Stocks end six-day rally as profit-taking weighs on market
DSE turnover drops 8% to Tk1,439 crore.
Stocks at the Dhaka Stock Exchange (DSE) ended a six-session winning streak today (2 July) as widespread profit-taking pushed the benchmark index into negative territory despite continued buying in selective stocks.
The DSEX, the benchmark index of the DSE, fell 19 points, while turnover declined 8% from the previous session to Tk1,439 crore.
Of the 394 issues traded, 163 advanced, 185 declined, and 46 remained unchanged, reflecting broad-based selling pressure across the market.
Keep updated, follow The Business Standard's Google news channel
Market data showed that several fundamentally strong stocks that had rallied in recent sessions came under selling pressure as investors locked in gains. At the same time, a number of junk or loss-making stocks posted price increases.
The market remained under pressure from the opening bell, with intraday trading marked by active participation from both buyers and sellers. However, sustained profit-taking outweighed buying interest, leading the market to close in negative territory.
In its daily market commentary, EBL Securities said the benchmark index ended its six-session winning streak as profit-booking in recently appreciated stocks outweighed selective accumulation in fundamentally attractive companies.
"The benchmark index of the capital bourse ended its six-session winning streak in the final trading session of the week, as profit-taking in recently appreciated stocks outweighed selective accumulation in perceived fundamentally attractive scrips," the brokerage said.
The textile sector accounted for the largest share of turnover at 16%, followed by general insurance (15.7%) and pharmaceuticals (11.2%).
Sectoral performance was mixed. The cement, banking and services sectors recorded the sharpest declines, while general insurance, ceramics and information technology posted the strongest gains.
Among individual stocks, Sonar Bangla Insurance topped the gainers' list, rising 9.88% to Tk48.90 per share. It was followed by Samorita Hospital, which gained 9.87% to Tk90.10, and Malek Spinning Mills, up 9.26% to Tk40.10.
On the losing side, Regent Spinning Mills fell 6.15% to Tk6.10 per share, followed by National Feed Mills, down 5.17% to Tk22, and Aziz Pipes, which lost 5.03% to Tk75.50.
The Chittagong Stock Exchange (CSE) also closed lower. Its CSCX index fell 23.2 points, while the CASPI declined 42.4 points, mirroring the weaker sentiment at the country's main bourse.
