Stocks snaps four-day winning streak on profit-booking

Stocks witnessed marginal correction on Tuesday, snapping a four-day gaining streak, as risk-averse investors booked profit on sector-wise stocks.

Analysts said the market slipped into the red as a section of investor booked quick profit on stocks that saw significant rise in recent price upsurge.

Following the previous four days’ gain, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) saw positive trend in early trading with increasing trading activities.

Within first 15 minutes of trading, the key index of the country’s prime bourse advanced more than 23 points while the CSE All Share Price Index (CASPI) of port city’s bourse gained 24 points at 10:45am.

First three hours of the session was positive trend but last hour’s selling pressure took the index in negative territory.

Finally, DSEX, the core index of the DSE, settled at 5,859, losing 19.80 points or 0.33 per cent after gaining 89 points in the past four consecutive sessions.

The two other indices also ended in the red. The DS30 index, comprising blue chips, fell 11.94 points or 0.54 per cent to finish at 2,195.

The DSE Shariah Index (DSES) lost 2.64 points or 0.19 per cent to close at 1,360.

However, the market activities increased and the total turnover on the DSE amounting to Tk 7.10 billion, which was 2.75 per cent lower than the previous day’s Tk 6.91 billion.

The losers took a modest lead over the gainers as out of 338 issues traded, 184 closed lower, 122 ended higher and 32 issues remained unchanged on the DSE trading floor.

Beximco continued to dominate the turnover chart with 17.26 million shares worth Tk 537 million changing hands, followed by BRAC Bank, Keya Cosmetics, Alif Manufacturing Company and Generation Next Fashions.

Peninsula Chittagong was the day’s best performer, posting a gain of 9.56 per cent while Prime Insurance Company was the day’s worst loser, shedding 9.50 per cent.

Port city bourse CSE also slipped into the red with the CSE All Share Price Index – CASPI –losing 54 points to settle at 18,101 and selective Categories Index - CSCX –shedding 36 points to finish at 10,938 points.

Here too, the losers beat the gainers as 143 issues closed lower, 81 ended higher and 28 remained unchanged on the CSE.

The port city bourse traded 15.55 million shares and mutual fund units worth more than Tk 452 million in turnover.

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