DSEX slips to 5,639 as turnover falls 16% on profit-taking wave
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), shed 21 points to settle at 5,639. Meanwhile, the blue-chip DS30 index managed to buck the trend slightly, gaining 2 points to reach 2,145.
The capital bourse kicked off the week on a negative note today (21 June) as widespread profit-taking snapped a two-session winning streak, dragging the benchmark index down.
The DSEX, the prime index of the Dhaka Stock Exchange (DSE), shed 21 points to settle at 5,639. Meanwhile, the blue-chip DS30 index managed to buck the trend slightly, gaining 2 points to reach 2,145.
Market breadth heavily favoured the bears, with only 71 issues advancing, 298 declining, and 27 remaining unchanged.
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A cautious investor stance also dampened trading participation, causing daily turnover to plunge 16% to Tk1,002 crore compared to the previous session.
According to the daily market review by EBL Securities, the benchmark index retreated in the first session of the week as profit-taking in recently appreciated stocks heavily outweighed selective buying in perceived fundamentally attractive scrips.
The brokerage firm added that the market came under sustained selling pressure from the opening bell, as widespread profit-taking gained momentum throughout the session, weighing on the majority of listed scrips and pushing the market into negative territory.
Mirroring this view, Sheltech Brokerage Limited noted that market sentiment was largely influenced by investors' profit-taking following the recent advance.
The brokerage highlighted that despite a strong start to the session, supported by buying pressure in selective large-cap stocks, the market failed to sustain its early gains as profit-taking pressure intensified from mid-session onward.
On the sectoral front, pharmaceuticals accounted for the highest share of turnover at 13.5%, followed closely by engineering at 12.5% and textiles at 11.8%.
Most of the sectors displayed negative returns, out of which services fell by 3.9%, miscellaneous dropped by 3.4%, and general insurance corrected by 2.1%, exerting the most downward pressure.
On the flip side, telecommunication, pharmaceuticals, and food sectors bucked the trend to exhibit the highest returns on the bourse today, gaining 1.5%, 0.5%, and 0.3% respectively.
The primary index draggers pulling down the market included Olympic Industries, United Commercial Bank, Asiatic Laboratories, National Bank, and Summit Alliance Port.
Despite the correction, Beximco Pharmaceuticals, Summit Alliance Port, IPDC Finance, and Robi emerged as the top traded stocks of the day.
In terms of individual performance, Prime Finance First Mutual Fund led the gainers with a 7.61% jump, followed by Simtex Industries at 5.70% and KDS Accessories at 4.64%.
On the losing side, Meghna Pet and Beximco Limited hit the bottom by plummeting 9.87% each, followed by Regent Textile which lost 9.67%.
The port city bourse, the Chittagong Stock Exchange (CSE), also mirrored the capital city's bearish tone.
The CSCX index ended 61 points lower at 9,327, while the CASPI broad index plummeted 104 points to close at 15,249. Trading activity on the CSE witnessed a massive contraction as its daily turnover dropped by 64% to stand at a meager Tk30 crore.
