Investors book short-term profits

The market inched up for the fourth consecutive session Tuesday amid volatile trading with sluggish turnover as investors booked short-term profits and rebalanced their portfolios.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up by 11.24 points or 0.24 per cent to close one and a half month high level of 4,659.99 points.
The DS30, comprising blue chips gained 3.98 points or 0.23 per cent to close at 1,704.06 points. However, the DSE Index (DSES) went down by 1.51 points or 0.14 per cent to close at 1,029.48 points.
Total turnover on DSE, however, dipped below Tk 4.0 billion mark once again and stood at Tk 3.91 billion, registering a 15.15 per cent decline over the previous day's value of Tk 4.61 billion.
"Bull continued to take charge on DSE closing the benchmark index (DSEX) green for the forth consecutive trading day," commented LankaBangla Securities, in its daily market analysis.
 "Market has positioned on the comfortable pitch after the technical breakout in index as recent rally is supported by the large and mid-cap stocks of bank, textile and oil stocks".
 "Current price multiple of banking stocks has attracted the investors and they found it good time to make an entry. Though banking sector ended flat Tuesday due to profit taking attempt in last hour, banking stocks showed handful of resilience in early trading," the stock broker added.
"The investors booked short-term profits and rebalanced their portfolios. The investors' buying attitude was evident as most of the scrips closed the in green," said International Leasing Securities.
 "Natural correction in Large Caps counterbalanced in day's upswing in remaining Caps and forced the market to end flat," said IDLC Investments.
Meanwhile, investors' focus continued to change across sectors and scrips level. In line with that, they are focusing on Micro Caps, lately as those scrips remained dormant for last couple of months, said the merchant bank.
Triggered by this, textile sector soared with 2.06 per cent gain. Sequentially, investors' search for lucrative price prompted session-long volatility with 63 out of 290 traded scrips posting more than 3.0 per cent change, it added.
 "After few days of sidewalk, market is now exhibiting enough strength to define a particular bullish trend. Also, sector wise movements are now spreading, creating more opportunities for all kinds of investors," observed Zenith Investments.  
The gainers took a strong lead over the losers as out of 290 issues traded, 190 advanced, 66 declined and 34 issues closed unchanged on the DSE floor.