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Stocks end downbeat on profit taking PDF Print E-mail
Thursday, 24 April 2008

Agency

Dhaka stocks ended downbeat Wednesday as investors locked in profits, while the country's twin bourses witnessed declines in trading volume and turnover.

"We dealt with selling orders of oil companies and major issues in banks, pharmaceuticals, cement and leather," an official with brokerage house Anchor Securities told bdnews24.com.

Buying pressure led mutual funds, textile issues, non-bank financial institutions and power companies to end higher, the official added. Market observers termed the day's trading optimistic, saying that a fall in indices was anticipated following a couple of days of flat trading.

"Well everything seems quite normal. The fall in indices was pretty much expected after days of flat trading," said DSE vice-president Ahmad Rashid. The benchmark DGEN or general index rose in the first two and a half hours of trade but maintained a downward curve afterwards to finish down 31.45 points, or 1.01 percent, at 3053.31.

The DSI or all-share price index ended on 2580.84, falling 20.97 points, or 0.80 percent from the previous day. The bourse's blue-chip DSE-20 also lost 18.33 points, or 0.76 percent, to close at 2368.91.

Turnover slipped to Tk 3.14 billion from Tuesday's Tk 3.55 billion, with 20,340,754 shares changing hands. Of the traded issues, 136 advanced, 118 declined and three remained unchanged.

Square Pharma topped the turnover board, falling 1.66 percent to Tk 4559.50. AB Bank followed it to end on Tk 3648.75, down 2.37 percent.

State owned Jamuna Oil continued to lose, slumping 4.60 percent from the previous day to end on Tk 279.70. Apex Adelchi Footwear also crept down on profit-taking, closing 0.96 percent down at Tk 4830.50. UCBL however, rose 0.91 percent to close at Tk 4903.25.

Among the other scrips on the turnover board, Lanka Bangla Finance, Summit Power and AIMS 1st mutual fund,. Heidelberg Cement and ACI declined after investors locked in profits.

Indices on the Chittagong Stock Exchange edged up paced by huge gains in leasing & finance and ceramics. The CSCX or selective categories index rose 4.22 points or 0.07 percent to 5522.39 while the CASPI or all-share price index ended on 8553.57, up 11.13 points or 0.13 percent.

The CSE-30 blue-chip index, however, slumped 71.51 points or 0.95 percent to close at 7395.98. Turnover on the port city's bourse fell to Tk 446.17 million from Tk 586.80 million the previous day from 3,973,739 traded shares.

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