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Daily Business News All Daily Business News
09 Jul 2013
Stocks slip amid profit taking

Stocks returned to the red yesterday, breaking a four-day gaining streak, as investors went for selling shares and mutual fund units to pocket profits. DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,263.24 points, after falling 14.86 points or 0.35 percent. “Growing participation helped to absorb sell-pressure like last few sessions,” commented IDLC Investments in its analysis. “Scrip wise movement was also observed centring the holy Ramadan as some fresh positioning and repositioning took place.”

Amid this repositioning, investors appeared to switch from bank sector to power and textile sectors, the investment banker said. Meanwhile, power sector continued to record highest turnover for the 12 consecutive sessions over imminent corporate declarations, which generated 21.61 percent of the day’s turnover, it said. The market saw both the extremes of bullishness and bearishness in the same day, stated LankaBangla Securities in its analysis.
Some of the shares were trading at the upper band of their circuit breaker, while others were contributing to the decline of the market, the stockbroker said.

The trading day began on a high note and ended flat as strong sell pressure from some of the sectors were absorbed by the buyers, it said. Banking sector continued to see exit of funds and decline of capitalisation by 1.77 percent, LankaBangla said. Most of the non-bank financial institutions and insurance companies also saw price correction as there was a lack of sufficient buying interest, it said. A total of 1.96 lakh trades were executed with 20.63 crore shares and mutual fund units changing hands on the Dhaka bourse. Of the 290 issues that traded on the DSE, 96 advanced, 173 declined and 21 remained unchanged.

Among the major sectors, engineering gained 2.65 percent, food and allied 2.58 percent, and travel and leisure 1.18 percent. However, life insurance declined 2.07 percent, general insurance 2 percent and banks 1.70 percent.
United Airways featured on the most traded stocks’ chart with 3.8 crore shares worth Tk 87 crore being traded. JMI Syringes and Medical Devices was the day’s highest gainer posting a rise of 9.96 percent, while ICB Third Mutual Fund Units was the worst loser, plunging by 7.74 percent.

Source :: The Daily Star