Stocks drop on profit taking sales ahead of Eid

September 30, 2014

Dhaka stocks declined on Monday after the straight nine-day bull run due to investors’ profit taking share sell-offs ahead of the Eid-ul-Azha. The key index of Dhaka Stock Exchange, DSEX, declined to 5,050.34 points, shedding, 0.43 per cent or 21.85 points. DSEX had advanced 362.29 points in previous nine trading sessions. Turnover of the bourse declined to Tk 902.63 crore on Monday compared with that of Tk 1,101.30 crore in the previous trading session.
Market operators said that investors’ increased share sales to realise some profit following sharp increase in share prices pulled the market down on the day.
Sense of sluggish market trend ahead of the Eid-ul-Azha might be another reason in prompting investors to increase their share sells, they said.
Since the Eid-Ul-Fitr, the market has been rising amid fresh fund injection from different sectors, they said.
DS30, the blue-chip index of the bourse, fell by 0.42 per cent, or 8.35 points, to close at 1,958.09 points.
The Shariah index of DSE, DSES, finished flat at 1,197.43 points, shedding 0.14 per cent or 1.68 points.
Of the 301 shares and mutual funds traded on the day, 87 advanced, 176 declined and 38 remained unchanged.
‘Breaking down last nine sessions’ uptrend of 362.3 points, market came in negative territory,’ IDLC Investments said in its daily market commentary.
‘Profit booking tendency, especially in small and mini caps, derailed market movement to close DSEX red at 5,050.3 points,’ it said.
‘Additionally, investors were re-assessing market sentiment ahead of upcoming Eid-ul-Azha,’ IDLC said.
‘In a nutshell, investors remained watchful during the day after a prolonged rally,’ it said.
‘Most of the major sectors followed today’s [Monday] declining tone, with engineering and miscellaneous fading the most,’ it said.
Jamuna Oil led the turnover chart on the day as its shares worth Tk 47.53 crore changed hands.
Square Pharma, MJL Bangladesh, Saif Powertec, Padma Oil, BEXIMCO, Titas Gas, Beximco Pharma, Grameenphone and Meghna Petroleum were among other turnover leaders.
Saif Powertec in its debut trading on Monday advanced the most by 138 per cent to close at Tk 71.40.
Shares of Saif, issued at Tk 30 each including Tk 20 premium, traded between Tk 60.10-Tk 80 on the day.
The company raised Tk 36 crore from the capital market through initial public offering floating its 1.20 crore shares.
Standard Ceramic was the worst loser of the day, shedding 9.42 per cent.

-Input from New Age

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