Stocks fell on Monday, breaking seven-day long rally, as cautious investors went for booking profits.
After rising for a while in the morning, the benchmark DSEX index finished 46 points or 1% lower to close at 4,198, scaling back from previous session’s four-month high.
However, the blue chip index DS30 remained almost unchanged at 1,436, rising fractionally of 0.05 points. The Chittagong Stock Exchange Selective Categories Index, CSCX, declined 74 points to 8,190.
Profit booking on heavyweight banking stocks dragged down the market as the sector lost 3.8% after rally over the several session with seven banks featuring in the top ten loser’s list.
Market was under pressure as the sellers booked profit, outpacing the cautious buyers throughout the trading session, said Lanka Bangla Securities in its market analysis.
Market went down after rallying straight one week as large-cap stocks lost 2% to 7% market capitalisation, it said.
It said, after a weeklong rally in index, market showed up some natural correction, creating some scope for traders to pour some fresh fund and reposition their investment.
IDLC Investment said after crossing 4,300-mark at the initial hours, natural correction kicked in.
It said participation remained healthy and reached Tk5bn-mark after one and half months.
Textile sector gained highest 2.51% as the market participants showcased their renewed interest in the sector. It also registered a 59% growth in turnover.
Other sectors including telecommunications, power and engineering closed flat.
Gainers took lead over the losers as out of 292 issues traded, 148 gained, 124 dropped and 20 remained unchanged. The total turnover at DSE stood at Tk5bn, which was 1.2% higher than the previous session.
RN Spinning Mills was the most traded stock of the session with a turnover of over Tk180m, followed by United Commercial Bank, One Bank, Meghna Petroleum, National Bank, United Airways and Mercantile Bank.