Stocks fall on profit-taking

Stocks returned to the red yesterday, breaking a gaining streak of three days, as investors went for pocketing profits.
DGEN, the benchmark general index of Dhaka Stock Exchange, finished the day at 4,341.64 points, after falling 24.04 points or 0.55 percent.
“The day started with moderate gain, but couldn't sustain the tempo at the end of the day as some top traded stocks witnessed significant downturn,” LankaBangla Securities said in its daily market analysis.
Moreover, investors were busy with profit realization, the stockbroker said.
“After a three-day rally DGEN shed amid profit taking by investors. Meanwhile, turnover got a 26.7 percent boost to Tk 369 crore, from the previous day,” IDLC Investments said in its regular market analysis.
“Investors seemed yet hesitant, as the market appears to be less lucrative. Thus, while activity surged in a number of scrips, lack of followers, including institutional investors, appears to keep the market off the beat at this moment,” it said.
A total of 0.95 lakh trades were executed with 10.82 crore shares and mutual fund unit changing hands on the Dhaka bourse.
Of the 269 issues that traded on the DSE floor, 172 declined, 80 advanced and 17 remained unchanged.
All the major sectors ended in the red. Pharma lost 0.89 percent, followed by banks 0.62 percent, non-bank financial institutions 0.36 percent, power 0.27 and telecomm 0.04 percent.
Travel and leisure lost 4.47 percent, information technology 3.9 percent, ceramic 2.65 percent and tannery 2.08 percent.
United Airways featured in the most traded stocks chart with 2.08 crore shares worth Tk 49.27 crore changing hands.
Jamuna Oil and Grameenphone were the next most popular stocks of the day.
Nine of the top ten gainers were from the textiles sector. Saiham Cotton Mills was the biggest gainer of the day, as it posted 9.76 percent gain. Metro Spinning was the worst loser, plunging by 11.79 percent.