7 months ago

Stocks keep falling for second day

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Stocks passed another downbeat session on Monday as cautious investors preferred for booking profits on sector-specific large-cap issues.

The market opened on a positive note and the key index rose about 23 points within the first hour of trading. But the profit booking tendency of the jittery investors eroded all the early gains.

DSEX, the key index of the Dhaka Stock Exchange (DSE), finally went down by 9.99 points or 0.15 per cent to settle at 6,528. DSEX shed nearly 32 points in two trading sessions.

Turnover, a crucial indicator of the market, also fell to Tk 13.61 billion on the premier bourse, which was 20 per cent lower than the previous day’s tally of Tk 16.92 billion.

Market analysts said stocks fell further as the risk-averse investors continued to book profit on large-cap stocks taking the advantage of the recent price surge.

The risk-averse investors realized some profits on selective stocks while some investors rebalanced their portfolios ahead of dividend declarations by the June-closing companies, said a merchant banker.

Two other indices also edged lower. The DS30 index, comprising blue chips, plunged 16.67 points to finish at 2,356 and the DSE Shariah Index (DSES) fell 2.68 points to close at 1,429.

Most of the traded issues, however, remained unchanged due to the floor price restriction. Of the 378 issues traded, 124 closed higher, 115 lower and 139 others remained unchanged on the DSE trading floor.

Beximco - the flagship company of Beximco Group- was the most-traded stock with shares worth Tk 1.98 billion changing hands, closely followed by Orion Pharma (Tk 1.54 billion), Bangladesh Shipping Corporation (Tk 572 million), JMI Hospital Requisite Manufacturing (Tk 525 million) and Nahee Aluminum Composite Panel (Tk 478 million).

JMI Hospital Requisite Manufacturing was the day’s top gainer, soaring 9.96 per cent while Sonargaon Textiles was the worst loser, losing 9.0 per cent.

The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index (CASPI) falling 61 points to settle at 19,198 and its Selective Categories Index (CSCX) losing 38 points to close at 11,508.

Of the issues traded, 110 advanced, 81 declined and 100 issues remained unchanged.

The port-city bourse traded 6.58 million shares and mutual fund units with a turnover value of Tk 279 million.

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