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Dhaka stocks fall after 6-day rally

Staff Correspondent
10 Jul 2024 20:53:44 | Update: 10 Jul 2024 20:53:44
Dhaka stocks fall after 6-day rally

Dhaka Stock Exchange (DSE) slid into the red trajectory on Wednesday as risk-averse investors showed selling appetite on the market and liquidated their holdings amid profit-taking from the recent six-day rally.

The key index of the country’s prime bourse, DSEX, lost 26.2 points and closed at 5,568.45 at the end of trading.

The blue-chip index, DS30, and the Shariah-based index, DSES, closed at 1,958.13 and 1,219.48 points, respectively, while most of the large-cap sectors posted negative performance on the day.

Meanwhile, market turnover slightly decreased by 5.1 per cent to Tk 967 crore from the previous session’s Tk 10,019 crore.

Four sectors out of 19 were gainers and 15 sectors were on the losing side. Of the 398 scrips traded, 98 advanced, 266 declined and 30 remained unchanged on the Dhaka bourse.

Beach Hatchery Ltd topped the turnover chart. The GQ Ball Pen Industries Ltd was the top gainer while Aramit Limited was the top loser. Five stocks were traded at the floor price.

In the block market, shares of Tk 44 crore were transacted, representing a turnover of 4.58 per cent. The SME index, DSMEX, decreased by 20.92 points, and the market generated a Tk 19 crore turnover, a 31 per cent decrease from the previous session.

According to the Royal Capital Financial Portal, SQURPHARMA and BATBC contributed the most to the gains and the losses of the DSEX on the day, respectively, and the bull took over the market control for most of the time of the trading session.

The equity indices of DSE slid into the red trajectory on Wednesday, breaking the gaining streak from the past six sessions as cautious investors enticed into profit booking, taking advantage of the recent market recovery with continuous price appreciation in the major scrips, said EBL Securities in its daily market review.

The capital bourse observed volatility, particularly in the latter half of the session, as the market pulse turned back to the correction mode since investors preferred to remain watchful of the market's trend following a sustained uptrend over several consecutive sessions, it said.

Engineering experienced the highest loss of 1.35 per cent followed by Telecommunication (-0.56 per cent), Food and Allied (-0.56 per cent), Pharmaceutical (-0.39 per cent), Fuel and Power (-0.27 per cent), Bank (+0.58 per cent), and NBFI (+1.01 per cent), respectively.

The Chittagong Stock Exchange (CSE) also settled on red terrain on Wednesday, with the selected indices, CSCX, and All Share Price Index, CASPI, edging down by 2.5 and 4.0 points, respectively.