DSE tumbles on profit taking
Banks, GP suffer heavy losses, index down by 123 points

FE Report

Dhaka stocks Sunday witnessed the third lowest single day fall in a decade as market heavyweights -- banks and Grameenphone -- plunged heavily on profit taking amid continued lackluster trading.

The benchmark Dhaka Stock Exchange general index (DGEN) shed 2.17 per cent or 123 points to close at 5560.56 - the second time in a week the market losing more than 100 points after decade's biggest fall of 138 points last Monday.

The market gained 28 points in the opening minutes but declined steadily throughout the session on profit taking in all the sectors except the non-banking financials. Out of 233 issues traded, 45 advanced and 186 declined.

The broader DSE All Shares Price Index (DSI) closed at 4549.59 with a loss of 101.38 points or 2.17 per cent, while the DSE 20 blue chip index slid 56.46 points or 1.85 per cent to 2992.93.

"Profit takers have sent the market in the red," BRAC-EPL, an investment bank, said in its daily stock market commentary.

The market continued to see dull trading as the day's turnover came down to Tk 8.62 billion - the lowest since December 27 last year.

The banking issues, the bellwether of the market, bled for the fifth session in a row with the sector ending 3.21 per cent down. EXIM Bank, NCC Bank, Premier Bank and Rupali Bank lost more than five per cent each and seven more banks dropped more than four per cent.

Grameenphone (GP), the DSE's most weighted share now being traded in the spot market, slipped nearly four per cent to Tk 355.30, snapping three days of consecutive rally