Stocks see modest correction

The stock market suffered a modest correction Tuesday after six consecutive sessions of winning streak as investors went for pocket profits.
The market opened with a positive note, but could not sustain amid profit booking sale pressure. DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down by 38.64 points or 0.84 per cent to close at 4,526.49 points after steadily gaining 144.52 points in the past six sessions.
The other two indices also ended lower. The DS30, comprising blue chips lost 13.02 points or 0.76 per cent to close at 1,688.44 points. The DSE Shariah Index shed 12.68 points or 1.19 per cent to close at 1,047.96 points.
The total turnover on the DSE dropped slightly to Tk 6.81 billion, which was 13.77 per cent lower over the previous session's 6-month high value of Tk 7.90 billion.
 "The market's recent rally suffered a slight setback as the investors' realised some of their profits and waited for new opportunities," commented International Leasing Securities, in its regular market analysis.
Mutual funds sectors saw buying interest as a fair chunk of the investors seemed to be anticipating satisfactory dividend declaration from respective fund managers, said the International Leasing.
 "Investors seemed to book some profits as they witnessed some return in last few trading sessions," said LankaBangla Securities.
However, growth in earnings of multinational companies and other manufacturing stocks remains as the biggest trigger in market, the stock broker said.
Manufacturing activities have regained momentum in the recent times following to apparently calm political situation, the stock broker added.
IDLC Investments said: "Recent rally faded over profit booking in most of the large caps, especially MJL BD, GP and Square Pharmaceuticals".
Mutual Funds showcased robust performance over expectations on upcoming dividend declarations. Almost all the mutual funds closed in positive territory, with eight MFs emerging at top ten gainers list, said the merchant bank.
The bourse absorbed increased selling pressure and no further fresh fund injection was observed, said the merchant bank.
Zenith Investments said: "The stock prices slumps due to profit taking, after steadily rising for the last one week. Mutual Funds were in demand, even though the whole market was going in another direction".