Stocks see corrections breaking 7-day rally
jamuna news: Market went through major corrections on Wednesday, breaking a ceaseless rally that continued at both Dhaka and Chittagong stock exchanges in the past seven sessions in a row.
The corrections in prices of majority of the traded shares were, however, moderate to low level as the demand side remained considerably strong on active buying by both individual and institutional investors.
There was, however, mismatch between supply and demand when profit-booking selling pressure was higher than demand for shares. Resultantly, the securities those prices went up in the past seven sessions witnessed corrections.
At Dhaka Stock Exchange (DSE), 191 securities closed lower against 114 gaining securities. Similarly, 167 issues incurred loss and 95 closed higher at Chittagong Stock Exchange (CSE) among the day's 278 traded issues.
The corrections in share prices across the board ceased the spiraling price indices at the twin bourses when the daily transactions also suffered significant fall.
The broader index of DSEX of Dhaka Stock Exchange (DSE) finished the session 41.98 points down at 5533.49, with the DSES the DS30 closing in red at 1276.32 and at 1980.88 respectively.
Chittagong Stock Exchange (CSE) also closed in red when its major index CASPI finishing 147.52 points down at 17011.18.
The daily trade value at DSE declined by 3.66 percent to Taka 1989.33 crore when the transaction volume was over 10.0 percent down at 63.07 crore shares. At CSE, the daily trade value was Taka 121.52 crore for 4.34 crore shares.
The sectors those showed continuous strength in the past few sessions were downward. These included bank, travel and leisure and textile. On contrary, ceramic, NBFI and cement sector got some strength on renewed demand of investors who were apparently repositioning.
The top five gaining securities at DSE were National Polymer, RAK Ceramics, ICB First NRB, ICB and Marico. The top five losing issues were BD Auto Cars, Imam Button, Peninsula Chittagong, ILFSL and ICB Sonali one.
Baraka Power topped the turnover leaders followed by Beximco Limited, RAK Ceramics, Lafarge Surma Cement, Bangladesh Building System, and Saif Power.