DSEX fails to stay afloat amid profit booking
Despite opening higher, Dhaka stocks failed to stay afloat till the closing bell for the third consecutive session on Sunday.
Thanks to the cautious approach of investors ahead of the upcoming corporate earnings announcements.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), ended 0.18 points or 0.003% lower at 6,214 as 40 scrips advanced and 75 declined.
The selling pressure was stronger in the small-cap stocks that soared sharply in the last couple of days.
Keep updated, follow The Business Standard's Google news channel
"Indices failed to stay afloat in green territory owing to the cautious selling approach of investors since they preferred to remain watchful ahead of the upcoming corporate earnings announcements," EBL Securities wrote in its daily market commentary.
DSEX opened with optimism and hit above 6,225 points at 11 am. But the bulls barely came ahead to absorb the sharp selloff for the rest of the day.
However, investors were active on both sides of the trading fence as they continued their chase to take positions in quick rallies with positive expectations, while booking profits to secure their short-term gains from the continuously volatile market.
Bluechip index DS30 and Shariah index DSES were slightly higher during the close.
The Dhaka bourse observed a decrease in participation as total turnover fell by 18.5% to Tk499 crore, which was more than Tk612 crore in the previous session.
On the sectoral front, IT, food, and travel contributed the most, accounting for 20.7%, 15.9%, and 8.7%, respectively, of the DSE turnover on Sunday.
Most of the sectors displayed mixed returns, out of which the travel, tannery, and banking sectors led with 1.2%, 0.8%, and 0.5% gains, respectively.
The jute, service, and paper sectors had faced the biggest corrections of 4%, 1.4%, and 1.1%, respectively.
Midland Bank, Legacy Footwear, Orion Infusion, CAPM Islami Bank Mutual Fund, Kohinoor, Tamij Textile, ACI Formulations, BD Thai Food, Northern Insurance, and Samata Leather were the top gainers.
On the other hand, Al-Haj Textile, Rahim Textile, Apex Foods, BD Lamps, ADN Telecom, Apex Spinning, Sonali Aansh, GQ Ballpen, BD Autocars, and AMCL Pran were the top losers of the day.
