Stocks fall amid earnings booking
The currency markets took a dip yesterday credited the profit booking tendency among investors.
The DSEX, the benchmark index of the Dhaka STOCK MARKET (DSE), dropped 62 points, or 1.03 %, to 5,975.
Investors are acquiring their profits while the marketplace has remained bullish for the last little while, according to a share broker.
"As a result, the index fell," he said.
The DSEX spiralled around 10 per cent in the last a month -- the highest previously three-and-a-half years. "That is why the income booking was anticipated," the broker stated, adding that it's good for the market when persons take profits because they get the confidence to invest more.
Turnover, another important indicator of the marketplace, plunged 21 % to Tk 2,083 crore yesterday.
At the DSE, 98 shares advanced, 242 fell and 27 remained unchanged.
The market witnessed large fall in sectors that jumped at bigger rates lately.
Among the main sectors, engineering, services & real estate, and tannery experienced selling price appreciation while bank, insurance, mutual fund, and cement faced correction.
The life insurance sector dropped 2.29 % while banks fell 1.78 per cent, cement 2.09 %, and mutual fund 1.37 %, according to data from UCB Share Brokerage.
In the last few days, these sectors had topped the gainers' list as almost all of the related companies' stocks rose by 7 to 18 %, according to DSE data.
Stocks of Beximco Small and Grameenphone were the top contributors to the plunge as they collectively brought the DSEX down by 31 points, according to info from amarstock.com, market analysis website.
National Housing Finance Company topped the gainers' list, rising 10 per cent, followed by Desh Garments, Pioneer Insurance, Lub-rref Bangladesh and Aman Natural cotton Fibrous. Shares of Beximco exchanged the virtually all with Tk 247 crore, accompanied by LankaBangla Finance, Fortune Sneakers, Pioneer Insurance and Saif Powertec.
First Security Islami Bank shed the virtually all, losing 12.5 % accompanied by Exim Bank, Normal Bank, Beximco and CAPM IBBL Mutual Fund.
The Chittagong STOCK MARKET (CSE) also dropped as the CASPI, the overall index of the port city bourse, fell by 189 points, or 1.08 %, to 17,317. Among its 300 traded shares, 86 rose, 191 fell and 23 remained unchanged.
