Dhaka stocks declined on Monday after rise in the previous four trading sessions as investors went for profit-taking mostly on the banks and non-bank financial institutions stocks after the recent surge in the share prices. The key index of Dhaka Stock Exchange, DSEX, closed at 5,309.24 points, shedding 0.46 per cent or 24.79 points. Investors’ profit-taking move played the key role in the negative ending on the day, market operators said.
Among the major sectors, banks and NBFIs declined by 1.50 per cent and 0.9 per cent respectively.
Considering the overall economic and political situation it seemed that the positive vibe at the market may prolong further, operators said.
‘Investors’ profit-taking approach might be the reason for the day’s negative ending as the share prices of some stocks rose sharply in recent times,’ AIMS of Bangladesh managing director Yawer Sayeed told New Age.
‘Profit-taking after rise in share prices to a certain level is normal Wand good for the market,’ Sayeed said.
The DSEX had gained 283.70 points in the previous four days, while the market was on the bull-run for the last six weeks.
DS30, the blue-chip index of the bourse, declined by 0.22 per cent, or 4.57 points, to finish at 1,994.12 points on the day.
The Shariah index of the DSE, DSES, however, remained positive at 1,237.74 points, adding 0.27 per cent or 3.42 points.
The turnover of the bourse increased to Tk 1,007.74 crore compared with that of Tk 915.35 crore in the previous trading session.
Of the 305 shares and mutual funds traded on the day, 128 advanced, 152 declined and 25 remained unchanged.
‘The market moved to correction mood, after last four sessions’ 283.70 points gain,’ IDLC Investments said in its daily market commentary.
‘Index moved lower over the course of the trading session today [Monday],’ LankaBangla Securities said in its daily market analysis.
‘A moderate pullback by the market offset the rally that was seen in previous sessions,’ it said.
‘The sell-off on the day was partly due to profit-taking on banking stocks and NBFI following the recent price hike in the financial stocks,’ said LankaBangla.
MJL Bangladesh topped the turnover leaders on Monday with its shares worth Tk 38.95 crore changing hands.
Square Pharmaceuticals, Grameenphone, Golden Son, Titas Gas, Beximco Pharma, Delta Life Insurance, Familytex, Peoples Leasing and Financial Services and Lafarge Surma Cement were among the other turnover leaders.
GSP Finance Company gained the most on the day with a 9.50-per cent increase in its share price, while Bank Asia lost the most, shedding 4.74 per cent.
-With New Age input
