Stocks fall amid profit-booking
Most stocks listed with the Dhaka bourse witnessed corrections yesterday but bank stocks were the exception.
DSEX, the benchmark index of the Dhaka STOCK MARKET (DSE), fell 58.8 factors, or 0.99 %, to 5,850.
Shareholders went for booking income as stocks have been rising going back few days, according to a broker.
"When the market rises for a stretch, in that case it really is normal to witness some corrections," he said.
The banking sector will soon announce dividends since their personal year ends in December. Thus, the demand for lenders' stocks rose despite the market correction, the broker added.
Among the listed 30 banks, 24 advanced, three fell and three remained the same. However in the entire market, 63 % of most stocks with the DSE witnessed a decline.
"The index was on the verge of exceeding the 6,000-level level so some buyers sold off their shares while others bought them," a merchant banker said.
As a result, industry turnover was higher regardless of the falling pattern in the index, he said, adding that there were many buyers when a tremendous pressure to sell came.
"This is an excellent sign," he said.
Turnover, a crucial indicator of the market, rose 15.16 % to Tk 2,384 crore.
After a consecutive 14 days' rally, Robi Axiata stocks fell yesterday.
Among 369 traded stocks, 72 advanced, 231 dropped and 56 remained same yesterday at the DSE.
City Lender topped the gainers' list, increasing 9.50 % accompanied by Titas Gas, National Bank, Sonali Aansh Industries and Summit Alliance Port.
Robi Axiata was the most traded inventory, with Tk 281 crore worth of stocks changing hands accompanied by Beximco, LankaBangla Financing, Summit Vitality and Beximco Pharmaceuticals.
Jute Spinners shed the most, falling 9.99 per cent accompanied by Beximco, CAPM IBBL Mutual Fund, Alif Manufacturing and Imam Button.
The port town bourse also dropped yesterday. The general index of the Chittagong STOCK MARKET fell 177 tips, or 1.03 %, to 17,047 points.
Among 279 traded stocks and shares, 81 advanced, 168 rose, and 30 remained unchanged.
