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The Financial Express

Profit booking drags markets lower at opening

| Updated: September 23, 2020 09:54:05


Profit booking drags markets lower at opening

Stocks witnessed a downward trend in early trading on Monday as risk-averse investors preferred to book quick-profit on sector-wise large-cap issues following the recent price upsurge.

Following the last two days’ correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened negative amid low trading activities.

Within the first 30 minutes of trading, the DSEX fell more than 12 points while the CSE All Share Price Index (CASPI) of the port city’s bourse lost 15 points at 10:30am when the report was filed.

DSEX, the prime index of the DSE, went down by 12.22 points or 0.24 per cent to reach 5,076 points at 10:30am.

The DS30 index, comprising blue chips, also fell 4.86 points to reach at 1,748 and the Shariah Index (DSES) shed 2.50 points to reach 1,150 points till then.

Turnover, the other important indicator of the market, stood at Tk 1.85 billion when the report was filed at 10:30am which was Tk 2.07 billion in the previous day at 10:30am.

Market operators said cautious investors opted for booking quick-profit on sector-wise stocks following the recent price surge while some were busy with rebalancing portfolios ahead of dividend declarations.

The prime bourse witnessed a natural correction, as some investors intended to realise the profit generated from the previous few days, said a merchant banker.

He, however, said a section of investors remained active on the market riding on optimism owing to regulatory moves and resumption of economic activities.

Of the issues traded till then, 127 advanced, 140 declined and 68 remained unchanged.

Insurance Companies dominated the turnover chart with Republic Insurance was the most traded stocks till then with shares worth Tk 163 million changing hands, closely followed by Purabi general Insurance, Beximco Pharma, Nitol Insurance and BD Finance.

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw negative trend till then with CSE All Share Price Index- CASPI-losing 15 points to stand at 14,514, also at 10:30am.

The Selective Categories Index – CSCX also lost 14 points to reach 8,709 till then.

Of the issues traded till then, 46 gained, 35 declined, and 22 issues remained unchanged with Tk 23 million in turnover.

babulfexpress@gmai.com

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