Stocks break six-day gaining streak
Among the traded scrips, 98 advanced, 266 declined, and 30 remained unchanged during the trading session
Dhaka stocks slipped into the red on Wednesday after snapping a six-day rally, driven by investors booking profits.
The prime index of the Dhaka Stock Exchange (DSE), which recovered 267 points during the previous six sessions, lost 26 points to settle at 5,568 yesterday.
Meanwhile, the blue-chip index DS30 dropped by 6 points to reach 1,958 points, and the Shariah-compliant stock index DSES went down by 4 points to 1,219 points.
As a result, turnover inched down 5.1% to Tk967 crore from Tk1,019 crore compared to the previous session.
Among the traded scrips, 98 advanced, 266 declined, and 30 remained unchanged during the trading session.
GQ Ball Pen Industries topped the list of gainers, increasing by 9.97% to Tk139, followed by Deshbandhu Polymer at 9.82%, Intraco Refueling Station at 9.78%, Global Heavy Chemicals at 8.48%, and Capitec Grameen Bank Growth Fund at 6.90%.
Purabi General Insurance topped the list of losers, followed by Bangladesh Building Systems, Linde Bangladesh, IT Consultants, Sonali Life Insurance Company, and Zahintex Industries Ltd.
Beach Hatchery, Orion Pharma, Sea Pearl Beach Resort & Spa, Intraco Refueling Station, and Salvo Chemical Industry were the most traded stocks on the Dhaka bourse.
Market insiders stated that after the June closing, institutional investors reinvested funds in the capital market, boosting momentum with new fund injections as blue-chip stocks are undervalued.
They believe the domestic economy may grow in the next quarter, and savvy investors are positioning themselves ahead of positive economic signs.
EBL Securities wrote in its daily market commentary that the equity indices of the Dhaka bourse slid into the red trajectory, breaking the gaining streak from the past six sessions as cautious investors were enticed into profit booking, taking advantage of the recent market recovery with continuous price appreciation in the major scrips.
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, according to the commentary.
On the sectoral front, Pharma's 18.6% issues exerted the highest turnover, followed by Food's 11.7% and Textile's 10.1% sectors.
Most sectors displayed dismal returns, with life insurance at 2.3%, IT at 2.2%, and general insurance at 2.1% exerting the most corrections on the bourse yesterday. Financial institutions saw a positive return of 1.0%, Jute 0.8%, and banks 0.6%.
The port city bourse, CSE, also settled in the red terrain. The selected indices (CSCX) and All Share Price Index (CASPI) edged down by 2.5 and 4.0 points, respectively.
The turnover of the bourse stood at Tk48 crore at the end of the session. Out of the 284 issues traded, 104 advanced, 153 declined, and 27 remained unchanged.
On Wednesday, the DSE SME index decreased by 21 points to settle at 1515. The turnover of the board stood at Tk19 crore at the end of the session.