Investors go for profit booking

FE Report The bourses went down Tuesday, breaking three sessions' gaining streak as most investors went for profit booking from their previous purchase. The General Index of the Dhaka Stock Exchange (DGEN) ended at 4,047.23 points, losing 49.52 points or 1.20 per cent as natural correction occurred amid sporadic volatility. The other two indices also ended in red --- the DSEX went down by 69.76 points or 1.78 per cent to close at 3,832.62 while the blue chip index DS30 lost 12.73 points or 0.89 per cent to close at 1,407.62 points. Total turnover at DSE stood at Tk 4.17 billion, down by 11.27 per cent over the previous session's value of Tk 4.70 billion. "Following a series of rising sessions, investors were seem to be proceeding with some profit taking actions," commented LankaBangla Securities, in its regular market analysis. "After accumulating roughly 200 points over recent rally, DGEN lost 49.52 points as natural correction occurred over profit booking. As observed, profit booking activities went up further, putting downward pressure on stock prices," commented IDLC Investments. Meanwhile, investors acted cautious over fresh positioning at this moment, as investment outlook went slightly cloudy over recent political developments, said the merchant bank. "Market dropped after three straight intensely positive sessions. Apparently pessimistic thoughts may appear. But the thing is, it was just a natural correction which started on Monday but couldn't be noticed due to market's latent tendency for steeply Bull Run," observed Zenith Investments. "As liquidity remains intact, market now is fit for resuming the run. Although it was a natural correction, a few scrips are yet to be corrected. In that case minor correction may continue in the next session to end the week," the Zenith analysis added. Losers took a strong lead over the gainers as out of 277 issues traded at DSE, 235 declined, 34 advanced and eight remained unchanged. All of the sectors faced heavy correction except for a couple. IT sector saw huge appreciation after experiencing correction last day. The gain was led by Aamra Technologies which itself gained 9.16 per cent. Telecom sector also walked to opposite direction of the market. It gained 2.28 per cent as both of the scrips gained more than 2.0 per cent.