Stocks break two-day rally on profit booking
Turnover crosses Tk 12b-mark once again on DSE
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Stocks slipped into the red on Monday, snapping a two-day rally, as cautious investors preferred to book profit on quick-gaining stocks.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 9.84 points or 0.15 per cent to settle at 6,356, after gaining 27 points in the past two trading days.
The daily turnover on the DSE, however, exceeded Tk 12 billion-mark back to back session and amounted to Tk 12.57 billion, from Tk 12.54 billion the day before, as investors were active on both sides of the trading fence.
Market experts said the cautious investors booked some profit on stocks which saw significant gains in the past few trading days, taking the market into the red territory.
Finance Minister AHM Mustafa Kamal unveiled a nearly Tk 7.62 trillion national budget for the fiscal year (FY) 2023-24 2023 before the Parliament on Thursday.
Although there is no new incentive for the market in the proposed budget, the finance minister did not cut the existing facilities offered for the stock market investment.
The DS30 Index, which consists of blue-chip companies, dropped 0.83 points to 2,198 and the DSES Index, which represents Shariah-based companies, also fell 0.70 points to 1,382.
Of the 361 issues traded, 111 declined, 71 higher and 179 issues remained unchanged on the DSE trading floor.
Lub-rref (Bangladesh) was the most-traded stock, with shares worth Tk 586 million changing hands, followed by Meghna Life Insurance, Intraco Refueling Station, IT Consultants and Ruplai Life Insurance.
The Chittagong Stock Exchange (CSE) also edged lower with its All Share Price Index (CASPI) losing 11 points to settle at 18,776 and the Selective Categories Index (CSCX) falling 5 points to close at 11,235.
The port city’s bourse traded 5.11 million shares and mutual fund units with a turnover value of Tk 229 million.