Dhaka, Bangladesh (BBN) – Bangladesh’s stocks faced marginal correction on Wednesday, breaking eight-day rally, as risk-averse investors booked profit on quick-gaining stocks.
Dealers said correction occurred as the market witnessed a substantial gain in the past few trading days, which prompted many investors to book quick-profit.
The market opened with a flying note and key index of the premier bourse crossed the 6,100-mark within a few minutes, but the risk-averse investors preferred to book gain that saw significant surge in recent time, ultimately ended more than 13 points lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went down by 13.83 points or 0.23 percent to settle at 6,069, after adding about 228 points in the past eight consecutive sessions.
However, the two other indices maintained their record-breaking rally. The DS30, comprising blue chips, advanced 3.39 points or 0.15 percent to close at 2,160.
The DSE Shariah Index (DSES) gained 1.78 points or 0.13 percent to finish at 1,336.
Trading activities remained encouraging as turnover crossed BDT billion and amounted to Tk 13.70 billion, which was 30 percent higher than the previous day’s turnover of BDT 10.50 billion.
A total number of 0.182 million trades were executed in the day’s trading session with trading volume of 466.39 million securities.
The total market capitalisation of the DSE came down to BDT 4,050 billion from the record high of BDT 4,054 billion in the previous day.
The losers took a modest lead over the gainers as out of 323 issues traded, 163 closed lower, 138 higher and 22 remained unchanged on the DSE trading floor.
National Bank topped the day’s turnover chart with shares of BDT 455 million changing hands, followed by LankaBangla Finance, IFIC Bank, CITY Bank and Premier Bank.
Usmania Glass was the day’s best performer, posting a gain of 9.97 per cent while IFIC Bank First Mutual Fund was the day’s worst loser, plunging 8.33 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also faced correction after eight days rally with its Selective Categories Index – CSCX – losing 49 points to close at 11,372 points.
Losers beat gainers as 150 issues closed lower, 100 higher and 12 remained unchanged on the CSE.
The port city bourse traded 23.14 million shares and mutual fund units worth more than BDT 597 million in turnover.