eid-ul-Azha vacation.

The market was in the positive territory and the key index of the major bourse rose more than 18 points in the mid-session, but cautious investors put sale pressure to take modest profit, closing the market to the negative territory.

Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 5,856, shedding 6.46 points or 0.11 per cent, after adding nearly 43 points in the past two consecutive sessions.

The two other indices also finished lower. The DS30 index, comprising the blue-chips, fell 1.03 points or 0.05 per cent to settle at 2,102. The DSE Shariah Index (DSES) lost 3.14 points or 0.24 per cent to close at 1,304. 

Trading activities also fell to Tk 8.76 billion, which was more than 10 per cent lower over the previous day’s Tk 9.78 billion.

The losers took a modest lead over the gainers as out of 331 issues traded on the DSE, prices of 164 securities declined, 117 advanced and 50 remained unchanged.

Bangladesh Building Systems dominated the day’s turnover chart with shares of Tk 862 million changing hands, followed by LankaBangla Finance, BBS Cables, Fortune Shoes and ACI Limited.

Anlimayarn Dyeing was the day’s top gainer, posting 4.67 per cent rise while BBS Cables was the worst loser, with 9.94 per cent fall.

The port city bourse, the Chittagong Stock Exchange (CSE), also finished lower with its Selective Categories Index - CSCX - losing 22 points to settle at 10,985.

Losers beat gainers as 134 issues closed lower, 90 closed higher and 30 remained unchanged on the CSE.

The port city bourse traded 20.51 million shares and mutual fund units worth Tk 681 million in turnover.

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