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Profit booking sales drag down DSE, CSE

The markets face mild correction after eight-day


FE Online Report | Published: June 12, 2019 16:02:40 | Updated: June 13, 2019 12:02:46


Stocks slipped into the red on Wednesday, breaking an eight-day gaining streak, as some investors booked quick-profit on sector-wise shares.

Market analysts said stocks returned to the red as a section of investors opted for booking profit on stocks which saw sharp gain in recent price upsurge.

Turnover remained above Tk 5.0 billon-mark as a section of investors showed their buying spree on budgetary hopes.

Finance Minister A H M Mustafa Kamal is set to place the national budget for the FY 2019-20 on Thursday.

Earlier, Mr. Kamal pledged that there would be many incentives for the stock market in the upcoming budget.

The market opened on negative note and the downward trend sustained until end of the session with modest volatility.

At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settle at 5,469, shedding 6.35 points or 0.11 per cent, after adding 225 points in the past eight straight sessions.

Two other indices also saw correction. The DS30 index, comprising blue chips, fell 4.46 points to finish at 1,917 and the DSE Shariah Index lost 2.88 points to close at 1,241.

Turnover, another important indicator of the market, stood at Tk 5.22 billion, which was nearly 10 per cent lower than the previous session’s three months highest turnover of Tk 5.78 billion.

A total number of 130,686 trades were executed in the day’s trading session with trading volume of 136.77 million securities.

The market capitalisation of the DSE also fell to Tk 4,015 billion on Wednesday, from Tk 4,022 billion in the previous session.

The losers took a modest lead over the gainers as out of 349 issues traded, 195 declined, 116 advanced and 38 issues remained unchanged on the DSE trading floor.

BBS Cables topped the turnover chart with 2.55 million shares worth Tk 262 million changing hands.

The other turnover leaders were United Power, Bangladesh Shipping Corporation, JMI Syringes and Eastern Housing.

Peoples Insurance was the day’s best performer, posting a gain of 10 per cent while Meghna Condensed Milk was the worst loser, losing 6.69 per cent.

The port city bourse, Chittagong Stock Exchange, also ended marginally lower with its CSE All Share Price Index – CASPI –losing 38 points to settle at 16,735 and the Selective Categories Index - CSCX –shedding 20 points to finish at 10,140.

Here too, the losers beat gainers, as 137 issues closed lower, 81 higher and 38 remained unchanged on the CSE trading floor.

The port city bourse traded 7.60 million shares and mutual fund units worth Tk 221 million in turnover.

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