BSS, Dhaka :
The broader price index of Dhaka Stock Exchange (DSE) plunged below 4600 points mark on Monday as investors were highly busy in profit-booking selling on the second post-budget trading session.
The market closed the first post-budget trading session higher, with all indices and turnover increasing at Dhaka and Chittagong stock exchanges, but the positive trend lost steam to the heavy selling when demand side was relatively weak on the following session.
“With yesterday’s (Sunday) trivial response both in terms of gain and turnover of the market to the budgetary declarations, investors seemed to have been confirmed that the incentives are already priced in the market”, IDLC Investment Limited said, adding: “Resultantly, consolidation ensured today with significant drop of 75.4 points (1.63 percent) in DSEX”.
The benchmark index witnessed a large-scaled volatility on the day when it seesawed between the day’s highest at 4627.16 and the lowest at 4277.053 before closing at 4542.27. The blue-chip DS30 and Shariah DSES were also down 27.53 points and 18.2 points to close at 1748.16 and 1103.18 respectively.
“Market surprisingly struck down below 4600 level on profit booking today. Investors were mostly churning their portfolios to safeguard stock positions”, said Lanka Bangla Securities Limited.
The broader price index of Dhaka Stock Exchange (DSE) plunged below 4600 points mark on Monday as investors were highly busy in profit-booking selling on the second post-budget trading session.
The market closed the first post-budget trading session higher, with all indices and turnover increasing at Dhaka and Chittagong stock exchanges, but the positive trend lost steam to the heavy selling when demand side was relatively weak on the following session.
“With yesterday’s (Sunday) trivial response both in terms of gain and turnover of the market to the budgetary declarations, investors seemed to have been confirmed that the incentives are already priced in the market”, IDLC Investment Limited said, adding: “Resultantly, consolidation ensured today with significant drop of 75.4 points (1.63 percent) in DSEX”.
The benchmark index witnessed a large-scaled volatility on the day when it seesawed between the day’s highest at 4627.16 and the lowest at 4277.053 before closing at 4542.27. The blue-chip DS30 and Shariah DSES were also down 27.53 points and 18.2 points to close at 1748.16 and 1103.18 respectively.
“Market surprisingly struck down below 4600 level on profit booking today. Investors were mostly churning their portfolios to safeguard stock positions”, said Lanka Bangla Securities Limited.
