• Tuesday, Nov 30, 2021
  • Last Update : 05:59 pm

Stocks fall on profit taking

  • Published at 04:16 am May 22nd, 2013
Stocks fall on profit taking

Stocks fell on profit taking yesterday amid volatility, snapping a three-day gaining streak.

The market was in the positive territory for a brief period but investors put sale pressure to take profit, sent the market to the negative territory, analysts say.

The benchmark DSE General Index, DGEN, closed at 4047, shedding 49.52 points or 1.21%, chipping away from roughly 200 points gained in the previous three sessions.

The new benchmark, DSEX, was down 70 points or 1.78% to 3832.62. The DSE30 ended 12.73 points or 0.90% lower to 1407.62.

The Chittagong Stock Exchange Selective Category Index, CSCX, was down 106 points to 7581.41.

“A bout of profit-booking pulled the market down,” said Akter H Sannamat, managing director of Union Capital Ltd.

But most investors still remained jittery over the ongoing political situation as indicated by a decline in the turnover, he said.

The total DSE turnover stood at Tk4.2bn, down 11.2% from the previous session. The prices of most issues eroded as out of 277 issues traded, 34 advanced, 235 declined and eight remained unchanged.

“Profit booking activities went up further, putting downward pressure on the stock prices,” said IDLC investment in its daily market analysis.

It also said investors acted cautious over fresh positioning at this moment, as investment outlook went slightly cloudy over recent political developments.

Telecommunication was the only sector to stay positive, driven by heavyweight Grameenphone that gained more than 2%.

Banks that remained under pressure over their negative first quarter earnings dropped 2.74% after making substantial gains on the previous day.

Non-banking financial institutions shed 2.42%, pharmaceuticals 1.45% and power 0.76%.

Orion Pharma was the most traded stock of the day which accumulated total turnover worth Tk260m.

Other top traded stocks included Unique Hotel and Resorts, United Airways, Bangladesh Submarine Cable Company Ltd, Summit Purbanchol Power Company Ltd, Beximco and Aamra Technologies. 

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