Stocks snap four-day gaining streak
Major indices of the stock market dropped yesterday as investors opted to take profits, effectively ending a four-day gaining streak.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 28 points, or 0.40 per cent, to hit 7,060 by the end of the day.
The losers took a strong lead over gainers as out of the 380 issues traded, 64 advanced, 272 declined and 44 remained unchanged on the DSE floor.
Turnover at the country's premier bourse slumped 2.66 per cent to Tk 1,241 crore while it was Tk 1,275 crore a day earlier.
Fortunes Shoes traded the most with Tk 77 crore worth of shares changing hands, followed by Beximco Ltd, Orion Pharmaceuticals, Bangladesh Shipping Corporation, and National Life Insurance.
The broad index witnessed a sharp fall, snapping a four-day winning streak as risk-averse investors opted for profits on stock-wise issues, International Leasing Securities said in its daily market review. Besides, the December-end annual declarations of large-cap multinational companies failed to meet investor expectations, it added.
However, the bank and life Insurance sectors tried to add some points to the indices considering the upcoming annual declaration.
Among the sectors, tannery rose 2.4 per cent, IT grew 2.3 per cent, and travel and leisure increased 1.4 per cent. Paper and printing fell 1.9 per cent, and ceramic dropped 1.9 per cent.
Investor activity was mostly concentrated on the pharmaceutical and chemical (13.5 per cent), bank (10.8 per cent), and miscellaneous (9.8 per cent) sectors.
Tamijuddin Textile topped the gainers' list, rising 8.78 per cent, followed by Genex Infosys, National Life Insurance, Fortune Shoes, and RD Food. Reliance Insurance shed the most, dropping 6 per cent, followed by Fareast Life Insurance, Dulamia Cotton, Yeakin Polymer, and Union Insurance.
The Chittagong Stock Exchange (CSE) also fell yesterday as the Caspi, the main index of the port city bourse, edged down 70 points, or 0.39 per cent, to 20,705.
Among the 309 stocks traded, 88 rose, 187 fell and 81 remained unchanged.