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Dhaka bourse edges lower in short-term profit grabbing

FE REPORT | May 22, 2023 00:00:00

The Dhaka bourse closed the week's first session marginally lower both on the broad index and turnover as opportunist investors booked profits cashing in on price appreciations observed last week.

Life and non-life insurers had the highest contribution to rises in turnover and the broad index last week.

On Sunday, investors' participation declined in insurers a bit, one of the reasons behind the marginal fall in the broad index and turnover.

The DSE opened the day's session positively and the DSE broad index DSEX displayed a flat movement till midsession.

After the midsession, the DSEX lost some points as a majority of the securities, which were being traded above the floor prices, dropped.

At the end of the session, the DSEX settled at 6281.29 points having lost 0.14 per cent or 8.90 points.

EBL Securities said investors were active on both sides of the trading fence as buoyant investors continued their chase for sector-specific issues with quick-gain potential.

Some cautious investors tried to realise their short-term gains amid uncertainties over the market momentum ahead of the national budget for the upcoming fiscal year.

Of 363 issues traded on Sunday, 65 advanced, 105 declined and 193 were unchanged on the premier bourse.

The DSE on Sunday recorded a turnover of Tk 8.12 billion, 13 per cent lower than the previous session.

Of the major sectors, general insurance contributed 15 per cent to the market turnover, followed by life insurance 13.8 per cent, and miscellaneous 10.7 per cent.

Of the 57 insurers, 22 lost prices on Sunday on the premier bourse.

Despite investors' lower participation compared to the previous session, four insurance stocks secured positions on the chart of the day's top 10 gainers.

Bangladesh General Insurance was the day's number one gainer with a rise of 9.96 per cent.

The other top gainers from the insurance sector were Trust Islami Life Insurance, Global Insurance Company, and Rupali Life Insurance Company.

Miracle Industries was the day's worst loser after shedding 6.65 per cent on the DSE.

Bangladesh Shipping Corporation topped the scrip-wise turnover chart with a transaction volume of Tk 582 million, followed by Rupali Life Insurance Company and Intraco Refueling Station.

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