Dhaka, Bangladesh (BBN)- Bangladesh’s stocks witnessed a major correction on Wednesday, after remaining high for the past three days, as risk-averse investors booked quick-profit on sector specific stocks.
Market insiders said correction occurred as the market witnessed a substantial gain in the past few trading days, which prompted many investors to book quick-profit.
After witnessing see-saw in the hour of trading, last three hours fell steadily, ultimately ended nearly 87 points lower.
The key index of DSEX plunged 86.97 points while the Selective Category Index of port city bourse shaded 170 points at the closing.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), came to 5,621.28, plunging by 86.97 points or 1.52 per cent after adding about 175 points in the past three consecutive sessions.
The two other indices also ended lower.
The DS30, comprising blue chips, fell 12.20 points or 0.59 per cent to close at 2,028.06 points.
The DSE Shariah Index (DSES) lost 14.21 points or 1.09 per cent to finish at 1,287.56 points.
Trading activities also came down to BDT 15.25 billion, which was 24 per cent lower than the previous day’s BDT 20.13 billion.
The losers took a strong lead over the gainers as 328 issues traded, 228 closed lower, 89 closed higher and 11 remained unchanged on the DSE trading floor.
Islami Bank dominated the DSE turnover for the second day in a row with about 13.56 million shares of BDT 641 million changing hands, followed by IDLC Finance, Beximco, Baraka Power and LankaBangla Finance.
IDLC Finance was the day’s highest gainer, posting a 8.94 percent rise, while Premier Bank was the worst loser, plunging by 7.58 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index – CSCX –shedding 170 points to settle at 10,572.
Losers beat gainers as 191 issues closed lower, 71 closed higher and 12 remained unchanged on the CSE.
The port city bourse traded 32 million shares and mutual fund units’ worth BDT 840 million in turnover.