Stocks drop amid profit booking

Shares in Bangladesh dropped for a second consecutive day yesterday as skittish investors chose to sell off their scrips to make a quick gain.

The DSEX, the major index of Dhaka Stock Exchange (DSE), went down by 1.11 percent from that on the day before to close at 5,506.67.

Likewise, the DSES, the index that represents Shariah-compliant companies, dropped 11.95 points, or 0.98 percent, to 1,207.53.

Meanwhile the DS30, the index that is composed of blue-chip firms, slipped 15.77 points, or 0.80 percent, to 1,942.36.

The day's turnover, meaning the total value of shares changing hands, decreased 31.32 percent to Tk 664 crore.

The pharmaceutical sector dominated with an 18.14 percent share of the turnover.

Sea Pearl Beach Resort and Spa was the most traded share with a turnover of Tk 24.5 crore.

Another 5.3 percent was contributed by block trades, meaning high-volume transactions of securities that are privately negotiated and executed outside of the open market.

Of the 397 issues that changed hands on the DSE, 36 advanced, 343 declined and 18 did not witness any price movement.

Chittagong Stock Exchange also saw a similar trend as the Caspi, the broad index of the premier bourse of the port city, shed 128.06 points to reach 15,757.61 points.

BRAC EPL Stock Brokerage in its daily market update said all the sectors that account for large amounts in market capitalisation, which is the total value of their shares at present, posted a negative performance.

Non-bank financial institutions (NBFI) experienced the highest loss of 2.31 percent, followed by engineering (1.81 percent), fuel and power (1.54 percent) and food and allied (1.21 percent).

Losses were also suffered by telecommunications (1.08 percent), banking (0.97 percent) and pharmaceuticals (0.71 percent).

Aftab Automobiles topped the gainers' chart of large-cap companies with a rise of 0.65 percent, according to LankaBangla Financials.

Midland Bank, Pragati Life Insurance, Oimex Electrode, Daffodil Computers, Deshbandhu Polymer, Shahjalal Islami Bank, Gemini Sea Food, Reckitt Benckiser Bangladesh and Sonali Paper and Board Mills were also on the same chart.

Beximco Pharmaceuticals led the chart comprising those suffering losses with a drop of 5.33 percent, followed by BAT Bangladesh and Beacon Pharmaceuticals with 2.64 percent and 2.44 percent respectively.

Olympic Industries, Eastern Bank, Best Holdings, Robi Axiata, City Bank, Renata and LafargeHolcim Bangladesh also displayed a negative performance of more than one percent.

Market capitalisation decreased for travel and leisure, bank, and paper and printing scrips, according to the daily market update by Shanta Securities.

However, it rose for only jute stocks.

Overall, Global Heavy Chemicals took the first place on the gainers' list with an increase of 9.88 percent followed by Salvo Chemical Industry, Oimex Electrode, NRB Bank, Midland Bank, and Standard Ceramic Industries.

BBS Cables and Linde Bangladesh shed the most, losing three percent each.

Delta Life Insurance Company, Eastern Housing, RN Spinning Mills, Green Delta Insurance, Standard Bank and Union Insurance Company also suffered losses.