Dhaka bourse edges down on corrections of insurance stocks

The Dhaka bourse closed Tuesday's session with a marginal loss, extending the losing streak for the second consecutive day mainly due to corrections experienced by life insurers.
A slight correction experienced by a major sector, pharmaceuticals & chemicals also played a role behind the decline in the broad index.
Market operators said many investors offloaded holdings to capitalise on the price appreciation in the previous five sessions.
The DSEX, broad index of the Dhaka Stock Exchange (DSE), lost 16 points in the two sessions to Tuesday while it gained 42 points in the previous five sessions.
"Cautious investors continued to offload their holdings in order to realise their recent gains," said a market review of EBL Securities.
The DSE opened the days' session positively and the DSEX continued a steady movement for more than an hour.
Later, the DSEX started to decline. The downward movement continued for one and an half hours as sellers opted to book profits.
At the end of the session, the broad index closed at 6,351 points with a loss of 10 points from the previous session.
Of the 392 issues traded, 63 advanced, 116 declined and 213 remained unchanged on the premier bourse.
The turnover stood at Tk 10.04 billion, 12 per cent up from the previous session.
Following price corrections, the market value of the life insurance stocks declined 2.5 per cent on Tuesday.
Rupali Life Insurance Company was the day's worst loser after declining 10 per cent, followed by Delta Life Insurance and Progressive Life Insurance Company.
Other sectors that witnessed price erosions include jute, services & real estate, cement and travel & leisure.
Asia Pacific General Insurance Company was the number one gainer with an appreciation of 9.96 per cent.
Four non-performing companies were on the day's top gainers' chart. The companies are Khulna Printing & Packaging, Samata Leather, Khan Brothers PP Woven Bag Industries and Aziz Pipes.

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