Dhaka, Bangladesh (BBN) – Bangladesh’s stocks witnessed a marginal correction on Wednesday, breaking a week-long rally, as risk-averse investors booked quick-profit on sector specific stocks.
Analysts said investors mostly preferred to book quick-profit on stocks that saw substantial gain in recent upsurge, especially second half of the session, taking the market in the red territory.
The market opened with an optimistic note and the key index of the premier bourse crossing the 5,600-mark in early trading, but could not sustained that level amid profit booking sale pressure, ultimately ended 18 points lower.
Key index of the country’s prime bourse slipped 18.07 points while the Selective Category Index of port city bourse slumped 23.88 points at the closing.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), slipped by 18.07 points or 0.32 per cent to settle at 5,580.64 points.
The two other indices also faced some correction.
The DS30, comprising blue chips, fell 8.98 points or 0.44 per cent to close at 2,025.53 points.
The DSE Shariah Index (DSES) lost 4.61 points or 0.35 per cent to close at 1,304.10 points.
Turnover, the most important indicator of the market, also came down to BDT 10.54 billion, which was 10 per cent lower than the previous day’s BDT 11.74 billion.
The losers took a strong lead over the gainers as out of 330 issues traded, 188 closed lower, 96 closed higher and 46 remained unchanged on the DSE trading floor.
LankaBangla Finance dominated the DSE turnover chart for the two consecutive sessions with about 7.50 million shares worth BDT 397 million changing hands, closely followed by Baraka Power BDT 391 million, ACI Formulations BDT 310 million, Beximco BDT 269 million and Appollo Ispat Complex BDT 265 million.
Malek Spinning Mills was the day’s highest gainer, posting 8.54 per cent gain, while the newly listed SEML IBBL Shariah Fund was the worst loser, shedding 9.84 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower after seven days with its Selective Categories Index – CSCX – falling 23.88 points to settle at 10471.73 points.
Losers beat gainers as 83 issues closed lower, 141 closed higher and 35 remained unchanged on the CSE.
The port city bourse traded 21.57 million shares and mutual fund units’ worth over BDT 617 million in turnover.