Stocks tumble amid profit-taking
Investors concentrated on large-cap stocks like British American Tobacco, Grameenphone, LafargeHolcim and Renata
Indices faced losses yesterday after witnessing a volatile session when investors took a cautious stance and opted for profit-taking.
The key index of the Dhaka Stock Exchange, DSEX, slid 35 points or 0.8 percent to close the day at 4,493 points.
DSES, the Shariah-based index, fell 4 points or 0.3 percent to settle at 1,032 points while DS30, the blue-chip index, fell 5 points or 0.3 percent to stand at 1,541 points.
At the port city bourse, CASPI – the benchmark index – posted a loss of 137 points or 1 percent to close at 13,656 points.
Following the choppy session on Sunday, the market opened lower yesterday and the downward trend continued throughout mid-session. However, a last moment push registered a marginal rise in the indices as many investors focused on sector-specific shares, according to the Daily Market Review of EBL Securities Ltd.
Investors concentrated on large-cap stocks like British American Tobacco, Grameenphone, LafargeHolcim and Renata, added the report.
Participation of the investors declined 15 percent yesterday and settled at Tk404.6-crore turnover value, from Tk474.1 crore in the preceding session.
The engineering stocks contributed the highest 14.5 percent to the total turnover value, followed by pharmaceutical stocks, adding 13.5 percent, and textile stocks, adding 10.7 percent.
Most of the sectors ended in the negative territory yesterday, with financial institutions witnessing the highest price correction of 3.2 percent.
Among the large-cap sectors, only telecom posted a gain of 1.6 percent while pharmaceuticals shed 0.2 percent price and banks lost 0.8 percent.
The price appreciation in the telecom sector was attributed to the 1.5 percent advancement of the giant stock Grameenphone, according to the Daily Market Review of UCB Capital Management Ltd.
The mobile operator has recently filed a review petition with the Appellate Division of the Supreme Court seeking its permission to pay Tk575 crore in 12 equated monthly instalments to the telecom regulator.
Analysts told The Business Standard that investors took this development positively and ended up taking positions on the big shot stock.
Lafarge Holcim Bangladesh Ltd dominated the turnover table with a turnover value of Tk35.1 crore, closing the day at Tk46.5 per share. The stock was followed by Square Pharma, with a turnover value of Tk15.5 crore, closing at Tk198 per share.
The Northern Jute Manufacturing Company Ltd was the top gainer advancing 8.3 percent, closing at Tk444.7 per share while Bangladesh Steel Re-Rolling Mills (BSRM) Ltd was the day's worst loser after shedding 9.7 percent and closing at Tk49.2 per share, according to the DSE website.
Losers took a strong lead over the gainers as out of the 354 issues traded, only 66 advanced, 255 declined and 33 remained unchanged on the DSE trading floor.