Price corrections pull stocks down

Stocks ended in the red yesterday amid price corrections as investors opted to book profit.

 The DSEX, the benchmark index of the Dhaka Stock Exchange, declined 19.80 points, or 0.33 percent, finishing at 5,859.60.

The premier bourse experienced a price correction after a four-day rally as late sell-offs pulled the index down, EBL Securities said in its market analysis.

Turnover, another important indicator of the market, soared by 3 percent to Tk 710.96 crore with 23.65 crore shares and mutual fund units changing hands.

Of the traded issues, 122 advanced, 184 declined and 32 closed unchanged on the Dhaka bourse.

Beximco dominated the turnover chart with 1.72 lakh shares worth Tk 53.75 crore traded, followed by Brac Bank, Keya Cosmetics, and Unique Hotel.

Among the major sectors, the financial institutions lost the most declining 1.45 percent in market capitalisation, followed by engineering that fell 0.95 percent, life insurance 0.64 percent, and banks 0.33 percent.

Conversely, telecoms and mutual fund sectors rose 1.2 percent and 0.28 percent respectively.

Keya Cosmetics was the day's best performer with a 9.18 percent gain, followed by Renwick Jajneswar and Libra Infusion.

National Housing Finance was the worst loser, shedding 5.67 percent, followed by Peninsula Chittagong, Shurwid Industries, and Prime Bank.

The benchmark index of the Chittagong Stock Exchange—CSCX—fell 41.50 points, or 0.4 percent, to finish the day at 10,933.16.

Losers beat gainers as 146 declined, 81 advanced and 25 finished unchanged on the port city bourse.

The bourse traded 1.55 crore shares and mutual fund units worth Tk 45.23 crore.