Stocks face marginal correction

Stocks witnessed marginal correction Wednesday, after remaining upbeat for the past four consecutive sessions, as investors bagged profits ahead of national budget to be announced on June 4.
The market opened with a negative note and was on roller coaster throughout the session.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 4,616.12 points, shedding 11.04 points or 0.24 per cent, after gaining 172 points in the last four consecutive sessions.
DSE Shariah based index - DSES-lost 2.72 points or 0.24 per cent to end at 1,110.72 points. However, DS30 index, comprising blue chips, moved up by 11.37 points or 0.65 per cent to close at 1,760.16 points.
Turnover, the crucial indicator of the market, remained high and amounted to Tk 8.42 billion, registering an increase of 0.72 per cent over the previous session's Tk 8.36 billion.
The investors' attention mostly focused on power, pharma and engineering - the sectors that accounted for 23 per cent, 17 per cent and 13 per cent respectively of the day's total turnover.
IDLC Investments, a merchant bank, said, "Most recent bull-run took a halt as market dented after four sessions while investors reassessed their positions".
However, optimism prevailed as turnover remained high, amid large-scale retail and institutional participation, said the merchant bank.
"Favourable political and macro economic scenario also played a pivotal role in regaining investor confidence," said the merchant bank.
 "Stocks closed marginally lower as most of the investors preferred to book profit on recent upbeat momentum," said International Leasing Securities, in an analysis.
Market turnover increased slightly as both the position taking and profit booking groups demonstrated their active presence in the market, said the International Leasing.
"Investors attention continued to stay focused mostly on power sector. However, price correction in issues from bank, telecommunication and NBFIs contributed to the index fall," said the International Leasing.
"Index stuck to its zigzag pattern throughout the day and remained exposed to the whims of selling forces on large-cap stocks," said LankaBangla Securities, in an analysis.
The large-cap sectors saw a mixed performance. Banks and NBFIs went down by 1.71 per cent and 1.29 per cent respectively. Telecommunication retraced by 0.96 per cent and power closed 0.39 per cent.
Food and allied posted a gain of 1.22 per cent and cement advanced by 0.75 per cent. Pharmaceuticals ended the session flat.
The losers, however, took a strong lead over the gainers as out of 311 issues traded, 219 declined, 73 advanced and 19 remained unchanged on the DSE floor.
Activities decreased in the major bourse where volume and trade were down by 3.69 per cent and 0.80 per cent respectively. A total number of 0.176 million trades were executed with trading volume of 215.26 million securities.
The market capitalisation on DSE stood at Tk 3,236.60 billion against Tk 3,244.02 billion in the previous session.
KPCL remained the day's top turnover, with shares worth Tk 562.30 million changing hands followed by Beximco, BSCCL, United Power and ACI.
BSRM was the day's highest gainer, posting a rise of 10 per cent while Dulamia Cotton was the worst loser, slumping by 9.52 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also ended in the red with its Selective Categories Index - CSCX - lost 3.48 points to close at 8,709.24 points.
Losers beat gainers 174 to 58, with 15 issues remaining unchanged at the port city bourse that traded 20.42 million shares and mutual fund units, turnover value of Tk 742 million.
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