Stocks edge lower after three-day rise

Beximco Pharma's share plunges 3.16pc despite rise in EPS

FE REPORT | Tuesday, 4 May 2021

Stocks ended marginally lower on Monday, snapping a three-day gaining streak, as cautious investors opted for booking profit on quick-gaining stocks.
The market opened on positive note and the key index of the major bourse rose 28 points within the first 15 minutes of trading and later closed in red on profit booking on power, pharma and textile sectors sector stocks.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 5.65 points or 0.10 per cent to settle above 5,511, after gaining 95 points in the past three consecutive sessions.
Two other indices also closed in the red with the DSE30 Index, comprising blue chips, dropped 7.26 points to finish at 2,116 and the DSE Shariah Index (DSES) shed 6.95 points to close at 1,248.
Turnover, a crucial indicator of the market, dropped to Tk 11.60 billion on the country's premier bourse, which was 18 per cent lower than the previous day's three-month highest turnover of Tk 14.07 billion.
Meanwhile, Beximco Pharmaceuticals share price plunged 3.16 per cent to close at Tk 186.40 on Monday despite the company reported higher profit in the past nine months due to vaccine import from India.
The listed drug maker's profit from each Covid-19 vaccine stood at Tk 76.74, excluding all relevant expenses, according to media report.
Market operators said the investors remained active both sides of the trading fence based on latest quarterly earnings and dividend declarations.
Investors continued to restructure their portfolios following the recent earning disclosures while maintaining their high interest in general insurance sector, commented EBL Securities.
The stockbroker noted that overall investors' confidence remained stable as fear of economic stagnation from Covid-19 induced strict lockdown has gradually went down.
International Leasing Securities said the risk-averse investors sell-offs on cement, mutual fund, pharma, power and textile sector stocks pushed down the benchmark index.
The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index - CASPI -losing 19 points to settle at 15,953 and the Selective Categories Index - CSCX shedding 12 points to close at 9,622.
Of the issues traded, 125 declined, 89 advanced and 48 remained unchanged on the CSE.
The port city's bourse traded 18.25 million shares and mutual fund units with turnover value of Tk 625 million.

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