Profit booking pulls stocks down after 10 days

Stocks slipped into the red on Monday, snapping a 10-day winning streak, as some investors opted for booking profit on quick-gaining shares. Market analysts said stocks ended lower owing to the short-term profit realisation of opportunistic investors. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 22.13 points, or 0.34 per cent, to settle at 6,425, after gaining 368 points in the past ten trading days. The top negative index contributors were Wanton, Renata, Beacon Pharma, ICB, IFIC Bank, and Rupali Bank. The DSES index, which represents Shariah-based companies, also shed 4 points to 1,394. However, the DS30 Index, which consists of blue-chip companies, remained positive, gaining 6 points to 2,166. The market turnover has been staying above Tk 15 billion for the last seven consecutive days as investors are coming back to the market. Turnover, a crucial indicator of the market, stood at Tk 16.93 billion, which was 8.6 per cent down from Tk 18.52 billion the day before. Most stocks saw price corrections, as out of 395 issues traded, 254 ended lower, 114 higher, and 27 remained unchanged. Orion Pharma became the most traded share, with shares worth Tk 617 million changing hands, followed by Bangladesh Shipping Corporation, IFIC Bank, Fortune Shoes, and Fu-Wang Ceramic. The newly listed Best Holdings was the day’s top gainer, posting a 10 per cent rise, while Familytex (BD) was the worst loser, losing 6.38 per cent. The Chittagong Stock Exchange (CSE) also ended lower, with its All Shares Price Index (CASPI) losing 44 points to close at 18,561 and the Selective Categories Index (CSCX) losing 26 points to close at 11,112. Of the issues traded, 162 declined, 97 advanced, and 24 remained unchanged on the CSE. The port city bourse traded 14.92 million shares and mutual fund units with a turnover value of Tk 403 million. [email protected]
Published on: 2024-02-12 15:24:40.0227 +0100 CET