Stocks edge lower

The market was in the positive territory briefly in the morning and later closed in red on profit booking. The benchmark index of Dhaka Stock Exchange DSEX fell over 16 points or 0.4% to settle at 4,692. The DS30 index, comprising blue chips, lost 10 points to 1,754. The DSE Shariah Index was down 7 points to 1,116. The Chittagong Stock Exchange Selective Category Index CSCX shed around 60 points to 8,757. Trading activities also decreased as the DSE turnover stood at Tk456 crore, down more than 5% over previous session.  Engineering had the highest contribution of 14.5% in turnover. Lanka Bangla Securities said market moved lower in the morning, grounded to the day’s low-level in the afternoon. At the end of the session, stocks were mixed as investors digested positivity in market on the season of earnings declaration, it added. Banking sector that was the best performer in previous ended flat. Food and allied sector was the day’s best performer rising 0.6%, ending its falling trend over the last few sessions. Non-banking financial institutions and telecommunications sector remained almost unchanged. Engineering was the day’s highest loser declining 1.4%, followed by pharmaceuticals nearly 1% and power 0.7%. Out of total 322 companies traded on DSE, 93 moved up, 173 down while 56 remained unchanged. Doreen Power was the most traded share with a turnover worth over Tk18 crore.