Stocks continue to struggle as profit booking goes on


Stocks closed lower on May 3 (Monday) as the profit-booking tendency continues to prevail among the investors after the 3-day streak of gains.

The benchmark index of the Dhaka Stock Exchange, DSEX, dropped 5.65 points, or 0.10 per cent, to conclude at 5,511.36 on May 3.

Another important indicator of the market, turnover, plunged 17.5 per cent to Tk 1,159 crore. Market analysts have stated that the decline was due to the investors’ profit-booking tendency.

A top official of a stock-brokerage firm said that as most stocks rose 15 per cent to 20 per cent, investors are taking their profits. Besides, investors got back their confidence in the market and started investing again.

Portfolios are being rearranged by investors as they considered performance of the listed companies.

“This is a good sign for a vibrant stock market,” the broker said.

Insurance stocks remain bullish, even though it has been a dull day in the market.

He added that most of the insurance companies’ stock advanced on May 3 even though they are overvalued.

At the DSE, 105 stocks advanced, 179 declined and 70 remained unchanged.

Sonar Bangla Insurance topped the gainers list, rising 9.90 per cent, followed by Prime Insurance, Takaful Insurance, Standard Insurance, and Malek Spinning.

Beximco traded the most with Tk 164 crore followed by LafargeHolcim Bangladesh, Robi Axiata, LankaBangla Finance and Beximco Pharmaceuticals.

Uttara Bank shed the most, dropping 11 per cent followed by Delta Spinners, Anlimayarn, Mozaffar Hossain Spinning Mills, and Zahintex Industries.

The Chattogram bourse also fell. CASPI, the general index of the port city bourse, fell 19 points, or 0.12 per cent, to stand at 15,953.   




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