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Dhaka stocks slip on profit-booking sale pressure

Staff Correspondent
04 Sep 2023 19:30:53 | Update: 04 Sep 2023 19:42:54
Dhaka stocks slip on profit-booking sale pressure

Dhaka stocks failed to sustain the upbeat momentum as the market pulse shifted to a correction mode again on Monday, thanks to cautious investors’ profit-booking sale pressure induced by the weakening market strength.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), edged down by 3.8 points to settle at 6,308 against 6,312 in the previous trading session.

Among other indices, the DS30, the blue-chip index, fell 3.29 points to finish at 2,143, while the DSES, the Shariah-based index, lost 1.82 points to close at 1,372.

Turnover, another crucial market indicator, fell by 5.5 per cent to Tk 577 crore against the tally of Tk 611 crore in the previous session.

The food and allied sector topped the turnover chart with a contribution of 22.4 per cent of the total turnover of the Dhaka bourse, followed by general insurance (17.6 per cent) and miscellaneous (8.3 per cent).

Fu Wang Food Ltd continued to dominate the turnover chart with Tk 65 crore worth of its shares changing hands, followed by Eastern Housing Limited, and Gemini Sea Food Ltd.

The market opened higher, with buoyant investors continuing their buying appetite for sector-specific issues with positive expectations of capturing short-term gains, but the subsequent profit-booking sale pressure from cautious investors eroded the early gains as morning optimism failed to sustain due to shaky market confidence, said EBL Securities, a stockbroker, in its daily market review.

Most sectors displayed dismal returns, with the paper witnessing the highest correction of 1.6 per cent, followed by IT (0.9 per cent), and jute (0.7 per cent), while the general insurance posted the highest gain of 0.8 per cent, followed by miscellaneous (0.5 per cent) and services (0.2 per cent), as per EBL Securities.

As per the daily market review of Brac EPL Stock Brokerage, all the large-cap sectors posted negative performance, with the fuel and power experiencing the highest loss of 0.07 per cent, followed by pharmaceutical (0.07 per cent), food and allied (0.03 per cent), engineering (0.03 per cent), NBFI (0.02 per cent), bank (0.01 per cent), and telecommunication (0.00 per cent).

Miracle Industries Ltd rose 9.9 per cent to become the day’s top gainer, while Simtex Industries Limited fell 4.0 per cent becoming the worst sufferer.

Out of the issues traded, 58 advanced, 101 declined and 233 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) – declining by 19.3 points and 31.9 points, respectively.