Stocks fell yesterday as cautious investors opted for quick profits from early rise.
The market opened higher in the morning adding some points from previous day’s rally due to earnings declaration of some firms, but failed to retain the momentum due to short-term profit booking sell-off beginning from mid-session.
The benchmark index DSEX was down 19 points or 0.4% to close at 4,580, after gaining 20 points in previous session.
The Shariah index DSES shed 9 points or 0.8% to 1,120. The blue chip comprising index DS30 moved down 19 points or 1% to 1,757.
The Chittagong Stock Exchange Selective Category Index CSCX ended at 8,608, dropping 42 points.
Participation in trading also took a heat as DSE turnover stood at Tk485 crore, down sharply 15% over the previous session.
Investor attention was mainly focused on engineering, financial institutions and power sectors, together accounted for almost half of the total trade.
Highest profit booking took place on cement sector that tumbled 2.3%, followed by food and allied 1.4%, power 1.1% and pharmaceuticals 0.5%.
Telecommunications and engineering declined marginally.
Rally in financial institutions offset some losses. Banks came to spotlight on the day, surging over 1%, driven by United Commercial Bank and Dutch Bangla Bank that gained nearly 5% and 3% respectively following their dividend declarations.
Non-banking financial institutions also moved up over 1%, led by Lanka Bangla Finance.
IDLC Investments said morning zeal could not linger as the day passed since the investors became skeptical to the sustainability of the index and opted for profit booking from all cap classes.
The market breadth was also negative as out of 322 issues traded, 110 closed positive, 160 negative and 52 remained unchanged.
The country’s leading steel maker BSRM Limited was the most-traded stock with a turnover worth more than Tk28 crore.
It was followed by Lanka Bangla Finance, United Commercial Bank, Lafarge Surma Cement, IFAD Autos and Square Pharmaceuticals.
