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Stocks retreat on profit-taking

Genex Infosys leads both turnover, gainer lists

FE REPORT | November 08, 2022 00:00:00

Stocks slipped into the red on Monday, snapping a four-day rally, as risk-averse investors opted to book profit on quick-gaining issues.

DSEX, the prime index of Dhaka Stock Exchange (DSE), settled 22.74 points, or 0.35 per cent, lower at 6,393, after gaining 108 points in the past four consecutive days.

Turnover, a crucial indicator of the market, also dropped to Tk 12.36 billion on the country's premier bourse, down 3.06 per cent from the previous day's mark of Tk 12.75 billion.

Stocks ended lower as the investors chose to stay watchful while waiting for the outcomes of the securities regulator's meeting with the IMF regarding recent capital market issues, said EBL Securities.

"The recent dismal earnings disclosures from a majority of companies have also spiraled investors' concerns, prompting them to partially liquidate their holdings," said the stockbroker.

Two other indices also ended lower. The DSE30 Index, comprising blue chips, shed 12.88 points to finish at 2,246 and the DSE Shariah Index (DSES) fell 4.35 points to close at 1,401.

Genex Infosys dominated the day's top turnover and the gainers' chart following the news that the company signed a 10-year business deal with National Board of Revenue on Thursday.

Genex Infosys' stock jumped 9.98 per cent to close at Tk 105.70 on Monday. The IT Company became the top turnover leader with shares worth Tk 865 million changing hands.

Most of the traded issues remained unchanged due to the 'floor price' restriction. Of the 354 issues traded, 98 declined, 48 advanced and 208 others remained unchanged on the DSE.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index - CASPI - losing 39 points to settle at 18,879 and the Selective Categories Index - CSCX - falling 24 points to close at 11,315.

Of the issues traded, 65 declined, 49 advanced and 121 issues remained unchanged on the CSE.

The port-city bourse traded 4.85 million shares and mutual fund units with turnover value worth Tk 225 million.

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