Stocks finish lower on sell-offs
Tuesday, 29 July 2008

Stocks closed down Monday as investors were engaged in sell-offs for profit-taking.

A selling spree led indices on the Dhaka Stock Exchange to finish lower after gaining for the last three trading days.

The benchmark DGEN or general index opened the day with a fall. It however recovered losses and maintained a stable curve in the midday sessions before diving again afterwards. It lost 31.26 points or 1.08 percent to end on 2853.83.

The DSI or all-share price index finished 25.17 points or 1 percent lower at 2473.51. The blue-chip DSE-20 closed at 2653.08, falling 13.67 points or 0.51 percent.

Indices on Chittagong Stock Exchange closed down for a second day due to losses in shares of banks, non-bank financial institutions and leather industries.

The CSCX or selective categories index fell 55.31 points or 0.97 percent to close on 5613.42. The CASPI or all-share price index closed at 8683.68, slumping 113.26 points or 1.28 percent.

The bourse's blue-chip CSE-30 lost 60.42 points, or 0.76 percent, to end on 7788.05.

An official with brokerage house Lanka Bangla Securities told investors went for selling Monday to reap the benefits out of the last couple of the day's gains.

"As the market came out from the bearish trend over the last three days investors started to sell today to gain profit."

Buying was low with some blue chips witnessing increase in share prices, added the official.

Turnover on the DSE reached Tk 3.34 billion, with 21,631,929 shares changing hands, down from Tk 3.70 billion the previous day.

Decliners outshined advancers 149 to 77, with fourteen issues holding steady.

Turnover from 4,692,754 traded shares on the port city bourse slumped to Tk 434.38 million from Sunday's Tk 547.02 million.

Of the traded 145 issues, 96 lost, 41 gained and eight remained unchanged.

Market watchers said the fall was pretty much anticipated.

"The sell-off was imminent as prices rose for the last three days in the wake of a bearish trend," a top official of a brokerage firm told

Investors made the move to reap some quick benefits, said the official asking not to be named.

Beximco Pharma topped the turnover board, closing 3.29 percent higher at Tk 116.10 following Sunday's losses.

Second in line, UCBL continued to gain, ending on Tk 6799.50, up 1.28 percent.

Beximco shook off the previous day's losses to surge 12.24 percent to Tk 144.80.

Square Pharmaceuticals edged down 0.72 percent to Tk 4138.

Keya Cosmetics eroded Sunday's gains to lose 2.18 percent to Tk 94.10.

Among the other scrips on the turnover board—BATBC, ACI, BOC Bangladesh and ICB AMCL 2nd NRB Mutual Fund —also declined after investors locked in profits.

Buying pressure drove Grameen Mutual Fund One to advance.

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