Dhaka stocks dip on profit booking

Breaking the three-day market rally, Dhaka stocks drifted lower on Sunday, as investors’ late-session profit booking pulled the core index down.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dipped 8.9 points to settle at 6,281 against 6,290 in the previous trading session.

Among other indices, the DS30, the blue-chip index, fell 4.37 points or 0.19 per cent to close at 2,190, and the DSES, the Shariah-based index, fell 2.01 points or 0.14 per cent to 1,366.

Turnover, another crucial market indicator, fell by 13.0 per cent to Tk 811 crore against the turnover tally of Tk 932 crore in the previous session.

Investors remained active on both sides of the trading fence since buoyant investors were continuing their chase for sector-specific issues with quick gaining potential, said EBL Securities, a stockbroker, in its daily market review.

Meanwhile, cautious investors went for sale to realise short-term gains due to the probable uncertainty regarding the market momentum ahead of the national budget declaration for the upcoming fiscal year, it added.

The general insurance sector topped the turnover chart with a contribution of 15.0 per cent of the total turnover of the DSE, followed by life insurance (13.8 per cent), and food & allied (11.1 per cent).

Most sectors displayed dismal returns at the premier bourse, with the travel suffering the highest correction of 4.7 per cent, followed by IT (1.8 per cent) and services (1.3 per cent).

On the other hand, the general insurance secured the highest gain of 0.7 per cent, followed by jute (0.5 per cent) and mutual fund (0.2 per cent).

Bangladesh General Insurance Company Ltd topped the gainer’s chart of the prime bourse with a return of 9.9 per cent, while Miracle Industries Ltd was the day’s worst sufferer with a loss of 6.6 per cent.

Out of the issues traded, 66 advanced, 104 declined and 222 remained unchanged on the DSE trading floor.

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 8.7 points and 11.0 points respectively.