Stocks end five-week rally

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FE Report
Dhaka stocks fell on price correction on Tuesday ending a five-week rally, the longest- stretch of gain ever seen by the market.
The market opened on a weak note and fell sharply in early trading as profit taking pulled the heavyweights Grameenphone down.
The benchmark DSE General Index (DGEN) shed 68.99 points or 1.29 per cent to end at 5243.44..
Broader Al- Shares Price Index (DSI) lost 51.97 points or 1.18 per cent to 4325.24, while DSE 20 blue chip index increased 41.79 points or 1.45 per cent to 2905.77.
"The market was hit by a bout of profit-taking after a lingering rally," said Arif Khan, deputy managing director of the IDLC Finance Ltd.
"I think the market has managed the inevitable profit taking very well. The market can't go up indefinitely, nor will it go down indefinitely," he said.
Profit taking on the telecom sector weighed heavily on the market as Grameenphone lost 8.41 per cent to close at Tk 255. The telecom company was the top loser on the day.
The investors and some brokerage houses took the cautious move over the Grameenphone on the news that trading of the company shares is under close watch of the Securities and Exchange Commission, said stockbrokers.
Total turnover dropped to Tk 14.81 billion, down 1.46 per cent from previous day's record high of Tk 15.04 billion.
The banking share prices were mixed with the sector rising marginally by 0.37 per cent.
Reversing the previous day's impressive gain with some hitting the circuit breaker, majority of mutual funds ended lower excepting Aims 1st MF and Grameen one MF.
Energy sector ended mixed and insurers declined. Multinational companies closed higher.