Stocks snap three-day rally on profit-taking

Stocks snapped a three-day winning streak on Sunday with the benchmark index witnessing moderate fall amid profit-booking.

Trading started the day on a flat note as investors booked moderate profits banks, life insurance, engineering, cement, telecommunications, and IT.

However, mutual funds, pharmaceuticals, ceramics, and tannery stocks saw modest buying activity.

The benchmark DSEX index moved in a narrow range, registering its intraday high at 6,094 and low at 6,026. It settled lower by 30 points 0.5 percent at 6,036.

Other indices, the Shariah-based DSES index fell 6 points or 0.46 percent to 1,293 and the blue-chip DS30 index moved down 12 points or 0.56 percent to 2,192.

The turnover was down by more than 22 percent to Tk 20,691 crore over the previous session. Block trades contributed over 6 percent of the overall market turnover. General insurers had the highest trading activity, making up more than 15 percent of the total turnover.

Bangladesh Export Import Company Ltd was the most traded company with a turnover of Tk 2,181 crore, followed by Orion Pharmaceuticals, Fortune Shoes, Green Delta Insurance, LankaBangla Finance and Ring Shine Textiles.

The most profit-booking took place on Al-Arafah Bank, Sonar Bangla Insurance, Delta Life Insurance, Provati Insurance, Premier Leasing and Islamic Finance.

Shurwid Industries Limited hit the upper limit circuit breaker, making it the largest gainer of the day.

Four companies returned to the mainboard from the over-the-counter (OTC) market of the stock exchanges after more than 10 years.

The four companies are Tamijuddin Textile Mills Limited, Bangladesh Monospool Paper Manufacturing Co Limited, Paper Processing, and Packaging Limited, and Monno Fabrics Limited. The companies started trading under Z-category in the main market.