Stocks slip with narrow losses

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Stocks edged lower for a third day Wednesday after heavyweights suffered losses in bank, power and pharmaceuticals sectors due to selling pressure, mainly from institutional investors, reports bdnews24.com.
Although the market crept downward throughout the day, buying pressure prior to midday trade helped indices narrow the losses.
Market operators attributed the steady fall to profit taking prior to Eid, and institutional investors' making adjustments on margin credits after the share price manipulation scam by merchant banking major AB Bank.
The DGEN or general index finished 12.52 points or 0.48 per cent lower at 2546.02. The DSI or all-share price index was down 10.26 points or 0.48 per cent to 2107.22. The DSE-20 blue-chip index slipped 18.23 points or 0.89 per cent to 2025.34.
Losers outnumbered gainers 125 to 59. A total of 18 issues held steady. Turnover declined to Tk 1.14 billion from the trading of Tk 11,997,625 shares.
Almost all sectors fell, except for non-bank financial sector shares. Prime Finance and Investment guided the rally in financial stocks. Non-bank financial stocks with merchant banking wings gained most.
"Prices of some non-bank issues have gone up in the recent past. This rise may encourage the investors to buy the low-priced non-bank stocks," said a senior official of Prime Finance and Investment.
An analysis of Equity Partners Securities said, the investors focused on the sector due to its growth potentials and relatively low prices.
Prime Finance, an issue that has rarely topped the turnover table, surged 8.99 per cent to close on a one-year high of Tk 511.75.
LankaBangla Finance, one of the most active merchant banks, rallied 6.93 per cent to finish at an all-time high of Tk 75.6. Union Capital edged up.
Bank stocks however declined, led by BRAC Bank. BRAC Bank, the second most active share, slipped for a third day to end at Tk 1277.25, down 1.06 per cent from the previous day. UCBL and AB Bank also dipped.