Stocks dip on profit booking

Dhaka stocks continued to dip for three straight trading sessions as continuous profit booking pressures on the recently rallied scrips pulled down the core index below the 6,200-mark again.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), declined 5.1 points to settle at 6,196 against 6,202 in the previous trading session.

Turnover, another crucial indicator of the market, fell by 5.7 per cent to Tk 442 crore against Tk 469 crore in the previous session.

The market witnessed volatility as sellers continued their dominance across the trading floor as they preferred to secure short-term gains from the continuously volatile market and remained watchful ahead of the upcoming corporate earnings announcements, said EBL Securities, a stockbroker, in its daily market review.

Moreover, the uncertain market momentum owing to the macroeconomic concerns induced shaky confidence among investors, resulting in a decreased flow of funds in the market, it added.

The food sector topped the turnover chart with a contribution of 19.1 per cent of the total turnover of the DSE, followed by IT (17.3 per cent) and life insurance (8.9 per cent).

Aamra networks limited was the most traded share with Tk 29.8 crore worth of shares changing hands, followed by Olympic Industries Ltd, and Apex Footwear Limited.

Most sectors displayed dismal returns, out of which the jute faced the highest correction of 1.3 per cent, followed by IT (0.9 per cent) and travel (0.7 per cent).

On the other hand, the life insurance posted the highest gain of 2.0 per cent, followed by services (0.9 per cent).

Prime Islami Life Insurance Ltd topped the DSE’s gainer list with a return of 9.9 per cent, while Al-Haj

Textile Mills Limited was the day’s worst sufferer with a loss of 9.9 per cent.

Out of the issues traded, 34 advanced, 78 declined and 280 remained unchanged.

The port city bourse, CSE, also settled on red terrain, with its two major indices – the selected indices (CSCX), and the all-share price index (CASPI) – declined by 10.6 points and 18.7 points respectively.