Stocks post marginal loss on profit booking

Dhaka,  Sun,  24 September 2017
Published : 23 Aug 2017, 22:13:25
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Stocks post marginal loss on profit booking

Block transaction contributed Tk 95 million to the day's total turnover where stocks like Quasem Drycells, ACI, Green Delta Insurance, IFIC Bank and National Polymer dominated the block trade board
FE Report


Stocks posted a marginal loss Wednesday, snapping a two-day winning streak, as investors booked some profits 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 are left before Eid-ul-Azha vacation as trading on the bourses is secluded to be closed from August 31.

Meanwhile, BBS Cables emerged as the day's worst loser, slumping by 9.94 per cent after recent unusual price hike, as securities' regulator formed an enquiry committee to investigate into unusual price increase of the company's shares.

The market started with an upward note and the key index of the major bourse rose more than 18 points in the mid-session, but a section of investors put sale pressure to take modest profit in the final hour, 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.

International Leasing Securities, a stockbroker, said, "Stocks witnessed correction amidst the mixed trading behaviour of the investors".

The stockbroker noted that the market started with positive tune as the opportunist investors continued their buying spree to take positions on lucrative price levels while the final hour profit booking sell pressure wiped out the early gain.

"Investors' selling spree was observed in different stocks, especially from engineering, cement, telecom and bank sectors where travel, food and pharma sectors observed buoyancy," the stockbroker added.

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 2102. The DSE Shariah Index (DSES) lost 3.14 points or 0.24 per cent to close at 1304.   

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.

Block transaction contributed Tk 95 million to the day's total turnover where stocks like Quasem Drycells, ACI, Green Delta Insurance, IFIC Bank and National Polymer dominated the block trade board.

Engineering sector emerged as turnover leader, grabbing 25 per cent of the day's total turnover, followed by banks 14 per cent and financial institutions 13 per cent.

LankaBangla Securities, a stockbroker, said, "Index started the day with positive movement and remained positive most of the session. However, during the final 30 minutes of the session, index started to go downward and closed red at 5,856".

A total number of 0.137 million trades were executed in the day's trading session with trading volume of 239.39 million securities.

The total market capitalisation of the DSE stood at Tk 3,959 billion, which was Tk 3,967 billion in the previous session.

Most of the large-cap sector showed negative performances. Engineering posted the highest loss of 1.19 per cent, followed telecommunication 0.95 per cent, banks 0.32 per cent, power 0.08 per cent and financial institutions 0.05 per cent.

Food & allied and pharmaceuticals gained 1.31 per cent and 0.18 per cent respectively.

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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