Stocks snap winning streak

The stock market dropped yesterday snapping a three-day gaining streak as quarterly earnings disclosures failed to cheer investors.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 65 points, or 0.94 per cent, to 6,930.

International Leasing Securities Ltd blamed the quick profit-booking for the decline.

The risk-averse investors opted for booking profit as quarterly earnings disclosures from a number of companies during the trading hours failed to meet their expectations, it said in an analysis.

Among the sectors, tannery, IT and bank sectors posted price appreciation, while cement, travel and ceramic witnessed correction. The investors' activity was mostly centred on bank and pharmaceuticals sectors.

Turnover, an important indicator of the market, fell 28 per cent to Tk 1,102 crore. It was Tk 1,506 crore a day earlier. On the DSE, stocks of 68 companies advanced, 273 fell, and 32 remained the same.

Sena Kalyan Insurance Company topped the gainers' list rising 10 per cent, followed by Acme Pesticides, Gemini Sea Foods, Golden Son, and Beach Hatchery.

Beximco Ltd was the most-traded stock with its shares worth Tk 154 crore changing hands, followed by Brac Bank, Orion Pharmaceuticals, IFIC Bank, and Genex Infosys.

Premier Cement gave up the most, dropping 9.95 per cent followed by Argon Denims, Far East Knitting & Dyeing Industries, Ambee Pharmaceuticals, Safko Spinnings Mills, and Shinepukur Ceramics.

The Chattogram Stock Exchange (CSE) also fell. The CASPI, the main index of the bourse in the port city, edged down 218 points, or 1.06 per cent, to 20,278.

Among the 271 stocks traded, 58 advanced, 199 fell and 14 remained unchanged.