Stocks decline on profit-taking

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FE Report
Dhaka stocks fell on profit taking Sunday despite financials gaining new ground with turnover hitting three months high, dealers said.
The benchmark DSE General Index (DGEN) closed at 5631.29, dropping 23.58 points or 0.41 per cent, after ending flat in the previous session.
The broader All Shares Price Index (DSI) lost 17.69 points or 0.38 per cent to 4623.84 while DSE-20 Index comprising blue chips was down by 21.44 points or 0.70 per cent to 3017.71.
"Profit takers pulled down the market. The banking and leasing sectors, however, made substantial gains," said Akter H Sannamat, managing director of Prime Finance and Investment Ltd.
"Despite the fall, market sentiment has been positive with the investors turning their attention towards fundamentally sound shares," he said.
Banking issues, which make up one-fourth of market capitalisation, climbed 1.32 per cent after a marginal rise in the previous session.
Among the banks, Exim Bank, the country's second largest Islami bank, nudged highest 8.32 per cent rise after the company announced 35 per cent stock dividend for 2009 and raised capital by issuing one right share for every two.
Leasing or non-banking financial institutions jumped 2.63 per cent as almost all the companies closed positive.
International Leasing and Financial Services Limited (ILFSL) was the day's highest gainer spiking 17.82 per cent after it declared 75 per cent stock dividend for the past year.
Midas Financing came second rising 12.45 per cent.
General insurance sector finished marginally higher while life insurers advanced 2.81 per cent.
Telecommunications sector --one-fifth of the market cap-- lost 2.46 per cent as Grameenphone, the lone listed company in the sector, closed at Tk 316.70 from Tk 325.00.
Pharmaceuticals went down by 2.31 per cent dragged down by Beximco Pharma, which lost 10.61 per cent.
Fuel and Power sector dropped 0.43 per cent despite Summit Power leaped 2.50 per cent on its winning two rental power plants contracts.
Turnover at the Dhaka Stock Exchange (DSE) hit Tk 15.03 billion -- its highest since February 3-- on the back of huge share trading in Beximco scrips.
Decliners took a moderate lead over the gainers as out of 243 issues traded, 112 gained, 129 lost and two remained unchanged.
Beximco Ltd topped the turnover list with shares worth Tk 2.02 billion traded on the day, the highest ever single-day transaction in shares by a company in the country's stock market history.
It broke its own record set last week when its shares worth more than Tk 1.50 billion changed hands. Beximco Pharma was the second top turnover leader with trading of shares worth Tk 706.33 million.
They were followed by Summit Power, EXIM Bank, LankaBnagla Finance, AB Bank, Premier Bank, Bextex, Titas Gas and Summit Alliance Port Limited.
Other top gainers were Midas Finance, Phoenix Finance, The Ibn Sina, Fidelity Asset, Premier Leasing, EXIM Bank, People's Leasing Financial Services Limited (PLFSL) and Industrial Promotion and Development Company (IPDC).
The day's major losers were Modern Industries, Provati Insurance, Shinepukur Ceramics, Beximco Pharma, Reckitt Benckiser, Hakkani Pulp and Paper, Beximco Synthetic and Dhaka Fisheries.