Stocks dip on profit taking

Dhaka stocks dipped on Monday after a three-day gain as investors largely opted for profit booking.

The DSEX, the benchmark index of the Dhaka bourse, marginally declined by 13.2 points and settled at 6,518 points as against 6,532 points in the previous trading session.

Among other indices, the DSES, the Shariah-based index, dropped 1.46 points or 0.10 per cent to 1,422, and the DS30, the blue-chip index, fell 4.65 points or 0.32 per cent to close at 2,326.

The Dhaka bourse also observed a decrease in participation while the total turnover declined by 16.2 per cent and stood at Tk 1,284 crore as against Tk 1,533 crore in the previous session.

The shares of 74 companies increased in price, and 122 lost. And the shares of 178 companies were traded at the previous day’s rate.

The equity indices of the Dhaka bourse failed to sustain the steady upbeat momentum since sellers dominated on the trading floor as concerns loomed around recent macroeconomic adversities and investors opting to liquidate some of the holdings ahead of the national holidays, said EBL Securities, a stockbroker, in its daily market review.

The market witnessed downswings throughout the session as investors were reluctant to take new positions and opted for partial liquidation of their holdings ahead of the upcoming national holidays, it said.

Moreover, recent official disclosures regarding declining export and remittance inflows along with a widening trade deficit have spiralled investors’ concerns regarding the market outlook, it added.

On the sectoral front, Engineering (21.8 per cent) issues exerted the highest turnover, followed by Pharma & Chemical (15.1 per cent) and Miscellaneous (11.9 per cent).

Almost all the sectors displayed mixed returns, out of which Services (2.6 per cent), Ceramic (0.6 per cent) and Travel (0.5 per cent) exhibited the highest returns on the bourse while IT (-2.6 per cent), Paper (-2.1 per cent) and Miscellaneous (-1.2 per cent) exerted the most corrections.

Out of the 387 issues traded, 74 advanced, 122 declined, and 191 remained unchanged.

The port city bourse, Chittagong Stock Exchange (CSE), also settled on red terrain. The CSE Selective Categories Index (CSCX) and All Share Price Index (CASPI) declined by 37.2 and 60.8 points respectively.