Stocks dip after three days of gains

Stocks ended in the negative, breaking a three-day gaining streak yesterday as investors released securities to pocket profits.

DSEX, the benchmark general index of the Dhaka Stock Exchange, closed at 4,577.99 points after falling 21.47 points or 0.47 percent.

DSES, the shariah index of the Dhaka bourse, fell 7.42 points or 0.69 percent to close at 1,066.

Investors bagged profits from the manufacturing and banking stocks as some large-cap scrips offered good returns this week, said LankaBangla Securities.

Turnover, the most important indicator of the market, advanced 9.30 percent to Tk 632 crore, compared to the previous day.

The debut of Far East Knitting and Dyeing Industries escalated the turnover, according to IDLC Investments.

The export-oriented garment manufacturer floated 2.5 crore ordinary shares of Tk 10 each at an offer price of Tk 27 each, including Tk 17 as premium.

IDLC Investments managed the IPO. The company raised Tk 67.5 crore for balancing, modernisation, rehabilitation and expansion, and repayment of term loans.

As of March 2014, the company's net profit was Tk 18.6 crore with basic earnings per share of Tk 2.04.

A total of 1.64 lakh trades were executed with 15.24 crore shares and mutual fund units changing hands on the premier bourse.

Losers beat gainers 150 to 110 while 40 issues remained unchanged on the DSE.

Among the major sectors: banks, power and textile lost 0.6 percent, 1 percent and 1.24 percent respectively in market cap.

Beximco was the most liquid stock with transactions of 1.14 crore shares worth Tk 49 crore, followed by Far East Knitting and Dyeing Industries, Golden Son and Beximco Pharma.

Far East Knitting and Dyeing Industries was the highest gainer of the day, posting a 68 percent gain on its debut day, while Fourth Investment Corporation of Bangladesh Mutual Fund was the worst loser, plunging by 7.16 percent.