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Stocks see fall on profit-taking sell-offs

03 March 2014


Business Desk :
Dhaka stocks witnessed a strength fall on Sunday amid continuous profit-taking sell-offs that started last month.
DSEX - the general index of Dhaka Stock Exchange (DSE) - opened the week with uptrend, but it lost this positive stream in less than an hour after the beginning of the trading session.
The sharp u-turn pushed the index over 1.0 percent or 52.56 points down to 4697.30 at close. Despite this fall, the general price index was above both nine and 18-day moving average line.
The two other indices, however, could not see the fall though issues across the board incurred moderate to high level losses.  DSES, the Shariah index, finished flat at 1002.26, which was 1002.41 at the last week's close on Thursday.
The blue-chip DS30 gained slightly to finish the first trading session of the week at 1702.74 from Thursday's 1693.91.
The market was clearly for buyers as shares of 205 issues faced up to 10.0 percent loss when sellers sold out over 8.88 crore shares in desperate bid for profit-taking. The sectors that faced major losses included bank, financial institutions, textile, insurance and food and allied.
The day's top 10 losers at the DSE were Prime Finance, Pubali Bank, Al Arab Bank, Apex Spinning, Eastland Insurance, CVO Petrochemical, Sino Bangla, Prime Insurance, NBL, and Sonargaon Textiles.
The advanced 63 companies on Sunday were mostly blue-chips including pharmaceuticals, engineering and fuel and power sectors.
Some stockbrokers reportedly told BSS, the national news agency, that the market would see a little volatility for few more days because of selling pressures from profit-taking sell-offs.
Besides, institutional buyers were watchful and tight hands as the weighted average market PE (price earning) remained around 17 percent, much higher than the comfortable buying level that is considered below two-digit.
UNB ads: The CSE key index, CSCX lost 95.44 points to reach 9191.59 at the close on Sunday. Of the 236 issues traded, 47 advanced, 178 suffered loss and 11 remained unchanged. The value of the traded issues was Tk 50.95 crore on the day.

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