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Stocks break eight-day streak of gains




The stock market’s eight-day streak of consecutive gains came to a halt yesterday as investors took profits.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 56 points, or 0.78%, to close at 7,202.

“People took their profits as the index continued to rise, and that’s a normal trend in the stock market,” said a stockbroker.

The main index rose 435 points, or 6.3%, in the previous eight trading days, according to data from the DSE.

If people take profit, the market gets the strength to soar, the broker said, adding that a continuous rise is not a sustainable way to maintain an uptrend.

Now people can have the option to rearrange their wallets, he said.

Turnover, an important indicator of the market, reached Tk 2,708 crore from Tk 2,696 crore a day earlier.

At the start of the day, the index was on an uptrend, up 77 points, but began to decline after an hour of trading.

The main stock exchange’s key index experienced a “much needed” correction, breaking the winning streak after a continued uptrend, International Leasing Securities said in its review of the market.

The cheerful mood of investors reversed later in the day, as evidenced by the index’s trajectory after the first hour of the session when it started to gradually decline, he added.

Almost all sectors recorded losses except life insurance and miscellaneous.

The DSES, the Sharia-based index, and the DS30, the blue chip index, posted losses of 16.35 points and 9.04 points respectively. Out of 376 scripts traded, 83 advanced, 261 declined and 32 remained unchanged.

Uttara Bank tops the list of winners, up 9.82%, followed by Nitol Insurance, Alif Industries, National Housing Finance and Kohinoor Industries.

Mithun Knitting lost the most, with a 10% drop, followed by Shyampur Sugar, Beach Hatchery, Meghna Pet Industries and Alltex Industries.

The most traded shares of Beximco Limited, worth Tk 80 crore, followed by Beximco Pharmaceuticals, Square Pharmaceuticals, LankaBangla Finance and British American Tobacco.

Shares of the Chattogram Stock Exchange (CSE) also fell as the CASPI, the general index of the port city stock exchange, fell 146 points, or 0.69%, to 20,984.

Of the 330 stocks traded, 96 rose, 241 fell and 20 remained unchanged.




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