Saturday, June 22, 2024

Profit taking pulls down stocks

Dhaka stocks continued to go through price correction yesterday for the fifth consecutive day with almost 2 percent decline.
While declaration of less-than-expected earnings by some listed firms frustrated investors, a rumour on a regulatory action based on recent stockmarket probe report frightened many others, operators said.
The benchmark index of Dhaka Stock Exchange, DSE General Index, broke strong 6,500 points support level and closed at 6,459 after declining 128 points or 1.95 percent.
There was a rumour that the stockmarket regulator was going to file cases against some investors who were alleged by the stockmarket probe body as wrongdoers. However, any confirm news is yet to be disclosed from the Securities and Exchange Commission.
“Investors kept booking consecutively and accumulated gain watching the deteriorated earning declaration of companies to discount their previous price expectation,” according to daily market analysis by a leading stockbroker.
As of yesterday’s half-yearly declaration, banking sector registered only 4 percent earning growth that was 67 percent in the same period last year. Also earnings of non-bank financial institutions, cement and textile sectors highly declined due to poor capital market activities, fuel and clinker price hike and cotton price decline on the international market, the stockbroker said.
Declaration of negative third quarter earning by Makson Spinning took a heavy toll on the entire textile sector that lost a record 4.2 percent yesterday.
Relaxation of EU Rules of Origin under Generalised System of Preferences and international cotton price drop adversely affected local spinners, according to the analysis.
However, Green Delta Securities, another stockbroker, in its analysis said the DSE is going through price correction as profit taking continued among the investors.
“The prime index had few intermittent bull-runs that dampened this price correction,” it said.
Losers outnumbered gainers 221 to 37, with two securities remaining unchanged on the DSE, which traded more than 15.31 crore shares and mutual fund units on a value of Tk 1,341 crore.
Chittagong stocks also declined yesterday with the Selective Categories Index dropping 314 points, or 2.5 percent, to 11,825.
Losers beat advancers 165 to 31, with four securities remaining unchanged on the Chittagong Stock Exchange that traded over 1.93 crore shares and mutual fund units worth Tk 149.86 crore.

-With The Daily Star input

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