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Profit booking pulls stocks down

FE Online Report | Published: November 13, 2017 16:44:25 | Updated: November 15, 2017 11:02:43


Stocks witnessed mild correction Monday, snapping a five-day gaining streak, as risk-averse investors booked profit on sector-wise stocks.

Analysts said the market finished marginal correction as cautious investors went on selling spree, especially on banking issues after recent price upsurge.

The market started with a flying note, gaining nearly 28 points within first 10 minutes of trading, but rest of the session fell amid modest volatility, finally ended 7.16 points lower.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in nearly five years back, went down by 7.16 points or 0.11 per cent to settle at 6,217 points.

However, the two other indices -- the DS30 index and the DSE Shariah Index (DSES) –edged higher. The DS30 index, comprising blue chips advanced 2.53 points or 0.11 per cent to finish at 2,262 points.

The DSE Shariah Index (DSES) rose 6.58 points or 0.49 per cent to finish at 1,349.

Turnover, the important indicator of the market, stood at Tk 9.03 billion, which was 8.14 per cent lower than the previous day’s turnover of Tk 9.83 billion.

Losers took a strong lead over the gainers as out of 332 issues traded, 186 closed lower, 106 closed higher and 40 remained unchanged on the DSE trading floor.

IFAD Autos dominated the turnover chart with 3.72 million shares of Tk 510 million changing hands, closely followed by Dhaka bank, AB Bank, Grameenphone and City Bank.

Pharma Aids was also the day’s best performer, posting a gain of 8.29 per cent while Golden Son was the day’s worst loser, plunging by 7.03 per cent.

The port city bourse Chittagong Stock Exchange (CSE) also ended lower with its Selective Categories Index - CSCX – losing 22.64 points to close at 11,662.

Losers beat gainers as 131 issues closed lower, 78 closed higher and 33 remained unchanged on the CSE.

The port city bourse traded 17.59 million shares and mutual fund units worth Tk 495 million in turnover.

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