Stocks fall amid profit booking
The stock market took a dip yesterday thanks to the profit booking tendency among investors with the insurance sector leading the plunge.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 30.58 points, or 0.50 per cent, to 6,036.
The DSE's turnover, an important indicator of the market, fell 22 per cent to Tk 2,062 crore.
Some stocks fell as investors continue to take their profits but this tendency is quite positive for the market, according to a stock broker.
"This is because when investors take profit, then the market needs time to rise, allowing others the space to buy," he said.
"This gives the market strength but the regulator should monitor whether anyone interferes with the market for their own interest," the broker added.
Most insurance stocks fell today as they rose to a higher extent in the last couple of weeks. The sector was traded the most with around Tk 303 crore.
At the DSE, 159 companies' stocks rose, 192 fell and 21 remained the same.
The Bangladesh Industrial Finance Company topped the gainers' list, rising 10 per cent, followed by Paper Processing & Packaging Company, Bangladesh Monospool Paper Manufacturing and Shurwid Industries.
After returning to the main market from the Over the Counter (OTC), Paper Processing and Bangladesh Monospool Paper took place on the top gainers' list.
Beximco traded the most with Tk 218 crore followed by Orion Pharmaceuticals, Fortune Shoes, Green Delta Insurance, and LankaBangla Finance.
Dhaka Insurance shed the most, dropping 11.49 per cent followed by GBB Power, Global Insurance, Bangladesh General Insurance, and National Feed Mills.
The Chittagong Stock Exchange (CSE) also fell yesterday. The CASPI, the general index of the port city bourse, dropped 56 points, or 0.32 per cent, to 17,528.
Among 322 traded stocks, 144 advanced, 156 dropped and 22 remained the same.