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Daily Business News All Daily Business News
18 Feb 2013
Stocks decline amid profit-taking sales

Dhaka stocks declined on Sunday, the first trading day of the week, with a declining turnover after two sessions on the up as investors went for sell-offs to make profits.

The turnover of the bourse dropped to Tk 453.90 crore from the previous session’s Tk 552.42 crore, which was a four-month high.

DSEX, the benchmark general index of the Dhaka Stock Exchange, declined by 0.43 per cent, or 18.64 points, to close at 4,286.32 points.

The old benchmark general index, DGEN, declined by 0.51 per cent, or 22.60 points, to finish at 4,374.23 points. The DSEX and the DGEN had gained 64.54 and 64.81 points in the earlier two trading sessions. Meanwhile, DS30, the blue-chip index of DSE, dropped by 0.42 per cent, or 6.57 points, to finish at 1,545.40 points after gaining 22.29 points in the earlier two sessions.

‘Most of the investors went for sell-offs to make profits seeing the last two sessions’ uptrend,’ said a stockbroker. Potential buyers also remained inactive on the day to buy shares on the cheap, he said, adding, ‘Correction in share prices may happen after few days on the up.’

A number of investors observed that the recent trend in the capital market was very good, which would help the affected investors to make up for their losses incurred during the market crash.

With the political uncertainty getting intense, some investors opted for a cautious approach before making their decisions. Among the 274 issues traded on the day, 72 advanced, 171 declined and 31 remained unchanged.
Textile was the most popular sector as its shares worth Tk 76.59 crore changed hands.

Summit Alliance Port gained the most as its shares went up by 10 per cent while Purabi General Insurance lost the most, 53.5 per cent, on a day that was the record date of the company for right shares. Unique Hotel topped the turnover chart with shares worth Tk 12.57 crore changing hands.

Meanwhile, DSE would launch a Bangla web site today with a view to providing the investors with market information in Bangla. DSE president Rakibur Rahman would inaugurate the website, a DSE web post said.

Source :: The New Age