Stocks snap three-day gaining streak due to increased selling pressure
On the day, the benchmark index DSEX of the Dhaka Stock Exchange (DSE) dropped by 25 points to close at 5,803, while the blue-chip index DS30 gained 5 points to reach 2,134
Stocks snapped a three-session winning streak today as investors actively sold shares to book quick gains from the recent rally.
On the day, the benchmark index DSEX of the Dhaka Stock Exchange (DSE) dropped by 25 points to close at 5,803, while the blue-chip index DS30 gained 5 points to reach 2,134.
The port city bourse also ended in the red, as its general index CSCX fell by 13 points to 10,002, and the all-share price index CASPI edged down by 31 points to close at 16,592.
EBL Securities, in its daily market review, said the benchmark index of the capital bourse broke its gaining streak as cautious investors engaged in profit booking to realise their recent gains and preferred to observe the market's trend.
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The market witnessed volatility due to a profit booking sell frenzy while investors remained active on both sides of the trading fence as some investors favoured taking positions in sector-specific scrips with positive expectation, it added.
Meanwhile, turnover at the DSE rose by 14%, reaching an eight-day high of Tk 1,068 crore.
On the sectoral front, banking stocks accounted for the highest turnover, contributing 19.4% to the total turnover at the DSE, followed by food stocks adding 15.5% and pharmaceuticals, 14.4%.
BRAC Bank topped the turnover table with a value of Tk85 crore, followed by BAT Bangladesh, Olympic Industries, and MJL Bangladesh.
Sectors mostly displayed dismal returns, out of which paper, travel and services exerted the most corrections on the DSE, while bank, life insurance and food exhibited slight positive returns.
BD Lamps was the top gainer, with its share price jumping by 9.70%. It was followed by Ambee Pharma, Libra Infusion and BRAC Bank.
BRAC Bank's share price rose by 7.27% to reach Tk57.50, making it one of the top-valued stocks in the banking sector, surpassing Dutch-Bangla Bank.
Sonali Paper, Acme Pesticide, Coppertech, Fortune Shoe, and Emerald Oil were the worst performers of the day, as the securities regulator formed a probe committee against them to investigate several allegations, including share manipulation, financial scams, and irregularities.
