Stocks shed points as investors book profits

Stocks returned to the red yesterday, breaking a two-day gaining streak, as investors went for selling shares to bag profits.
After running between positive and negative territories several times throughout the whole trading session, DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,163.18 points, after falling 29.06 points or 0.69 percent.
Profit booking especially in multinational stocks was upheld throughout the day, IDLC Investments said in its market analysis.
Investors were active to realise quick return on overvalued scrips, which helped the market close in the red, the investment banker said.
The day's price correction and profit taking tendencies seemed to be taking the index down, LankaBangla Securities said.
However, as DSEX was hovering around the psychological support level of 4,100 points, this attracted some 'natural buy' in the end-session while DSEX showed some positive movement in its window.
Turnover, the most important indicator of market, declined 26.56 percent to Tk 602 crore from the previous day.
Investors were seen executing 1.31 lakh trades with 10.07 crore shares and mutual fund units on the Dhaka bourse.
Of the 278 issues that traded on the DSE floor, 104 advanced, 149 declined and 25 remained unchanged.
Most of the major sectors registered loss: food and allied 2.35 percent, telecoms 1.93 percent, non-life insurance 1.59 percent and power 1.53 percent.
However, life insurance gained 4.33 percent.
Grameenphone featured in the most traded stocks chart with 16.03 lakh shares worth Tk 34.26 crore changing hands.
Pragati Life Insurance was the biggest gainer of the day, as it posted a 9.93 percent rise, while ICB AMCL NRB First Mutual fund was the worst loser, slumping 9.93 percent.
The Chittagong Stock Exchange also declined on the day with its selective category index, CSCX, which went down 149 points or 1.84 percent, to close at 7,981.03 points.
Losers beat gainers 107 to 81, while 25 issues remained unchanged on the port city bourse that traded 92.68 lakh shares and mutual fund units with a turnover of Tk 42.03 crore.