Biz-Econ

Stocks plunge again as profit-booking mounts

All the price indices at Dhaka Stock Exchange (DSE) closed lower again on Monday after showing good recovery trend in the past two trading sessions. The fall in the indices, however, was marginal.On the contrary, Chittagong Stock Exchange (CSE) continued up trend for the third consecutive session on rising participation.The DSEX lost 11.70 points to close at 4585.10 though this boarder index reached at 4655.25 on higher activities during morning trade.The early vibe could not sustain as sell pressure for profit booking mounted in the later part of the session while demand was comparatively weak.The sell pressures caused price loss to 175 securities most of which were from large-cap category. The declining share price across the board also pulled the two selective indices down. The blue-chip DS30 ended the day at 1743.52 and the Shariah DSES at 1106.26.The daily transaction increased significantly on the day when buyers were booking shares of most active issues in bigger volume. At the end of the day, the trade value tallied at Taka 586.28 crore, which was Taka 430 crore on Sunday.Accordingly, the trade volume rose to 15.55 crore shares from the previous session`s 12.36 crore shares. All the major sectors except mutual fund ended lower. The major losing issues were Olympic Industries, HFL, Modern Dyeing, BD Autocars and Gemini Sea Food.Janata Insurance, MJLBD, OAL, Quasem Drycell and Asia Pacific Insurance were the top five advancing issues among the day`s 103 gaining scrips. Share price of Beximco Pharma kept moving up following the news that the pharmaceutical company got the approval from the US Food and Drug Administration (US FDA).On the other hand, Islami Bank closed the day lower despite the news that JP Morgan`s clients bought around 3 percent shares of this bank.Simtex topped the turnover list at DSE on Monday followed by Beximco Pharma, Olympic, Saif Power and Ifad Autos.Chittagong Stock Exchange (CSE) maintained uptrend on Monday for the third consecutive session. All the price indices closed higher, with major CSCX closing 27.89 points up at 8528.15.Out of the day`s 240 issues traded, 113 gained and 105 incurred losses. The daily trade value rose to Taka 45 crore when the trade volume increased to 14.51 lakh shares.