Stocks witness sharp decline

FE Report | Published: November 25, 2013 00:00:00 | Updated: November 30, 2026 06:01:00

Stocks saw sharp decline Sunday for the second running session with declining turnover as the market faced further correction amid investors' continuous profit - booking tendency.
Despite the market opened with a positive note and the key index of the Dhaka Stock Exchange - DSEX- gained 16.76 points or 0.38 per cent within first 30 minutes, it ended at 4,324.70 points, shedding 71.24 points or 1.62 per cent from previous session.
The total turnover on DSE amounted to Tk 6.59 billion, which was 9.5 per cent lower than that of the previous session's value of Tk 7.28 billion.
"Shaky confidence overpowered market optimism, turning the investors into a profit-taking mode," said IDLC Investments, a leading merchant bank.
Consistent with the move, most vibrant sectors of the recent rally, namely bank, NBFI and textile faced massive waves of profit booking, said the merchant bank.
Meanwhile, textile captured most of the turnover rally, accounting for 21 per cent of day's total turnover value; while fuel & power enjoyed a hike in interest reflected by 24 per cent increase in turnover, following positive earnings declaration from the sector, said the merchant bank.
"Market kicked off the week with a sharp fall in index with investors pressing sales and going for profit booking," said Zenith Investments.
"Political uncertainty and market correction amplified with profit taking, hurting sentiments of other traders to a notable extent," the Zenith analysis said.
"After continues growth for the past few days, market correction is quite normal. Still investors mood is cautious as ongoing political uncertainty may hinder a quick recovery." the Zenith analysis added.
"Investors have probably booked some profit that they earned during last week," said LankaBangla Securities, a leading stock broker.
"Turnover was 9.5 per cent down compared to previous trading session, indicating seller unwillingness to sell stocks at lower prices," said the stock broker.