Profit-taking pulls down stocks

FE Report | Published: January 28, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

Stocks faced slight correction Monday after fourth consecutive sessions winning streak with turnover dropped significantly as investors booked marginal profit, particularly in large cap stocks.
The prime index of the Dhaka Stock Exchange (DSE) --- DSEX- went down by 6.75 points or 0.14 per cent to close the session at 4,751.62 points after minor see-saw throughout the session.
The DS30 index, comprising blue chips dropped 13.20 points or 0.78 per cent to close at 1,659.61 points. The DSEX Shariah Index (DSES) also went down by 4.77 points or 0.48 per cent to close the session at 982.26 points.
The turnover on the DSE came down to Tk 6.72 billion, registering 21.76 per cent decline over the previous session's two-month high value of Tk 8.59 billion.
"Profit booking, particularly in large cap stocks, checked DSEX from rising further, putting a halt to 4-session long gaining streak of 200 points," said IDLC Investments, a leading merchant bank.
"As prices went for a sudden stop amid the rally, participation dropped to Tk 6.72 billion, as investors were assessing the situation," the merchant bank said.
However, positive movement in the largest sector of the market --- Bank helped the indices stay afloat as it gained 1.15 per cent, it said.
Textile came supporting with a marginal positive movement of 0.16 per cent gain. Cement on the other hand slammed breaking its 6-day rally with 1.79 per cent loss, the merchant bank said.
"With imminent Monetary Policy Statement (MPS) and upcoming year-end declaration, expectation stayed strong for banks, making it the dominant sector for the second day, in terms of participation, accounted for 21 per cent of total market capitalisation," said the merchant bank.
"After rising more than 200 points in last four trading session since the index last posted a meager correction in it, market behaved mixed Monday," observed LankaBangla Securities.
Some large cap stocks took correction, while rally in other large and mid-cap stocks got a strong footing, the stock broker said.
Thus, market was a bit volatile with corrective mood closing the index 6.75 points or 0.14 per cent down to 4752 points.