Dhaka stocks break three-day sharp rally

| Updated: October 24, 2017 18:12:44

Dhaka stocks break three-day sharp rally

Stocks witnessed a marginal correction on Monday, snapping a three-day sharp rally as cautious investors booked profit on quick-gaining stocks.


However, the daily trade turnover on Dhaka Stock Exchange (DSE) scaled Tk 15-billion-mark, for the first time in nearly eight months amid active presence of investors in both sides of the trading fence.


Turnover, a crucial indicator of the market, stood at Tk 15.25 billion on the country’s premier bourse, climbing further by 26 per cent over the previous day’s mark of Tk 12.08 billion.


It was the biggest single-day transaction in the last eight months since January 24, when the turnover totaled a record of Tk 20.13 billion


Dealers said some investors preferred profit booking on stocks that saw a substantial gain in the recent upsurge while some took position on sector-wise issues, taking the market in the red territory.


The market opened with an upward note and the key index rose 44 points within the first 15 minutes of trading, but it fell sharply in the next 15 minutes and remained volatile in the rest of the trading session and finally it ended 4.63 points lower.


DSEX, the benchmark index of the DSE which replaced the DGEN in four and a half years back, settled at 6,236 after losing 4.63 points or 0.07 per cent over the previous session.


The two other indices -- the DS30 index and the DSE Shariah Index (DSES) -- followed the suit, closing at 2,217 and 1,380 points, after shedding 9.12 points and 11.19 points respectively.


The losers took a strong lead over the gainers as out of 331 issues traded, 190 closed lower, 101 higher and 40 remained unchanged on the DSE trading floor.


National Bank topped the day’s turnover chart with shares of Tk 585 million changing hands, closely followed by First Security Islami Bank, Al-Arafah Islami Bank, Prime Bank and LankaBangla Finance.


Safko Spinning Mills was the day’s best performer, posting a gain of 9.49 per cent while Progressive Life Insurance Company was the day’s worst loser, plunging by 4.55 per cent.


However, the port city bourse Chittagong Stock Exchange (CSE) stayed positive trend with its Selective Categories Index - CSCX - gaining 10.33 points to close at 11,719 points.


Losers, however, beat gainers as 146 issues closed lower, 95 higher and 26 remained unchanged on the CSE.


The port city bourse traded 28.78 million shares and mutual fund units worth more than Tk 685 million.


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