Stocks slipped into the red on Monday, snapping a four-day winning streak, as the cautious investors opted for booking profit on quick-gaining issues.
The market started on an upbeat note and the key index crossed 7100 mark, rising 43 points within 20 minutes of trading. But, the rest of the session went down steadily amid profit booking.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 12.49 points or 0.17 per cent to settle at 7,051, after gaining 137 points in the past four consecutive sessions.
Two other indices also closed slightly lower. The DS30 index, comprising blue chips, dropped 3.82 points to finish at 2,607 and the DSE Shariah Index shed 4.43 points to close at 1,509.
Turnover, the most important indicator of the market, however, crossed Tk 14 billion mark after two weeks and amounted to Tk 14.28 billion, which was 7.0 per cent higher than the previous day's tally of Tk 13.35 billion.
Market analysts said stocks witnessed trivial correction as investors opted for booking profit on selective large-cap stocks which posted significant gains in the recent price surge.
The retail investors went for booking profits, particularly on food, telecom, financial institutions and banking sector stocks, taking the market in the negative territory, according to a merchant banker.
Price correction of some large-cap stocks such as British American Tobacco, Grameenphone, Robi, Square Pharma and Bangladesh Shipping Corporation contributed to the market fall, he said.
British American Tobacco, Grameenphone, Robi, Square Pharma and Bangladesh Shipping Corporation, jointly contributed 15 points fall of the DSEX, according to amarstock.com, a market data analyst.
The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index - CASPI -losing 46 points to settle at 20,675 and the Selective Categories Index - CSCX-shedding 26 points to close at 12,420.
Of the issues traded, 148 declined, 122 advanced and 38 issues remained unchanged on the CSE.
The port-city bourse traded 12.91 million shares and mutual fund units with a turnover value of Tk 423 million.
© 2024 - All Rights with The Financial Express
