Dhaka stocks finished in the red with a declining turnover on Thursday as the investors went for sell-offs to make profits following the last two trading sessions’ sharp rise in shares prices.
The blue chip index of the Dhaka Stock Exchange, DSEX, finished at 4,262.93 points,
shedding 1.89 per cent or 82.52 points.The DSEX within the first 30 minutes of trading advanced by 39.62 points, but failed to sustain the momentum due to the profit-taking moves of the investors.
The turnover of the bourse also declined sharply by 29.77 per cent to end the day at Tk 730.42 crore from the previous session’s Tk 1040.10 crore.
The DSEX and DGEN had gained 82.22 points and 211.10 points respectively in the previous two trading sessions.
Market operators said the previous two trading sessions’ sharp rise in shares prices made the investors go for profit-taking moves.
Some investors on the day decided to observe the first trading day of Ramadan before making their next move, they said.
It’s a natural process for the stock market to decline after few sessions’ rise, so there is nothing to worry, they added.
The old key index of the bourse, DGEN, lost 1.80 per cent, or 86.01 points, to close at 4,684.47 points on the day.
DS30, the blue chip index of the DSE, lost 1.41 per cent, or 23.29 points, to finish at 1,620.17 points.
Among the 283 shares and mutual funds traded on the day, 47 advanced, 222 declined and 14 remained unchanged.
‘The first day of Ramadan opened higher this morning, but could not hold it until the end. A pending natural correction got the start up after first hour of trading which eventually turned to ‘panic’ to kick off some modest gain of last few sessions,’ IDLC Investments said in its daily market commentary.
‘In addition, volatility increased due to the increased swing in the market level evidenced by a higher range in both of the indices,’ it also said.
Padma Oil led the turnover chart on the day as its shares worth Tk 53.16 crore changes hands.
JMI Syringe and Medical Devices gained the most as the price of its shares increased by 9.96 per cent while AMCL Pran lost the most, 9.67 per cent.
-With New Age input
