Stocks open marginally lower on profit-taking

Stocks witnessed marginally lower in early trading on Monday as risk-averse investors opted for booking profits on quick-gaining issues.

Following the previous day’s upbeat note, the market soared at the opening and the benchmark index of the Dhaka Stock Exchange (DSE), jumped more than 40 points within the first 10 minutes of trading.

After that it started to slow down and eroded all the initial gains as the session progressed.

After 30 minutes of trading, DSEX, the prime index of the DSE, went down by 4.02 points or 0.06 per cent to 5,809 when the report was filed at 10:30 am.

Two other indices saw a negative trend till then with the DS30 index, comprising blue chips, lost 4.62 points to reach 2,188 and the Shariah Index (DSES) shed 0.89 points to stand at 1,281 points till then.

Turnover, another important indicator of the market, stood at Tk 3.46 billion within the first 30 minutes of trading at 10:30 am.

Market analysts said the cautious investors are booking some profits as many stock prices soared 15 to 20 per cent in the last few trading sessions.

However, some investors remained active in the market amid lower return from the money market, easing virus worries coupled with the extension of margin loan cap implementation time for another six months, they said.

Of the issues traded till then, 122 advanced, 175 declined and 54 remained unchanged on the DSE trading floor till then.

Prime Bank was the most traded stock till then with shares worth Tk 252 million changing hands, closely followed by Beximco, IFIC Bank, National Feed Mills and Saif Powertec.

However, the port city bourse – the Chittagong Stock Exchange – (CSE) saw a positive trend till then with CSE All Share Price Index- CASPI-gaining 38 points to stand at 16,887, also at 10:30 am.

Of the issues traded till then 66 advanced, 93 declined and 29 remained unchanged with Tk 375 million in turnover.

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