Stocks slip on profit-taking

Stocks returned to the red yesterday slipping on investors' selling spree to pocket profits.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,079 points, after falling 23.58 points or 0.57 percent.
“As the short-term rhythmic bullish movement faced some resistance due to net selling pressure, a cautious movement initiated during the session,” IDLC Investments said in its daily market analysis.
Although the market lost on the day, investors took it positively as most believed that an intermediate correction would be beneficial for continuation of a bullish sentiment, the investment banker said.
“The market rally faces resistance on the day as investors booked profit,” LankaBangla Securities said.
Institutional investors might want to book some profit to report healthy investment return in the June ending quarter, the stockbroker said.
“The primary market trend remains bullish and ample liquidity in domestic market indicates upward pressure in stock prices.”
A total of 1.55 lakh trades were executed with 15.54 crore shares and mutual fund units changing hands on the Dhaka bourse.