Dhaka, Bangladesh (BBN) - Dhaka stocks slipped on Monday after three consecutive sessions of gaining streak amid volatile trading throughout the session as investors took some profit to minimize their losses.
Market insiders said that as the market rose for the third previous sessions, the investors went for sell-off to take profit to minimize their losses.
Meanwhile, the market opened with a positive note, gaining more than 50 points within five minutes. However, it started to decline thereafter amid fluctuation and finally ended more than 21 points lower.
The benchmark general index of Dhaka Stock Exchange (DGEN), the main gauge of the market went down by 21.20 points or 0.46 percent to close at 4,521.32.
The broader All Shares Price Index (DSI) slipped 18.82 points or 0.49 percent to close at 3,788.71. The DSE-20 Index comprising blue-chip shares lost 28.10 points or 0.76 percent to close at 3,621.48.
Mainly short-term profit taking closed the market lower on the day. “As the market gained in the last three sessions, the short term traders took some profit to minimize their losses,” a market analyst told BBN.
However, they said that investors should not worry about it as it was a normal price correction.
Out of 260 issues traded, 77 advanced, 171 declined and 12 remained unchanged.
Turnover value stood at BDT 4.62 billion in value terms, almost same form the previous day’s BDT 4.63 billion.
A total of 104.86 million shares changed hands on the day against 107.58 million in the previous session. The trade deals were 144,634 against Sunday’s 143,842.
The total market capitalization of the DSE stood at BDT 2,357.65 billion against BDT 2,365.16 billion in the previous session.
Beximco Limited topped the turnover chart with shares worth BDT 280.77 million changing hands.
The other turnover leaders were United Airways, LankaBangla Finance, GP, RN Spinning, MI Cement, Peoples Leasing, Dhaka Bank, National Bank and Keya Cosmetics.
Prime Finance was the day’s highest gainer posting a rise of 9.83 percent.
It was followed by MI Cement, MJL Bangladesh, International Leasing, Prime Insurance, Peoples Leasing, IPDC, NCC Bank, LR Global Mutual Fund One and NLI First Mutual Fund.
The day’s worst losers included Zeal Bangla Sugar Mills, EBL NRB Mutual Fund, Jute Spinners, Northern Jute Manufacturing, Monno Stafflers, National Tea Company, Imam Button, Eastern Cables, MBL First MF and Gemini Sea Food.
BBN/SSR/AD-28Feb12-11:10 am (BST)
