Stocks back in the red

Stocks broke a four-day gaining streak yesterday to return to the red as investors went for short-term profit booking on banking shares that were on a rising trend for the past few days.

DSEX, the benchmark index of Dhaka Stock Exchange, declined 86.97 points, or 1.52 percent, to finish the day at 5,621.27 points.

“The market underwent some natural correction,” IDLC Investments said in its regular analysis.

After pulling off big gains in the last few sessions, banking shares faced a correction by declining 3 percent, it added.

Apart from banks, other major sectors such as fuel and power, non-bank financial institutions, telecom, textile, cement and pharmaceuticals also declined in market capitalisation.

The turnover, another important indicator of the market, also dropped 24.3 percent from the previous day to Tk 1,524.94 crore, with 48.96 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues on the premier bourse, 89 advanced, 228 declined and 11 remained unchanged.

Islami Bank dominated the turnover chart with its transactions of 1.35 crore shares worth Tk 64.11 crore, followed by IDLC, Beximco, Baraka Power and LankaBangla Finance.

IDLC was the day's best performer, posting an 8.93 percent gain. Premier Bank was the worst loser, plunging 7.58 percent.

Chittagong stocks also went down yesterday with the bourse's benchmark index, CSCX, sliding 170.07 points, or 1.58 percent, to close at 10,571.81.

Losers beat gainers as 191 declined and 71 advanced, while 12 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 3.2 crore shares and mutual fund units, generating a turnover of Tk 83.94 crore.