Star Business Report Stocks declined on Sunday after an eight-day gaining streak as investors sold shares to book profits, after the finance minister indicated market manipulation might be at work again.
The Dhaka Stock Exchange’s benchmark index DGEN lost 91 points, or 1.39 percent, to close at 6,486.
On the port city’s bourse, the selective categories index of Chittagong Stock Exchange, CSCX, the indicator of CSE lost 174 points or 1.46 percent, to close at 11,754.
The market started off on a negative note as most of investors placed selling orders, losing 40 points at 11:05am.
Finance Minister AMA Muhith said on Thursday that the surge in prices of shares was not a good sign for the capital market. “I don’t like the way the market is rising. No new funds have flowed into the market. It’s the old players who are putting their money back in,” he said.
Prof Salahuddin Ahmed Khan, who teaches finance at Dhaka University, said: “Investors went for profit-taking as the market continued its bull-run for eight days.”
Some low-profile shares behaved abnormally without any price sensitive news in the market, said Khan, also a former chief executive officer of DSE.
The banking sector lost 1.86 percent, non-bank financial institutions 1.50 percent, telecoms 1.67 percent, fuel and power 1.20 percent and pharmaceuticals 0.49 percent.
Of the total 262 scripts traded on the DSE floor, 42 advanced, 213 declined and seven remained unchanged.
Turnover on the premier bourse stood at Tk 1,157 crore, 31.3 percent down from the previous day’s Tk 1,683 crore.
Keya Cosmetics was the biggest gainer of the day, posting a 5.5 percent rise, while ACI Formulations was the worst loser, slumping by 5.2 percent following their half-yearly earnings publication, said BRAC EPL in a market analysis.
Bextex topped the turnover leaders with 13.80 lakh shares worth Tk 49.9 crore changing hands.
The other turnover leaders were MJL Bangladesh, United Commercial Bank, Beximco, One Bank, United Airways, MI Cement Factory, Fu-Wang Food and Social Islami Bank.
-With The Daily Star input
