Stocks fall on profit booking: Break eight-day gaining streak

The Daily Star  April 27, 2021
Star Business Report

The stock market witnessed a profit booking session yesterday, breaking a graining streak of eight consecutive days.

DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 12 points, or 0.22 per cent, to stand at 5,485.86.

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The prices of many stocks rose in the last few days, so investors went for some profit yesterday, said Ali Xahangir, CEO of Amarstock.com, a stock market analysis-based website which also trains investors.

“So far, the movement of the stock market looks good because investors are active here and they are taking profit. So, all are going good.”

Despite the deterioration of the pandemic, stocks rose in the last few days as many businesses invested in the stock market taking benefit of the system to invest online from home during the lockdown, he said.

A stock broker echoed the same, saying some investors booked profits as most stocks rose 10 to 15 per cent in the last few days.

This is a good sign, because whenever an investor books profit, they get confidence to invest more, he said.

Moreover, turnover of the market increased at the same time thanks to the higher participation of investors.

However, the DSE’s turnover, an important indicator of the market, surged around 1 per cent to Tk 1,195 crore.

AFC Agro Biotech topped the gainers’ list, rising 10 per cent, followed by Anwar Galvanizing, National Feed Mills, Olympic Accessories and Esquire Knit Composite.

Stocks of Beximco traded the most with Tk 138 crore worth of shares changing hands followed by LafargeHolcim Bangladesh, Beximco Pharmaceuticals, GBB Power and BD Finance.

Prime Bank shed the most with an 8.76 per cent drop followed by Purabi General Insurance, Takaful Islami Insurance, Peoples Insurance, and Desh General Insurance.

At the DSE, 102 stocks advanced, 191 declined and 62 remained unchanged.

The Chittagong Stock Exchange also fell yesterday. The CASPI, the general index of the port city bourse, fell 38 points, or 0.24 per cent, to stand at 15,828.

Among 255 traded stocks, 73 rose, 134 fell and 48 remained unchanged, CSE data shows.

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