Stocks break four-day gaining streak
Stocks in the Dhaka bourse dropped yesterday after a four consecutive days' rise as profit-taking tendencies prevailed among investors.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 12 points, or 0.17 per cent, to 7,051.
The losers took a strong lead from the gainers, as out of 380 issues being traded, 133 advanced, 192 declined and 55 remained unchanged on the DSE floor.
The stocks opened on an upbeat note but it could not hold the trend till the end and the market showed a reversal sign after the previous four days' winning streak, said International Leasing Securities in its daily market review.
Profit booking tendency of the investors caused the broad index to come down to the red zone, it said.
Among the major sectors, service and real estate rose 2.5 per cent and general insurance 2 per cent whereas food and allied fell 2.2 per cent.
The investors' activity was mostly concentrated on miscellaneous (14.2 per cent), chemical & pharmaceuticals (12.2 per cent) and general insurance (10.6 per cent) sectors.
Turnover of the DSE rose 6.89 per cent to Tk 1,427 crore.
Bangladesh Shipping Corporation ranked as the top stock to undergo trade, worth Tk 123 crore, followed by Fortune Shoes, Beximco, Saif Powertec, and Islami Bank.
Yeakin Polymer topped the gainers' list, rising 9.95 per cent, followed by Union Insurance, BD Thai Food, Takaful Insurance, and Summit Alliance Port.
Bangladesh Building Systems shed the most, 6.18 per cent, followed by BD Welding, Queen South Textiles and Sonargaon Textile.
The stock market's movement is quite good now as the index rose for several days and then it fell for some days, according to a stockbroker.
When the index remains in movement without undergoing massive falls, investors gain the confidence to invest in the market.
"I hope investors are appreciating the recent ups and downs of the index," he added.
The Chittagong Stock Exchange (CSE) also fell yesterday. The CASPI, the main index of the bourse of the port city, dropped 46 points, or 0.22 per cent, to 20,675.
Among the 308 stocks to undergo trade, 122 rose, 148 fell and 38 remained the same.
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