Stocks inch down for 2nd day as profit taking continues - Share market analysis of dhaka stock exchange, Bangladesh
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19 July, 2017 10:31 AM Source: New Age
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Dhaka stocks inched down on Tuesday for the second day in a row as some investors remained in a profit-booking mood while others shifted their focus on financial shares amid optimism.
The key index of the bourse, DSEX, shed 0.08 per cent, or 5.16 points, to close at 5,819.26 points on Tuesday after losing 20 points in the previous session.
The core index hit record high with 5,844 points on Sunday.
The market ended flattened low on the day as investors remained active on both sides of the trading fence following recent surge in share prices of most of the scrips, stockbrokers said.
The market was bullish in the first half of the session, touching 5850 points at one point of the day when investors went on a buying binge amid optimism, they said.
The bullish trend did not sustain for long and ultimately the market inched down, facing sales pressure, particularly, in the last half-an-hour of the day, they said.
The investors were very cautious on the day as they assumed that the market made itself vulnerable to profit taking bouts from higher levels, they said.
The market saw dizzying heights, setting all-time highs multiple times in the last couple of weeks that tempted investors to bag some quick profit, market operators said.
The DSEX added more than 340 points since June 19 amid injection of fresh funds by the investors, who were inactive for long due to a prolonged depression at the market.
On the other hand, as some investors remained on the buying mood shifting their focus to financial stocks, the market resulted in flat ending on the day, market operators said.
As a result, financial shares, especially those of non-bank financial institutions and banks increased 1.01 per cent and 0.25 per cent respectively on the day.
The slump in average share prices of telecommunication, cement and energy contributed most in sending the market to negative trajectory, they said.
The surge in share prices of Brac Bank, Investment Corporation of Bangladesh and IFAD Autos saved the market from further fall while Grameenphone and Summit Power played the major role in declining the market on the day, they said.
‘The early part of the session exhibited an upward vibe but profit booking selling frenzy in second half of the session triggered the bourse to settle in red,’ said EBL Securities in its daily market report.
The turnover on the DSE slumped further to Tk 962.22 crore from that of Tk 1,147.60 crore in the previous trading session.
DS30, the blue-chip index of the DSE, however, increased 0.05 per cent, or 1.21 points, to close at 2,134.24 points.
The Shariah index, DSES, slipped 0.15 per cent, or 2.03 points, to finish at 1,322.10 points.
Of the 330 companies and mutual funds traded, 177 declined, 110 advanced and 44 remained unchanged.
IFAD Autos led the turnover chart with its shares worth Tk 58.25 crore changing hands.
Shahjibazar Power Company, Confidence Cement, Doreen Power, Simtex Industries, MJL Bangladesh, Unique Hotel and Resorts, Keya Cosmetics, Generation Next Fashions and Aftab Automobiles were the other turnover leaders.
GQ Ball Pen Industries gained the most with a 8.08-per cent increase in its share price, while Savar Refractories was the worst loser, shedding 8.33 per cent.

 

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Readers Comment

1 - DSEX Broad Index Ziaur Rahman 19 July 2017 12:38 PM
DSEX have broken a key level of resistance. Generally after broken key level resistance previous resistance become support level. So I think one or two times market will retest support level then may be will start big move & next key resistance level as per DSEGEN index 6758. May be market is now going as re-accumulation phase.

Tks
Khan Ziaur Rahman
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