FE Report

Stocks declined Tuesday on the both bourses---Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) amid high turnover as prudent investors booked profit.

Session started upbeat as well, with the DSE Broad Index (DSEX) gaining 29 points by first 20 minutes. As DSEX touched 4,300 points level, a significant portion of investors opted for realizing gains from recent rally, which dragged the index rest of session and eventually pushed 30 points below to 4,240.43.

The General Index of the DSE---DGEN ended at 4,332.03, losing 22.23 points or 0.51 per cent as the market suffered a gradual correction throughout the session. The DSE-30 Index (DS30) closed at 1,529.68 points, after losing 11.59 points or 0.75 per cent.

The turnover of the premier bourse --- DSE stood at Tk 4.39 billion, almost same compared to previous session's Tk 4.38 billion. The DSE turnover crossed 4.0 billion-mark for the third consecutive session.

"After two consecutive positive sessions, market went backtrack as profit-taking move dominated the bourse," stated IDLC Investments.

Meanwhile, activity level stayed on course and closed at 4.39 billion. Earnings expectations based movements were vibrant as well, but were over shadowed by profit booking, the IDLC market analysis said.

"This correction was quite expected as previous one was not adequate. Most important thing about the day's session is that the scrips suffered price loss but volume remained as high as last day," stated Zenith Investments, in its regular market analysis.

"Although the movement against war criminals is at the full swing, market is moving on its own accord. Demand supply situation is now much stable and increasing turnover is continuously improving market liquidity," the Zenith Investments observed.

LankaBangla Securities said, "Turnover increased as investors rushed to book profit. After week long positive trend, profit taking was expected." Except for textiles gaining 0.17 per cent no other sector showed any significant positivity. This sector was the top turnover drawer as well with Tk 996.4 million, 28 per cent more than that of previous session.

Among the major sectors banks lost 0.88 per cent, the most following telecommunications 0.58 per cent. While, Pharmaceuticals and fuel and power and NBFIs lost 0.45 per cent and 0.26 per cent, 0.04 per cent respectively.