DSE bullish run takes a pause

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FE Report
Dhaka stocks slid slightly on profit taking Tuesday, snapping the third straight day of record-breaking rally.
The market was in the positive territory before starting to decline from third hour of the trade as the investors booked profit on banks, non-banking financial institutions (NBFIs) and Beximco Group subsidiaries.
The Dhaka Sock Exchange (DSE) General Index (DGEN) lost 3.06
points or 0.08 per cent to 3409.85, after touching 3430.49 at one stage.
The broader DSE All Shares Price Index (DSI) skidded 2.97 points or 0.10 per cent to 2850.74 while the DSE-20 blue chip index rose 6.37 points or 0.27 per cent to 2313.53.
"After a long rally, profit takers pulled the market down," said Moin Al-Kasem, managing director of the Prime Finance and Investment Asset Management Company.
Total turnover came down to Tk 8.19 billion, down 14 per cent against the previous session's Tk 9.5 billion.
Losers took a strong lead over the gainers as out of 237 issues traded, 94 advanced, 138 declined and five remained unchanged.
After back to back sessions of rally, the banking sector, the bellwether of the stock market, edged lower on profit taking.
The NBFIs also traded in the red. All the mutual funds and subsidiaries of Beximco Group went down while pharmaceuticals marginally nudged higher.
Energy, cement, tannery and multinational companies advanced. General insurer finished in mix while most of the life insurer rose.