Dhaka stocks drop as financial scrips face corrections
Dhaka stocks dropped on Monday after hitting an 11-month high in the previous session as investors went for selling shares to book profits, especially from the financial shares after their recent gains.
DSEX, the key index of Dhaka Stock Exchange, lost 0.47 per cent, or 27.97 points, to close at 5,859.30 points on Monday after gaining 61.70 points in the previous session.
After a positive move at the beginning of the day, the market went downward due to increased share sales in late trading as investors went for taking profits, market operators said.
They said that the core index hit an 11-month high in the previous session that provoked some investors to book profits.
‘Investors exerted selling pressure from sector-specific stocks especially from bank, financial institutions, and food and allied sectors,’ said EBL Securities in its daily market commentary.
The morning buoyancy did not sustain as investors opted for profit-booking from micro-cap and mini-cap stocks that witnessed price appreciation in the recent upbeat momentum, it said.
The overall market became bullish after the December 30 national elections that eased political tensions in the country, market operators said.
The market was largely bearish in last year.
The financial sectors led the dive on Monday with a loss in average share prices of bank and NBFI of 1.4 per cent and 0.7 per cent respectively after their continuous gains.
Out of the traded 30 bank scrips, 24 dropped, just one advanced and five remained unchanged while out of the 23 NBFIs, 18 declined, four advanced and one remained unchanged on the day.
Share prices of cement, food and telecommunication also witnessed price corrections on Monday.
Among the prominent scrips, share prices of BRAC Bank, Islami Bank and Grameenphone declined most on the day.
On the other hand, share prices of energy, pharmaceutical and textile sectors advanced by 0.5 per cent, 0.11 per cent and 0.1 per cent respectively.
The textile sector led the turnover chart with 13.1 per cent of the day’s total turnover.
The turnover on the bourse declined to Tk 885.34 crore on Monday compared with that of Tk 968.91 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Monday, 184 declined, 126 advanced and 37 remained unchanged.
DSE blue-chip index DS30 dropped by 0.40 per cent, or 8.19 points, to close at 2,021.70 points.
Shariah index DSES dipped by 0.23 per cent, or 3.06 points, to finish at 1,315.79 points.
United Power Generation Company led the turnover leaders with its shares worth Tk 25.26 crore changing hands on the day.
Square Pharmaceutical, Dragon Sweater, Premier Bank, Pharma Aid, SS Steel, Sandhani Insurance, BBS Cables, Olympic Industries and LankaBangla Finance were the other turnover leaders.
Agrani Insurance gained the most on the day with a 9.82-per cent increase in its share prices, while Savar Refractories was the worst loser, shedding 9.94 per cent.
Source: http://www.newagebd.net