Dhaka, Bangladesh (BBN) – Dhaka stocks fell on Thursday after fourth straight session of rally amid price correction as investors booked profit in most sectors.
Brokers explained the market situation as “an expected and normal price correction” as the market was in a bullish mood for the last four sessions.
The DSE general index gained almost 340 points all together in last four consecutive trading sessions.
Meanwhile, the market shot up almost 80 points within first an hour upon resumption of day’s trading. After that it started to decline steadily and finally ended more than 48 points lower.
The benchmark general index of the Dhaka Stock Exchange (DGEN) dipped below the 5,000 points level again a day after, to close at 4,990.32, slipping 48.47 points or 0.96 per cent.
“After four consecutive days gain, the market reverted by 48.47 points, as the investors tried to book profit,” stated LankaBangla Securities in its daily market analysis.
Of the total 265 issues traded, 150 declined, 107 advanced and eight remained unchanged.
Turnover value continued on with the recent high trend, to stand at BDT 9.33 billion, up by 13.7 percent compared to BDT 8.21 billion in the previous session.
This was the highest turnover in four months since November 23, 2011, when it was recorded BDT 10.51 billion.
All the major sectors closed lower on the day, expect non-banking financial institutions (NBFIs). The NBFIs gained 3.72 percent as Midas Financing gained alone 9.36 percent on the day.
Banks, fuel and power and telecommunications were down by 2.09 percent, 1.52 percent and 0.88 percent respectively while pharmaceuticals was down marginally by 0.42 percent.
Beximco Limited topped the turnover list with shares worth BDT 543.55 million changing hands.
Midas Financing was the day’s highest gainer posting a rise of 9.36 percent while National Housing Finance was the worst loser.
BBN/BB/SI-29Mar12-10:20 pm (BST)
