Stocks break nine-week gaining streak

Stocks witnessed a falling trend in the last week after breaking gaining streak of nine straight weeks due the profit booking. 

Market analysts said investors are taking their profits as the market has remained positive trend for the last several.

The DSEX, the prime index of the Dhaka Stock Exchange, gained around 15.18 percent in the last 2.5 months, the highest in the past several years, they added. 

That is why the profit booking was expected, they said adding that, it is good for the market when people take profits because then they get the confidence to invest more.

In the previous consecutive nine weeks, the DSEX added more than 811 points.

Experts said lower returns on the money market, liquidity surpass in the banking sector, enlistment of some good securities, and proactive regulatory measures, are the reasons behind the present good positive in the stock market.

The stocks witnessed continuously upward trend for the last several months on the back of positive macroeconomic indicators in the country like remittance, foreign reserve, and export growth coupled with better-than-expected earnings declarations, they added.

However, the DSEX declined by 13.89 point during the last week to close at 6,052.76 points on Thursday.

The DSE 30 Index, comprising blue chips, went down by 8.04 points to settle at 2,197.06 points and the DSE Shariah Index (DSES) decreased 8.55 points to close at 1,290.93 points.

The total turnover on the prime bourse went down to Tk 97.98 billion against Tk 121.88 billion in the week before. 

Losers took a modest lead over the gainers, as out of 375 issues traded, 210 declined, 148 advanced and 17 remained unchanged on the DSE trading floor.

On the other hand, the port city bourse, the Chittagong Stock Exchange (CSE), also saw a positive trend with its selective category index (CSCX) losing 18.22 points to close at 10576.20 points in the last week.

The All-Share Price Index (CASPI) of the CSE decreased by 14.41 points to close at 17,570.93 points during the last week.

Of the 338 issues traded on CSE floor, 142 advanced, 176 declined and 20 remained unchanged on the CSE in the last week.

The port city's bourse traded 16 crore shares and mutual fund units with turnover value of Tk 444.84 crore during the time.