Stocks fall as investors book profits

The stock market fell for the third consecutive day yesterday due to the profit booking tendency prevailing among investors.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 9 points, or 0.13 per cent, to 7,013.

Turnover, an important indicator of the market, however, went up 7 per cent to Tk 1,314 crore from the previous day's Tk 1,226 crore. As most stocks rose last week, investors booked profits in the last three days, according to a merchant banker.

The market is now in motion, which is a good sign and now it is easy for general investors to book profits, he said.

"The market does not need any artificial boost," he said, adding that if anyone conducts trade illegally or breaches rules and regulations, the stock market regulator should work on that.

"Then, the market will rise on its own if it primarily falls."

Among the major sectors, services and real estate, travel and leisure and ceramics experienced price appreciations, while information technology, tannery and fuel and power sectors faced corrections.

At the DSE, 156 stocks advanced, 176 dropped and 36 remained the same.

Emerald Oil Industries topped the gainers' list, rising 9.96 per cent, followed by Acme Pesticides, Sena Kalyan Insurance Company, One Bank, and Golden Son.

GPH Ispat shed the most, dropping 11 per cent, followed by Navana CNG, Dominage Steel Building Systems, Provati Insurance Company, and Rahim Textile Mills.

Stocks of Beximco were traded the most, worth Tk 161 crore, followed by One Bank, First Security Islami Bank, Fortune Shoes, and Kattali Textile.

The Chittagong Stock Exchange (CSE) also dropped.

The CASPI, the main index of the CSE, fell 43 points, or 0.20 per cent, to 20,515.

Among the 281 stocks to undergo trade, 101 rose, 147 fell, and 33 were unchanged.