Stocks, turnover drop as investors seek profit

Share values and turnover in the domestic stock market fell yesterday as investors opted to book profits following the recent rising trend of market indices, according to experts.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 45 points, or 0.68 per cent, to close the trading session at 6,551.

The DS30, the index that consists of blue-chip stocks, edged down 1.12 per cent to 2,374 while the DSES, the shariah-based index, was down 0.83 per cent at 1,436 by the end of the day.

As low and medium capital-based stocks were in a rising trend for the past few days, investors tried to book profits by selling their shares, a stockbroker said.

In this perspective, most low-cap stocks that were on top of the demand list of short-term profit seekers saw their values drop. Meanwhile, three companies of Orion Group -- Orion Infusion, Orion Pharmaceuticals and Kohinoor Chemical Industries -- also saw a profit booking session yesterday.

"So, the index was in the red," he added.

Beximco Ltd was the biggest contributor to the index's decline as it accounted for 10 points alone while Beacon Pharmaceuticals brought it down by 9 points and LafargeHolcim Bangladesh took away 5 points, shows data from amarstock.com.

Turnover at the DSE fell 36 per cent to Tk 1,808 crore. Among the tradable stocks, 58 advanced, 159 declined and 154 remained the same.

Dhaka stocks witnessed a big fall and remained in the red for a second session consecutively as shaky investors continued profit booking sell-offs following the upsurge in prices over the last few sessions, International Leasing Securities said in its daily market review.

After the previous day's correction, the market started slow and sell-offs continued in major sectors, leading to losses in the benchmark index, it added.

Among the sectors, travel advanced 3.1 per cent, paper rose 2.6 per cent, and fuel and power gained 0.6 per cent whereas jute declined 6.2 per cent, ceramic fell 3.2 per cent and services dipped 2.5 per cent.

Investor activity was mostly focused on the pharmaceuticals (27.3 per cent), miscellaneous (23.7 per cent), and fuel and power (7.2 per cent) sectors.

Index Agro Industries topped the gainers list that, advancing 9.98 per cent. Mir Akhter Hossain, Sea Pearl Beach Resort & Spa, Bashundhara Paper Mills and Avent Pharmaceuticals also rose over 7 per cent.

Jute Spinners suffered the highest correction, sliding 8.74 per cent. Bangladesh Wielding Electrodes, National Tea, Eastern Cables, and Northern Jute Manufacturing also declined more than 6 per cent.

The CASPI, the all-share price index of the Chittagong Stock Exchange, shed 130 points, or 0.67 per cent, to end up at 19,319 yesterday.

Of the issues traded in the port city bourse, 44 advanced, 106 declined, and 118 did not show any price movement.