Dhaka, Bangladesh (BBN)– Bangladesh’s Stocks faced a mild correction on Tuesday, snapping a four-day rally, as risk-averse investors opted for quick-profit on sector specific shares.
The market faced natural correction as investor booked short-term profit on stocks that saw significant gains in the past four trading days, according to experts.
After four-day rally, the market showed up some normal correction, creating some space for traders to inject fresh funds and re-balance their investment, they added.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 2.28 points or 0.04 per cent to settle at 4,779 after adding 103 points in the past four consecutive sessions.
The DS30 index, comprising blue chips, also saw a fractional loss of 0.03 point to finish at 1,664.
However, the DSE Shariah Index gained 3.96 points to close at 1,094.
Turnover, another important indicator of the market, stood at BDT 3.92 billion, which was 32 per cent higher than the previous day’s turnover of BDT 2.96 billion.
The opportunist investors exposed their buying interest on power, telecom and pharma sectors in expectation of better return, said the stockbroker.
The non-bank financial institutions sector posted the highest loss of 2.33 per cent, followed by food with 1.44 per cent, engineering 0.81 per cent, and banking 0.46 per cent.
Power sector booked the highest gain of 1.45 per cent, followed by pharmaceuticals 0.87 per cent and telecom 0.24 per cent.
The losers took a modest lead over the gainers as out of 354 issues traded, 184 ended lower, 128 closed higher and 32 issues remained unchanged on the DSE trading floor.
A total of 125,543 trades were executed in the day’s trading session with trading volume of 132.93 million securities.
The market capitalisation of the DSE also rose to BDT 3,599 billion on Tuesday, from BDT 3,601 billion in the previous session.
Top turnover and gainers’ chart were dominated by small-cap companies.
National Tubes topped the turnover chart with shares worth BDT 125 million changing hands, followed by Wata Chemicals, Sonar Bangla Insurance, National Polymer and Fortune Shoes.
Agrani Insurance was the day’s best performer, posting a gain of 9.42 per cent while Regent Textile was the worst loser, losing 9.24 per cent.
On the other hand, the Chittagong Stock Exchange posted a marginal gain with the CSE All Share Price Index – CASPI—gaining 11.58 points to settle at 14,531 and the Selective Categories Index – CSCX –advancing 7.95 points to finish at 8,829.
The losers beat gainers, as 136 issues closed lower, 91 ended higher and 27 remained unchanged on the CSE trading floor.
The port city’s bourse traded 10.19 million shares and mutual fund units worth BDT 301 million in turnover.