Stocks fall as investors cash out profits

Shares on the Dhaka Stock Exchange (DSE) dropped yesterday as investors cashed out profits.

The DSEX, the benchmark index of the premier bourse of the country, fell 22 points, or 0.3 per cent, to close the day at 7,345.

Turnover, one of the key indicators of the market, decreased 5.8 per cent to Tk 1,848 crore. It was Tk 1,962 crore a session earlier.

The stocks slipped into the red as the investors opted for booking quick gains on sector-specific issues, according to an analysis of International Leasing Securities Ltd. 

The key index touched the 7,400-point mark within the first hour of the trading. But the momentum did not sustain amid sales pressure induced by the profit-booking during the remaining period of the session.

Risk-averse investors cashed profits on paper, travel, services, telecom, fuel and power stocks, which had seen an upward movement in the prices in the past few sessions.

However, the optimistic investors took position on mutual funds, textile, food, bank and engineering sectors, the analysis said.

Losers took a strong lead over the gainers: out of 376 issues traded, 259 ended lower, 97 higher, and 20 remained unchanged on the DSE.

LafargeHolcim Bangladesh was the most-traded stock with its securities amounting to Tk 138 crore transacted. Orion Pharmaceuticals, Beximco Ltd, IFIC Bank, and Power Grid also saw heavy transactions.

Shepherd Industries topped the gainers' list rising 9.65 per cent followed by ICB Islamic Bank, Tamijuddin Textiles, Kattali Textiles, and Aman Feed.

Metro Spinning shed the most, giving up 8.94 per cent followed by Prime Finance, Keya Cosmetics, Eastern Insurance, and Asia Insurance.

The shares on the Chittagong Stock Exchange also posted a decline.

The CASPI, the general index of the bourse in the port city, dropped 27 points, or 0.12 per cent, to end the day at 21,488.

Among 310 issues traded, 99 advanced, 190 fell, and 21 remained unchanged.

METRO SPINNING'S PROFIT SURGES 12 TIMES

The spinning company reported earnings per share (EPS) of Tk 0.99 for the year ended on June 30, up from Tk 0.08 a year ago, an increase of 1,137 per cent. 

The board of the firm recommended a five per cent stock dividend for the financial year.

MAKSONS SPINNING RETURNS TO PROFIT

Maksons Spinning Mills Ltd returned to profit in the last financial year that ended on June 30.

The company posted an EPS of Tk 2.07 in 2020-21, which was Tk 0.37 in the negative in the previous year. The board recommended an 11 per cent cash dividend for the year.