Profit booking prevails in market
A tendency to book profits prevailed among investors in the stock market yesterday, all the while the insurance sector had started soaring again.
The DSEX, the Dhaka Stock Exchange's (DSE) benchmark index, fell 22 points, or 0.37 per cent, to 6,013.
The market opened marginally higher compared to that the previous day but it slowed down as the session continued to experience a profit-booking tendency, said LankaBangla Securities in its daily market observation. The DSE's turnover, an important indicator of the market, dropped around 16 per cent to Tk 1,740 crore.
"The market is going through a falling trend due to the profit booking tendency among investors," said a stock broker.
However, the insurance stocks are still undergoing an unexpected, sharp rising trend after having soared abnormally in recent months, according to data from LankaBangla Securities.
"Investors need to be cautious in their investment because a wrong decision might be harmful for them and in the long run, for the stock market," he added.
Among major sectors, insurance was the only one to rise with a 3.86 per cent growth while textile, engineering and pharmaceuticals dropped.
At the country's premier bourse, 103 companies' stocks rose, 258 fell and 11 remained the same.
Safko Spinning Mills topped the gainers' list, rising 10 per cent, followed by Bangladesh Monospool Paper Manufacturing Company, Monno Fabrics, Index Agro Industries and Standard Insurance.
Stocks of Beximco traded the most, worth a total of Tk 112 crore, followed by NRB Commercial Bank, Pioneer Insurance, Lub-rref (Bangladesh) and Fortune Shoes.
Khan Brother PP Woven Bag Industries shed the most, dropping 4.76 per cent, followed by Malek Spinning Mills, Far East Knitting and Dyeing Industries, Generation Next Fashions and Alif Industries.
Chittagong Stock Exchange (CSE) also fell yesterday. The CASPI, the general index of the port city bourse, dropped 63 points, or 0.36 per cent, to 17,465.
Among 307 stocks to witness trade, 90 advanced, 198 dropped and 19 remained the same.
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