Stocks snap three-day rally on profit booking

FE Online Report | Sunday, 13 June 2021

Stocks slipped into the red on Sunday, snapping a three-day gaining streak, as risk-averse investors opted for booking profit on quick-gaining stocks.

The market moved between positive and negative several times before falling sharply in the final hour riding on the profit booking tendency of cautious investors.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 30.58 points or 0.50 per cent to settle at 6,036, after adding 91 points in the past three consecutive sessions.

Market experts said the cautious booked some profit on stocks that saw a significant gain in the past few trading days, taking the market into the red territory.

Two other indices also ended marginally lower with the DSE 30 Index, comprising blue chips, fell by 12.53 points to finish at 2,192 and the DSE Shariah Index (DSES) shed 6.05 points to close at 1,293.

Turnover, a crucial indicator of the market, stood at Tk 20.69 billion on the country’s premier bourse, which was 22 per cent lower than the previous day’s mark of Tk 26.69 billion.

Losers took a modest lead over the gainers, as out of 372 issues traded, 192 declined, 159 advanced and 21 issues remained unchanged on the DSE trading floor.

Beximco - the flagship company of Beximco Group- continued to dominate the turnover chart with shares worth Tk 2.18 billion changing hands, followed by Orion Pharma (Tk 586 million), Fortune Shoes (Tk 439 million), Green Delta Insurance (Tk 339 million) and LankaBangla Finance (Tk 322 million).

Shuwrid Industries was the day’s top gainer hitting the upper limit circuit breaker with 10 per cent rise, while Al-Arafah Islami Bank was the worst loser, losing 9.66 per cent following its price adjustment after the record date.

A total number of 312,427 trades were executed in the day’s trading session with a trading volume of 722.08 million shares and mutual fund units.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI –losing 57 points to settle at 17,528 and the Selective Categories Index – CSCX shedding 39 points to close at 10,554.

Of the issues traded, 156 declined, 144 advanced and 22 issues remained unchanged on the CSE.

The port city’s bourse traded 39.01 million shares and mutual fund units with a turnover value of Tk 900 million.

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