Market down on profit taking
The Dhaka market ended its bullish appearance with the key indices declining by more than 1 percent yesterday, backed by profit taking sales in bank stocks.
The benchmark index of Dhaka Stock Exchange, the DSE General Index, fell by 32.93 points, or 1.24 percent to 2,620.16. The DSE All Share Price Index also declined by 23.88 points, or 1.08 percent to 2,173.05.
"The down was just because of profit taking sales in banking stocks, up the previous days. There's nothing to be worried for the downtrend or price correction in banking stocks," said Moin Al Kashem, managing director of Prime Finance Asset Management Company.
He said it's a positive sign that investors are not only booking profits, but also having confidence in bank shares, considered strong fundamentally.
Equity Partners Limited (EPL), an investment firm, in its daily market analysis said although most sectors ended mixed, banks pulled the market down moderately.
More than one-thirds of the total turnover took place in the banking sector.
Most banks declined after gaining for several days. This appears to be a regular case of profit booking.
Among the main losers, Mutual Trust Bank dropped by 12.8 percent, Shahjalal Bank 7.9 percent and Trust Bank 6.9 percent.
Mutual Trust Bank witnessed price adjustment on its post record date trading. However, with the adjustment, the bank actually gained about 3 percent.
The losers beat the advancers: 135 to 101. Seven securities remained unchanged. A total of 2,29,04,627 shares worth Tk 527.05 crore were traded on the premier bourse.
Summit Power topped the turnover leaders, with 3,36,250 shares worth Tk 39.05 crore traded, followed by Beximco, AB Bank, Uttara Bank, Aftab Automobiles, Titas Gas, Social Investment Bank, Summit Alliance Port, S Alam Cold Rolled and Steels and National Bank.
Chittagong stocks also went down yesterday. The CSE Selective Categories Index slid by 117.29 points, or 2.1 percent to 5,453.2. The CSE All Share Price Index dropped by 150.94, or 1.76 percent to 8,380.65.
A total of 49,96,488 shares worth Tk 78.88 crore changed hands on the Chittagong Stock Exchange. Of the traded scrips, 47 advanced, 108 declined and five remained unchanged.
AB Bank topped the turnover leaders on the port city bourse, with 1,20,520 shares worth Tk 9.48 crore traded.
The other turnover leaders were First Security Bank, Beximco, Summit Power, Trust Bank, Social Investment Bank, Beximco Synthetics, Shinepukur Ceramics, Uttara Bank and Titas Gas.
Comments