Stocks fall for second straight day
Stocks fell for the second consecutive day yesterday as investors kept booking profits.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), edged down 31 points, or 0.43 per cent, to 7,313. The DS-30, the blue-chip index, dropped seven points to 2,749.
Investors were taking profits as many shares went up by as high as 5 per cent in the last few days, said a stockbroker.
Some big paid-up capital-based companies fell, dragging the key index down, he said. Major firms contribute more to the movement of the index.
Shares of Robi Axiata, ICB, LafargeHolcim and Grameenphone wiped around 23 points off the DSEX, according to amarstock.com, a share-related data provider.
"Investors are very smart, so they take profits whenever they see any. It is a good sign for the market," the broker said.
Turnover, another important indicator of the market, rose to Tk 1,863 crore from Tk 1,848 crore a day earlier. At the exchange, 93 stocks advanced, 244 fell, and 38 were unchanged.
NRB Commercial Bank topped the gainers' list rising 9.71 per cent, followed by GBB Power, ICB Islamic Bank, Kattali Textiles, and Deshbandhu Polymer.
Fortune Shoes advanced only 4.68 per cent to Tk 96, although there was no price limit on the trading of the share yesterday following its corporate declaration.
Earlier on the day, it announced a 10 per cent cash and a five per cent stock dividend for the year ended on June 30.
The stock of the shoe-maker has surged 336 per cent since June 1, when it stood at Tk 22, DSE data showed.
A merchant banker said the stock had been rising on the back of rumours that manipulators were buying the shares.
The low dividend proved that the speculation was driving the stock up, and the price was not supported by the company's performance, he added.
Among the major sectors, tannery, general insurance and pharmaceutical sectors experienced price appreciation, while services, real estate, cement and non-bank financial institutions faced correction, said UCB Stock Brokerage in an analysis.
Tamijuddin Textile gave up the most as it lost 7.5 per cent, followed by Envoy Textiles, Tallu Spinning, Alif Industries, and Maksons Spinning.
LafargeHolcim Bangladesh was the most traded stock as its securities worth Tk 150 crore changed hands, followed by Orion Pharmaceuticals, IFIC Bank, Power Grid, and Delta Life Insurance.
Share on the Chittagong Stock Exchange also dropped on the day. The CASPI, the general index of the bourse, edged down 128 points, or 0.59 per cent, to end the day at 21,360.
Of the 301 stocks traded, 73 rose, 206 fell, and 22 remained unchanged.
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