Stocks fall for second day amid profit booking
The stock market dropped for a second consecutive day yesterday as a tendency to book profits continued to prevail among investors.
The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), went down 69 points, or 1.14 per cent to 6,035.
The stocks are rising absorbing profit booking sessions which is a good development for the capital market, said a top official of an asset management company.
When the market witnesses profit booking sessions soon after a rise, its depth increases, he said, adding that investors also behave smartly.
However, some junk and insurance companies are rising without any reason and this is not a good sign, said the official.
"Some are saying that the market fell on rumours that undisclosed money will not be accepted here but this should not be an issue," he added.
Because not much of such money has been reaching the stock market, he added.
Just Tk 282 crore was whitened by means of investments in the stock market in fiscal 2020-21 despite a government provision stipulating that no authority would be able to question the source.
This is just 1.95 per cent out of a total of Tk 14,459 crore of undisclosed money legalised in tax returns until last March, according to data of the National Board of Revenue (NBR).
Turnover, an important indicator of the market, rose 0.49 per cent to Tk 2,030 crore.
At the DSE, 133 stocks rose, 217 declined and 22 remained unchanged.
Monno Ceramic topped the gainers' list rising 9.64 per cent followed by Monospool Paper Manufacturing Company, Monno Fabrics, Tamijuddin Textile Mills, and Paper Processing & Packaging.
Stock of Beximco were traded the most, worth Tk 160 crore, followed by National Feed Mills, Maksons Spinning Mills, Dragon Sweater and Spinning, and Kattali Textile.
Pioneer Insurance Company shed the most, falling 9.89 per cent, followed by Alif Industries, Prime Islami Life Insurance, Pragati Insurance, and Global Insurance.
The port city bourse also dropped yesterday. The CASPI, the general index of Chittagong Stock Exchange, fell 184 points to 17,580.
Among 318 stocks to witness trade, 120 advanced, 181 dropped and 17 remained unchanged.
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