FE Report
The market witnessed marginal correction Sunday after four-day gaining streak amid choppy trading as investors booked some profit on large-cap stocks.
The market started with an upbeat note, but could not sustain amid profit taking sale. DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 4,641.45 points, shedding less than a single point (0.92 point) from previous session.
The other two indices also closed in the red. The DS30, comprising blue chips lost 10.00 points or 0.56 per cent to close at 1,748.23 points. The DSE Shariah Index went down by 8.03 points or 0.73 per cent to close at 1,080.89 points.
Total turnover dipped below Tk 6.0 billion-mark again. The total turnover on DSE came down to Tk 5.19 billion which was 13.78 per cent lower over the previous session's value of Tk 6.02 billion.
Textile, pharmaceuticals and engineering stocks grabbed the investors' attention - accounted for 17 per cent, 13 per cent and 12 per cent respectively of the day's total turnover.
"The prime bourse witnessed sideways movement amidst the investors shift in focus from large-caps to small-caps," commented International Leasing Securities, in its daily market analysis.
The investors became interested in small-cap issues as they found several issues in the banks, insurance and textile sectors trading at their lowest price level in a year, said the International Leasing.
"The investors booked their profit on large-cap issues like - Investment Corporation of Bangladesh (ICB), Lafarge Surma Cement and GP," the International Leasing added.
IDLC Investments said: "Carving out last few weeks' enthusiastic tone, opening session of the week absorbed flat-end".
"The consecutive re-assessment of market level valuation encouraged few investors to book profit in some blue chip stocks, shrinking DS30 by 10 points," said the merchant bank.
In the economic front, inflation eased according to Bangladesh Bank's effort, despite flood in northern regions of the country. Remittance surged 16.0 per cent year-on-year in August, resuming positive trend, said the merchant bank.
"Market ended in flat red zone as investors went for some profit booking," said LankaBangla Securities, a brokerage.
However, banking sector gained 1.9 per cent market capitalization thereby offsetting some losses. Almost the entire major sector registered loss except banking sector.
Sector wise rotation is necessary as all the sectors should get a chance to show their strengths with investors' hard earned money. Banks and financial institutions which remained silent for a long time, started to shine, said the Zenith Investments.
All the large cap sectors retraced, except banking sector, which gained by 1.93 per cent.
NBFIs lost the most 1.26 per cent followed by telecommunication 1.21 per cent. Pharmaceuticals and power went down by 0.56 per cent and 0.74 per cent respectively. Food and allied sector lost 0.28 per cent.
Gainers outpaced losers as out of 296 issues traded, 142 advanced, 130 declined and 24 remained unchanged on the DSE floor.
The total market capitalisation of the DSE stood at Tk 3,113.37 billion against Tk 3,125.35 billion in the previous session.
Beximco Limited remained the day's most traded stocks with shares worth Tk 173.20 million changing hands followed by BSRM Steels, MJL BD, Saiham Textile and GP.
However, the port city bourse, Chittagong Stock Exchange (CSE) closed in the green with its Selective Categories Index - CSCX - gained 12.41 points to close at 8,737.66 points.
Losers beat gainers 106 to 104, with 16 issues remaining unchanged at the port city bourse that traded 12.61 million shares and mutual fund units, turnover value of Tk 408.19 million.
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