Stocks slip for fifth day

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Stocks slip for fifth day

Stocks dropped for the past five consecutive trading sessions as investors continued to rake in profits.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), fell 56 points, or 0.78 per cent, to 7,186 yesterday. In the past five days, the index shed 181 points or 2.45 per cent.

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The share value of the DSE’s listed stocks eroded by around Tk 7,010 crore in the five days.

Stock market investors are taking in profits as they think the market may witness a correction at any time, said a stock broker.

On the other hand, some people were selling shares apprehending that inflation in the country may go up further, which can impact listed companies’ profits,
he said.

However, the relation between the stock market index and inflation is not straightforward, rather it is quite complex. Some companies’ profits may even rise due to the higher inflation, he added.

Turnover of the DSE, however, rose 15 per cent to Tk 1,655 crore from Tk 1,433 crore the preceding day.

At the DSE, 65 stocks advanced, 287 fell and 24 remained unchanged.

The Dhaka stocks witnessed another big fall as the shaky investors continued profit booking sell-offs on large cap sectors, said International Leasing Securities Limited in its daily market review.

Some investors continued restructuring their portfolios to take up fundamentally sound stocks based on their ongoing earnings and dividend declarations, it said.

Heavy sales pressure was observed in general insurance, paper, IT, mutual fund and pharmaceuticals sectors. However, optimistic investors opted for tannery, cement and financial institution sector stocks, it added.

The DSEX dropped mostly due to the fall of LafargeHolcim Bangladesh Limited, which brought it down by 15 points, followed by the Investment Corporation of Bangladesh, Beacon Pharmaceuticals Limited, Robi Axiata Limited and United Power Generation & Distribution Company Limited, according to data of amarstock.com.

SBAC Bank Limited topped the gainers’ list, rising 9.94 per cent, followed by Monno Fabrics Limited, Fortune Shoes Limited, NRB Commercial Bank Limited and Sonali Paper and Board Mills Limited.

Orion Pharma Limited shed the most, losing 9.54 per cent, followed by Indo-Bangla Pharmaceuticals Limited, Imam Button Industries Limited, Paper Processing & Packaging Limited and Far East Knitting & Dyeing Industries Limited.

Stocks of Fortune Shoes Limited were traded the most, worth Tk 134 crore, followed by IFIC Bank Limited, Orion Pharma Limited, LafargeHolcim Bangladesh Limited and NRB Commercial Bank Limited.

Among the major sectors, tannery, food and allied and miscellaneous experienced price appreciation while cement, ceramics and non-bank financial institution sectors faced correction, according to UCB Stock Brokerage Limited.

Chittagong Stock Exchange (CSE) also dropped yesterday. The CASPI, the general index of the port city bourse, edged down 94 points, or 0.44 per cent, to 21,022.

Among the 310 stocks to undergo trade, 78 rose, 206 fell and 26 remained unchanged.

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