Dhaka Stock Exchange fell for the second day in a row, as investors, driven by the lure of profits, continued with their selling spree.

DGEN, the benchmark General Index of Dhaka Stock Exchange, finished the day at 4,291.87 points, after falling 49.38 points or 1.13 percent.

The market started the day on a flying note, gaining more than 50 points in the first hour of trading.

But as the day progressed investors selling pressure pushed the gauge down to red.

The uncertainty surrounding the funding of Padma Bridge is preventing investors from making fresh investments and even influencing them to reallocate their portfolio, IDLC Investment said in its market commentary.

Most of the large cap companies underwent price correction during the day, the merchant banker further said.

Most of the issues in the premier bourse faced price correction thanks to the overriding tendency for profit-booking, inferred Green Delta LR Holdings, a stockbroker, from its market research.

Turnover fell by 7.82 percent from the previous day to Tk 580 crore. A total of 1.48 lakh trades were executed, with 12.27 crore shares and mutual fund units changing hands on the premier bourse.

Of the total 269 issues that traded on the DSE floor, 127 advanced, 119 declined and 23 remained unchanged.

All the major sectors ended up in the red zone, with telecommunication leading the way having dropped by 4.61 percent.

Non-bank financial institutions (by 1.57 percent), power (by 1.51 percent) were the other notable losers.

Banks and pharmaceuticals lost as well, by 0.91 percent and 0.37 percent respectively.

Unique Hotel and Resorts was the top traded stock of the day thanks to its transaction of 28.20 lakh shares worth Tk 32.58 crore, followed by RN Spinning Mills and Meghna Petroleum.

Beximco Synthetics was the biggest gainer of the day, posting a rise of 9.25 percent.

ICB AMCL First Mutual Fund dropped by the most: by 8.98 percent.

The Selective Categories Index of Chittagong Stock Exchange closed the day at 8,247.89 points after falling 85.75 points or 1.09 percent.

Losers beat gainers 97 to 87, with 12 securities remaining unchanged on the port city bourse that registered transactions of 1.521 crore shares and mutual fund units worth Tk 64.84 crore.

News: Daily Star/Bangladesh/29-Aug-12