Stocks return to the slow lane

Stocks returned to the red Monday after four consecutive sessions of gains, with turnover dropping significantly as investors went for quick profit booking.
The market started with an upbeat note, but late hours profit booking sale wiped out early gains. Eventually, DSEX, the prime index of the Dhaka Stock Exchange (DSE), ended at 4709.91 points, shedding 3.66 points or 0.07 per cent.
The DSE Shariah Index dropped by 1.90 points or 0.17 per cent to close at 1,110.72. However, the DS30 comprising blue chips remained positive and closed at 1,818.97 points, gaining 4.10 points or 0.22 per cent.
The total turnover on DSE slumped to Tk 6.68 billion, registering a decline of 20.28 per cent over the previous session's seven and a half month high turnover of Tk 8.38 billion.
The investors' attention was mostly concentrated on fuel and power, pharmaceuticals and engineering - the sectors that accounted for 19 per cent, 16 per cent and 12 per cent respectively of the week's total turnover.
"The market saw mild correction as investors went for some quick profit booking," commented LankaBangla Securities, in its regular market analysis.
Intra-day price volatility of actively traded stocks has been observed. Trailing market price earning (PE) ratio stood at 16.04 on Monday, said the stock broker.
 "Market slowed a bit after last few days' buying spree amid profit booking and sector reallocation by the investors," commented IDLC Investments
Out of 300 traded stocks, only 16 posted more than 3.0 per cent gain, whereas 52 lost more than 3.0 per cent from the previous day, said the merchant bank.
"The weakness that emerged on DSE was partly due to profit taking following the recent strength in the markets," said Sheltech Brokerage.
Among the large cap sectors, non-banking financial institutions were the only sector which closed lower with 0.24 per cent loss.  
All other major sectors appreciated. Telecommunication gained the most with 1.24 per cent gain. Pharmaceuticals, food and allied and fuel and power sectors went up by 0.31 per cent, 0.82 per cent and 0.19 per cent respectively. Banks closed flat with 0.06 per cent gain.
Losers outpaced gainers as out of 300 issues traded, 172 declined, 83 advanced and 45 remained unchanged on the DSE trading floor.
Activities decreased in the major bourse (DSE) where trade and volume were down by 18.57 per cent and 18.50 per cent respectively. A total of 0.127 million trades were executed with 125.61 million securities of trading volume.
The total market capitalisation of the DSE stood at Tk 3,189.68 billion against Tk 3,187.69 billion in the previous session.
MJL BD was the day's most traded stocks for the second running sessions with shares worth Tk 445.14 million changing hands followed GP, Beximco Pharma, Padma Oil and BSRM Steels.
Safko Spinning was the day's highest gainer for the third day, posting a rise of 8.0 per cent while Rupali Life Insurance was the day's worst loser, slumping by 6.93 per cent.
The port city bourse, Chittagong Stock Exchange (CSE) also closed marginally lower with its Selective Categories Index - CSCX - lost 8.41 points to close at 8,800.62 points.
Losers beat gainers 141 to 64, with 30 issues remaining unchanged at the port city bourse that traded 9.50 million shares and mutual fund units, turnover value of Tk 417.17 million.