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DSE, CSE slip into red as bank, GP shares slump

FE Online Report | Published: November 15, 2017 15:52:51 | Updated: November 17, 2017 11:00:59


Stocks slipped into the red on Wednesday, after the prime index of the major bourse reaching record high in the previous day, as cautious investors booking profits on large-cap stocks.

Market insiders said late hours selling pressure, especially on banks and Grameenphone shares, pushed down the benchmark index of the Dhaka Stock Exchange (DSE).

GP, the country’s largest market-cap listed company’s shares price fell 2.76 per cent to close at Tk 486.10 each after recent upsurge.

The investors also booked profits on heavyweight banking sector stocks as share prices of 27 banks closed lower, out of 30 listed banks.

The market started with an upward note, gaining nearly 37 points within first hour of trading, but rest of the session fell steadily amid profit booking, finally ended more than 16 points lower.

DSEX, the prime index of the DSE, which replaced the DGEN in nearly five years back, went down by 16.43 points or 0.26 per cent to settle at 6,236.

The DS30 index comprising blue chips also followed the suit to close at 2,270, losing 7.61 points or 0.33 per cent.

However, the DSE Shariah Index (DSES) advanced 5.75 points or 0.42 per cent to finish at 1,369.

The market activities also fell 25 per cent to Tk 8.83 billion over the previous day’s Tk 11.77 billion.

The gainers took a marginal lead over the losers as out of 325 issues traded, 148 closed higher, 139 closed lower and 38 remained unchanged on the DSE trading floor.

Square Pharmaceuticals topped the day’s turnover chart with 1.36 million shares of more than Tk 399 million changing hands, closely followed by Brac Bank, FAS Finance, Shahjalal Islami Bank and Grameenphone.

Eastern Cables was the day’s best performer, posting a gain of 9.94 per cent while Rahim Textile was the day’s worst loser, plunging by 11.40 per cent following its price adjustment after record date.

The port city bourse Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index - CSCX – losing nearly 26 points to close at 11,706.

Gainers beat losers as 118 issues closed higher, 98 closed lower and 25 remained unchanged on the CSE.

The port city bourse traded 12.82 million shares and mutual fund units worth more than Tk 548 million in turnover.

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