Stocks absorbed a sell pressure
According to market analysts, Monday’s sell pressure was mainly from individual investors who just need some cash to celebrate the upcoming Eid-ul-Adha.
Stocks at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) have absorbed a fresh round of sell pressure amid the Eid-centric profit booking by individual investors.
According to market analysts, Monday’s sell pressure was mainly from individual investors who just need some cash to celebrate the upcoming Eid-ul-Adha.
DSEX, the benchmark index at the premier bourse of the country, plunged below 5150-point mark at the first half of the trading session but it was in a path to recover as some institutional buyers came up to pick good stocks at a bargain.
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Finally, the broad index closed at 5160.37 point, ending the red day 0.24 percent lower.
Blue-chip and large cap stocks suffered the biggest profit booking as DS30, the selective stocks’ index closed 0.55 percent down.
Shariah index DSES on Monday fell 0.36 percent from the previous close.
Amid sell pressure, investor participation was higher than that in the previous working day. The DSE recorded a turnover of Tk477 crore in the session, which was less than Tk464 crore in the previous session.
Analysts told The Business Standard that the stock market was expected to consolidate at the current level as more institutional funds are picking undervalued stocks from the exchanges.
They also expressed hope that the market would manage to maintain the present pricing level. And it must be in line with good fundamental disclosures to come up, they opined.
At the CSE, all the indices except CSI, the shariah-compliant index, managed to minimise the loss within 0.1 percent.
Trading volume crossed Tk26 crore from Tk17 crore in the previous session there.
Breaking a corrective trend ceramic, life insurance, engineering and mutual funds dominated the chart for market capital gains.
On the other hand, telecom stocks lost maximum price that resulted in a 4.4 percent capital erosion over the session. Among other sectors, bank, pharma, textile, service and real estate, general insurance, fuel and power, IT, travel and leisure passed a red day.
