Dhaka stocks ease after buoyant session

Dhaka stocks closed lower on Wednesday with a moderate price correction after a significant rise in the previous trading session.
The market started the day's session on a positive note and the Dhaka Stock Exchange (DSE) broad index DSEX rose 11 points within 22 minutes.
Soon after that, the index declined and during the rest of the session there had been ups and downs.
At the end of the session, the broad index DSEX closed 0.32 per cent or 13.97 points lower at 4258.20 points.
The DSE Shariah index DSES declined 0.17 per cent or 1.85 points to close at 1042.23 points, whereas the blue chip index DS30 lost 0.16 per cent or 2.68 points to close at 1641.81.
"The stocks witnessed correction, driven by the pressure on sales emanating from quick profit booking after yesterday's vibrant session, as investors are yet to become confident about long-term market stability," said a market commentary of the International Leasing Securities.
It said the activity of market participants remained almost flat on the day on the premier bourse.
The DSE turnover stood at over Tk 4.0 billion, 1.25 per cent less than that in the previous session.
Of the turnover, the block transactions in shares of Grameenphone, Islami Bank and Olympic Industries accounted for Tk 425.41 million.
According to MTB Capital, the premier bourse got off to a positive start but it sustained only for half an hour. Then the market plunged almost 28 points and could not come out of the red zone later.
It said most of the major sectors observed harshness and a profit-taking tendency except engineering and pharmaceutical issues.
"Small cap stocks observed more severity from the investors as ceramics was the worst loser followed by Paper, Jute and IT," said the market commentary of the MTB Capital.
Of the major sectors, fuel and power lost 1.5 per cent, telecom 0.9 per cent and financial institutions 0.8 per cent.
Pragati Life Insurance topped the chart of top 10 gainers with a rise of 9.96 per cent or Tk 14 to close at Tk 154.50 per share.
On the other hand, Alltex Industries was the worst loser with a fall of 8.96 per cent or Tk 1.9 to close at Tk 19.20.
On the other hand, the engineering sector witnessed a rise of 1.1 per cent, whereas pharmaceuticals and chemicals gained 0.6 per cent.
The benchmark index CASPI lost 23 points to close at 13105 on the port city bourse -Chittagong Stock Exchange (CSE).
Of 235 issues traded, 69 advanced, 139 declined and 27 remained unchanged.
At the end of the session, the turnover stood at over Tk 251.78 million on the port city bourse.
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Source: The Financial Express


 

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