Bangladesh's stocks

Investors are in despair as Bangladesh’s stocks nosedive. BBN file photo

Dhaka, Bangladesh (BBN) – Bangladesh’s stocks witnessed a mild correction on Wednesday, after gaining two straight sessions as some investors booked profits ahead of Eid Festival.

Dealers said the some investors opted booking some profits on stocks that saw significant gains in the past two sessions, as Eid festival nears.

There are only six trading sessions are left before Eid-ul-Azha vacation.

The market was in the positive territory and the key index of the major bourse rose more than 18 points in the mid-session, but cautious investors put sale pressure to take modest profit, closing the market to the negative territory.


Finally, DSEX, the prime index of the Dhaka Stock Exchange (DSE), finished at 5,856, shedding 6.46 points or 0.11 percent, after adding nearly 43 points in the past two consecutive sessions.

The two other indices also finished lower. The DS30 index, comprising the blue-chips, fell 1.03 points or 0.05 percent to settle at 2102 points.

The DSE Shariah Index (DSES) lost 3.14 points or 0.24 percent to close at 1304 points.

International Leasing Securities, a stockbroker, said: “The session started with buying binge, but investors’ short-term profit booking tendency during rest of the session led the benchmark index to close in red.”

Trading activities also fell to BDT 8.76 billion, which was more than 10 percent lower over the previous day’s BDT 9.78 billion.

The losers took a modest lead over the gainers as out of 331 issues traded on the DSE, prices of 164 securities declined, 117 advanced and 50 remained unchanged.

Bangladesh Building Systems dominated the day’s turnover chart with shares of BDT 862 million changing hands, followed by LankaBangla Finance, BBS Cables, Fortune Shoes and ACI Limited.

Anlimayarn Dyeing was the day’s top gainer, posting 4.67 percent rise while BBS Cables was the worst loser, with 9.94 percent fall.

The port city bourse, the Chittagong Stock Exchange (CSE), also finished lower with its Selective Categories Index – CSCX – losing 22 points to settle at 10,985.

Losers beat gainers as 134 issues closed lower, 90 closed higher and 30 remained unchanged on the CSE.

The port city bourse traded 20.51 million shares and mutual fund units worth BDT 681 million in turnover.