Dhaka stocks dropped slightly on a volatile trading Monday as investors went for profit-taking sales after four days of gain.
The benchmark general index of Dhaka Stock Exchange, or DGEN, inched down 14.14 points, or 0.21 per cent, to close the day at 6,696.39 points.
Turnover of the bourse also dropped to Tk 1,882.34 crore, after hitting the highest level of the year at Tk 1,957.92 crore on the previous day.
Market operators said a fall in share prices of major sectors like bank and market giants like Grameenphone and MJLBD was a key reason for the index to dip on Monday.
The price of GP shares had continued to rise in the past four trading sessions, after declaration of a 140 per cent interim cash dividend for the year ending on December 31, 2010 by the company. The price of MJLBD shares also had been rising for the past seven trading days without a break.
Market operators said investors went for selling shares of the GP and the MJLBD on Monday to pocket some profits.
The GP shares lost Tk 4.6, or 2.17 per cent, and the MJLBD Tk 4.2, or 2.19 per cent, on the day.
Most of the bank issues also lost value on Monday but the cement sector was upbeat, with the issues, except MI Cements, posting gains.
Trading on the DSE was volatile, with the DGEN fluctuating frequently in the opening hours. Although the index gained 48 points in just five minutes after the opening of trade but the gain faded fast. The DEGN started crawling down from 12:15pm, ending the day in the negative territory.
Market operators termed Monday's fall in share prices a 'market correction'. They said the surge of share prices in the past four days prompted investors to go for profit-taking sales.
Of the 263 issues traded on the day, 105 advanced, 150 declined, and eight remained unchanged.
RN Spinning topped the list of turnover leaders of the day with shares worth Tk 70.50 crore changing hands. The rest of the leaders on the Top-10 list were Titas Gas, Beximco, Peoples Leasing and Financial Services, Grameenphone, United Airways, Bextex, Malek Spinning, Maksons Spinning, and National Bank.
Source : New Age
