7 months ago

Stocks drop after three-day rise

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Stocks broke their three-day winning streak on Sunday as the shaky investors preferred to book profit on quick-gaining stocks.

The market witnessed see-saw trading right from the start of the session which turned into a sudden fall in the later part of the session, ultimately ending over 21 points lower.

DSEX, the key index of the Dhaka Stock Exchange (DSE), went down by 21.72 points or 0.33 per cent to settle at 6,538, after gaining 129 points in the past three trading days.

Two other indices also edged lower. The DS30 index, comprising blue chips, dropped 2.87 points to finish at 2,373 and the DSE Shariah Index (DSES) shed 9.10 points to close at 1,432.

Turnover, a crucial indicator of the market, also dropped to Tk 16.92 billion on the premier bourse, which was 10 per cent lower than the previous day’s tally of Tk 18.78 billion.

Market analysts said stocks fell marginally due to the profit-taking tendency of the investors on the quick-gaining stocks following the recent price surge.

The market saw volatility in early trading, but the selling pressures dominated the later part of the session as the cautious investors realized some profits from the market, said a stockbroker.

Losers took a strong lead over the gainers, as out of 373 issues traded, 219 ended lower, 45 higher and 109 others remained unchanged on the DSE trading floor.

Beximco became the most-traded stock with shares worth Tk 2.52 billion changing hands, followed by Orion Pharma, Shinepukur Ceramics, LafargeHolcim and Beximco Pharmaceuticals.

Ratanpur Steel Re-Rolling Mills was the day’s top gainer, soaring 10 per cent while Beacon Pharmaceuticals was the worst loser, losing 7.93 per cent.

The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index (CASPI) falling 27 points to settle at 19,249 and its Selective Categories Index (CSCX) losing 15 points to close at 11,539.

Of the issues traded, 160 declined, 49 advanced and 65 issues remained unchanged.

The port-city bourse traded 8.70 million shares and mutual fund units with a turnover value of Tk 414 million.

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