Stocks snap five-day winning streak on profit booking

FE Report | Wednesday, 19 February 2020

Stocks backed into the red on Tuesday, snapping a five-day winning streak, as investors opted for quick profit on selective large-cap issues.
DSEX, the prime index of the Dhaka Stock Exchange, went down by 27.73 points or 0.58 per cent to settle at 4,740, after adding 383 points in the past five straight sessions.
The core index added 59 points within first hour of trading that led the key index to cross the 'psychological' threshold of 4,800-level. But failed to sustain the momentum amid profit-booking sell-offs.
Market analysts said investors booked quick-profit on sector specific issues, which saw substantial gain in the past five trading sessions, taking the market in the red zone.
A leading broker said stocks witnessed a natural correction, as some investors intended to realise the profit generated from the previous five days' gain.
However, the daily trade turnover on the prime bourse scaled Tk 10 billion-mark for the first time in more than one year as investors were active in both sides of trading fence.
Turnover, a crucial indicator of the market, stood at Tk 10.21 billion on the country's premier bourse, climbing further by 4.6 per cent over previous day's mark of Tk 9.76 billion.
It happens to be the biggest single-day transaction in more than one year since January 30, 2019, when the turnover totaled a record Tk 10.24 billion.
Liquidity support by the Bangladesh Bank and interest rate cut on post office savings scheme continued to help rise the market turnover, said a merchant banker.
The Chittagong Stock Exchange also ended marginally with its All Shares Price Index (CASPI)-losing 25 points to close at 14,504 and the Selective Categories Index - CSCX -shedding 18 points to finish at 8,797.
Here too, the losers beat gainers, as 133 issues closed lower, 125 ended lower and 32 remained unchanged on the CSE.
The port city bourse traded 25.87 million shares and mutual fund units worth Tk 677 million in turnover.

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