Stocks fall to break nine sessions’ swelling

BSS, Dhaka :
Dhaka stocks fell Monday to break the up trend that continued for consecutive nine trading sessions since September 16.
DSEX, the benchmark price index of Dhaka Stock Exchange (DSE), gained 362 points in the nine trading sessions to reach its record high of 5072.20 on Sunday.
But, it came marginally down at 5050.34 to close Monday’s session. The position of the index, however, remained consolidated above the resistance level of 5000-mark.
The blue-chip DS30 and Shariah DSES also followed the general price barometer to finish the day at 1958.09 and 1197.43 respectively. The daily trade value came below Taka 1000-crore mark when number of traded shares declined significantly, indicating cautious trend in transaction.
A total of 17.22 crore shares worth Taka 902.62 crore were changed hands on the day from Sunday’s 22.84 crore shares of Taka 1101 crore. The turnover in value and volume was down by 18.0 percent and 24.58 percent respectively over the previous day’s transactions. The market lost some steam because of profit booking especially in small and mini-cap shares.
Besides, some investors were re-assessing market sentiment ahead of Eid when some other remained watchful after a prolong rally, said IDLC Finance in its daily market update. The sell-off pressure came on the last week before Eid holiday when some traders seemed to be cashing in on some of the recent strength in the market amid strong economic indicators, commented Lanka Bangla Securities.
Most of the major sectors including engineering and miscellaneous followed the down tone of the day. Pharmaceuticals and banking sectors preformed relatively good. The debut issue, Saif Power booked 138 percent gain and captured around 4.0 percent of the day’s total trade to take the forth position of the top 20 shares by value.