Stocks fall on profit booking | The Daily Star
12:00 AM, September 18, 2020 / LAST MODIFIED: 02:16 AM, September 18, 2020

Stocks fall on profit booking

Dhaka stocks dropped 0.23 per cent yesterday thanks to profit booking by investors as many scripts advanced 10 to 15 per cent in the last few days.

DSEX, the benchmark index of the Dhaka Stock Exchange, fell 12.15 points to hit 5,104 after a rise in the previous day.

This is a normal movement of the index because when the index rises, investors take profit home and then come back with more confidence, said a stock broker.

Turnover, another important indicator of the market, also nosedived 11.68 per cent to Tk 1,013.79 crore yesterday.

The market went through some corrections but overall, it was in an upward trend due to the presence of confident general investors, said a merchant banker.

"The correction is the beauty of the stock market," he added.

If the index keeps rising continuously, then it is abnormal and a crash is waiting to take place, he said. "So, it is a good sign to see the investors taking profits."

Of the total 354 stocks, 107 advanced, 210 declined and 37 remained unchanged, according to DSE data.

Monno Ceramic topped the turnover chart with shares worth Tk 35 crore changing hands followed by Brac Bank, Beximco Pharmaceuticals, DBH and Nitol Insurance.

Yesterday, the Bangladesh Securities and Exchange Commission decided to allow the trade of Monno Ceramic in the public market.

The company was sent to the spot market on September 12 in 2019 to cool down its price as the stock was rising abruptly.

In spot market, only cash purchase of shares is allowed.

Republic Insurance topped the gainers' list with a 9.85 per cent rise followed by Nitol Insurance, Monno Ceramic, GSP Finance and Purabi General Insurance.

GQ Ballpen shed the most with an 8.73 per cent fall, followed by Hakkani Pulp, Meghna Pet Industries, ISN Ltd and Fuwang Ceramic.

The port city bourse also witnessed a reduction in its benchmark index.

CSCX, the benchmark index of the Chittagong Stock Exchange, fell 13.97 points, or 0.15 per cent, to 8,756.91.

Of the total 278 stocks, 89 rose, 147 fell and 42 remained unchanged. 

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