Most stocks listed with the Dhaka bourse witnessed corrections yesterday but bank stocks were the exception.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 58.8 points, or 0.99 per cent, to 5,850.
Investors went for booking profit as stocks had been rising for the last few days, according to a broker.
“When the market goes up for a stretch, then it is normal to witness some corrections,” he said.
The banking sector will soon announce dividends since their financial year ends in December. So, the demand for lenders’ stocks rose despite the market correction, the broker added.
“The index was on the verge of exceeding the 6,000-point level so some investors sold off their shares while others bought them,” a merchant banker said.
As a result, market turnover was higher despite the falling trend in the index, he said, adding that there were many buyers when a tremendous pressure to sell came.
“This is a good sign,” he said.
Turnover, an important indicator of the market, rose 15.16 per cent to Tk 2,384 crore.
After a consecutive 14 days’ rally, Robi Axiata stocks fell yesterday.
Among 369 traded stocks, 72 advanced, 231 dropped and 56 remained same yesterday at the DSE.
City Bank topped the gainers’ list, increasing 9.50 per cent followed by Titas Gas, National Bank, Sonali Aansh Industries and Summit Alliance Port.
Robi Axiata was the most traded stock, with Tk 281 crore worth of stocks changing hands followed by Beximco, LankaBangla Finance, Summit Power and Beximco Pharmaceuticals.
Jute Spinners shed the most, falling 9.99 per cent followed by Beximco, CAPM IBBL Mutual Fund, Alif Manufacturing and Imam Button.
The port city bourse also dropped yesterday. The general index of the Chittagong Stock Exchange fell 177 points, or 1.03 per cent, to 17,047 points.
Among 279 traded stocks, 81 advanced, 168 rose, and 30 remained unchanged.
