Stocks slip into red after two-day rise

Business Report :
The prime index of the Dhaka Stock Exchange (DSE) slipped into the red on Wednesday, snapping a two-day gain, as late hours selling binge wiped-out all the early gains.
The risk-averse investors went on a quick profit booking sell offs and followed a cautious stance ahead of December-end earning declarations.
Following the previous day’s positive trends, the market opened higher and the key index rose about 17 points after two hours of trading. But the rest of the session went down steadily, ultimately closing over 2 points lower.
DSEX, the prime index of the DSE, lost 2.26 points or 0.03 per cent to settle at 6,214, after gaining 34 points in the past two trading days.
Though the market started with an upbeat note, the upward trend couldn’t sustain after the mid-session as most of the investors went on quick profit booking on the last two sessions’ surge, said International Leasing Securities.
Turnover, a crucial indicator of the market, remained low and amounted to Tk 4.52 billion, a 7.36 per cent rise over the previous day.
Genex Infosys was the most-traded stock with shares worth Tk 241 million changing hands, followed by Bangladesh Spinning Corporation, Shinepukur Ceramics, Olympic Industries and ADN Telecom.