Investors book quick profit on bank, power, pharma stocks

FE Report | Published: July 01, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

The last trading day of the fiscal year 2013-14 ended in the flat Monday after previous session's sharp gain as investors booked quick profit on bank, power and pharmaceuticals stocks.
The market started the session positively with key index of the prime bourse gained 26 points within the first 45 minutes of trade. But, it soon lost the momentum and closed slightly lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) -- ended at 4,480.52 points, shedding 6.55 points or 0.14 per cent after previous session's 7-month biggest single-day gain.
The other two indices, however, closed in positive. The DS30, comprising blue chips gained 5.85 points or 0.35 per cent to close at 1,644.75 points. The DSE Shariah Index (DSES) went up by 2.17 points or 0.21 per cent to close at 1,019.34 points.
The market participation almost unchanged, keeping turnover at Tk 3.87 billion, against Tk 3.90 billion in the previous session despite one hour less trading due to Ramadan.
"Market opened positively in morning session, but surprisingly it ended in red zone as investors came heavily to book profit on bank, power and pharmaceuticals stocks," commented LankaBangla Securities, in its daily market analysis.
Intraday movement in index was shaky as investors prompted to cash in on the gain of last two trading sessions, said the stock broker.
On the monetary side, commercial banks' lending rates have gone down to a three-year low due to a poor demand for money and a decline in their cost of funds, bankers said.
"Morning session's hype of the DSEX slowed down as the investors' profit taking attitude triggered the selling pressure after five sessions' consecutive gain," said International Leasing Securities.
Zenith Investments said, "After five days of stretch, the market takes a breather as the bulls made little attempts to take control over the bears".
The port city bourse, Chittagong Stock Exchange (CSE) also closed marginally lower with its Selective Categories Index - CSCX - lost 33.84 points to close at 8,506.99 points.
Losers beat gainers 140 to 58, with 14 issues remaining unchanged at the port city bourse that traded 8.28 million shares and mutual fund units, turnover value of Tk 245.64 million.
Meanwhile, trading on DSE and CSE will remain closed today (Tuesday) due to Bank Holiday.