• Wednesday, Dec 01, 2021
  • Last Update : 05:29 am

Profit taking breaks four-day rally

  • Published at 03:35 am May 16th, 2013
Profit taking breaks four-day rally

Stocks fell in a volatile trade yesterday, ending a four-day rally as investors hastened to book profit due to poor earnings reports for first quarter and latest political development.

The benchmark DSE General Index, DGEN, was down 55.82 points or 1.41% to close at 3901, cutting from 158 points gained in the previous four sessions.

The new benchmark, DSEX, dropped 55 points or 1.47% to 3715. The DSE30 ended 18.13 points or 1.31% higher to 1361.

The Chittagong Stock Exchange Selective Category Index, CSCX, ended 109.96 points to 7323.

Turnover dropped to Tk4.09bn, down 3.5% over the previous session. Majority of issue prices closed in the negative territory as out of 270 total issues traded, 74 gained, 188 declined and eight remained unchanged.

Investors took profits most on engineering and pharma issues that shed more than 2% each, and non-banking financial institutions, telecommunications, pharmaceuticals and banks losing more than 1% each.

“The four-session long streak broke as sentiment went shaky over poor declarations and political vibes. In addition, a significant portion of investors went for profit booking, creating some selling pressure,” said IDLC Investment in its daily market analysis.

In addition, poor Q1 declarations, especially in heavyweight banking sector sparked worries among investors, and thus accelerated the downfall, it said.

Apparently, market seemed to stay concerned over recent developments, and Wednesday’s session could best be termed as a precautionary movement by investors, said a dealer.

First quarterly earnings results of different financial institutions and manufacturing companies continued to pour in the market.

“Most of the banking companies showed severe decline in the earnings, as they were compelled to keep provision against different loans and bills. Banking sector continued to saw decline in capitalisation with declining volume of 14%, according to Lanka Bangla Securities.

The impressive dividend declaration has made Orion Pharmaceuticals top turnover leader with shares Tk330m changing hands. The company recommended 20% stock and 20% cash dividends for the year 2012.

Other turnover leaders included United Airways, Summit Purbanchol Power Company Ltd, Unique Hotel and Resorts, Khulna Power Company Ltd, National Bank Ltd, RN Spinning and Titas Gas.

Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail