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Aim for quick profits sends stocks to red

Star Business Report
Stocks returned to the red yesterday as investors were engaged in massive sell-offs to reap quick profits, thus putting an end to the two-day rally.
DGEN, the benchmark general index of Dhaka Stock Exchange, dropped 96.60 points, or 2.23 percent, to finish the day at 4,222.18 points.
“The market resumed on a positive note but continuous sell-offs, owing to the lure of quick profits and investors' stance to exercise caution, subsequently brought down the index,” commented IDLC Investments.
It appears that investors were aiming for short-term profits rather than long-term investments due to a lack of confidence, although many investment-grade stocks are trading at rewarding price level, it said.
Tuesday's enthusiasm evaporated quickly as there were very few buyers willing to buy stocks at the higher price.
“Market was unable to gather enough momentum to make a strong bull rally,” said LankaBangla Securities in its market research.
It appears investors are still skeptical of the market's sustainability even though the liquidity situation remained relatively easy during the first week of Ramadan, it said.
“DSE corrected as investors reaped profits from their previous investments,” commented Green Delta LR Holdings in its market research.
Even though there were some intermittent bull-run
during the trade session, the market ultimately failed to counter the selling pressure, it said.
Turnover dropped 12.63 percent from the previous day to Tk 252 crore.
A total of 0.78 lakh trades were executed on the DSE, with 5.63 crore shares and mutual fund units changing hands.
Of the 261 issues that traded on the DSE, 30 advanced, 220 declined and 11 remained unchanged.
Among the major sectors, power lost the most, which went down by 3.23 percent, followed by nonbank financial institutions lost 3.02 percent.
Telecommunications, pharmaceuticals and banks lost too: 1.28,1.62 and 1.64 percent respectively.
Grameenphone was the most traded stock of the day, owing to its transactions of 8.9 lakh shares worth Tk 18.52 crore, followed by Bangladesh Submarine Cable Company and Beximco.
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