Stocks closed flat for the second consecutive session with volatility yesterday, as investors were cautious ahead of national budget to be placed in the parliament on June 5.
The market was in positive territory till mid-session and modest buying pressure mainly on telecommunications helped it close marginally higher.
The benchmark index DSEX witnessed fractional gains of 0.09 points to close at 4,378.
The comprising blue chips DS30 rose 2 points or 0.2% to 1,589. The Shariah index DSES gained 4 points or 0.5% to close at 978.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, dropped 21 points to close at 8,417.
Total DSE turnover stood at Tk236 crore, which was over 29% higher over the previous session’s 7-month low.
“Remaining largely unchanged, investors’ sentiment turned more cautious, this session,” said IDLC Investments in its market analysis.
Since perfect confirmation of trend reversal lagged, skepticism prolonged further. The overall situation kept bourse in flat region and DSEX beneath 4,400 points for third session, it said.
However, after hitting 7-month lowest in last session, the pace of trading activity picked up a bit. Amid which, scrip specific centralisation was notable, the IDLC said.
Lanka Bangla Securuties said market moved up marginally, supported by buying interest in large cap. DSEX elevated a bit to its morning high of 4,393 along with the movement in large cap, it said.
Though trading activities moved up slightly, volume remained at an anemic level. A confirmed up or down move in index for near future is yet to be observed, so investors are mostly remained neutral and conservative, said Lanka Bangla.
Zenith Investments said traders are looking forward for some positive signs, as the market lingers in such a position that it is difficult to predict for how long the market decides to remain drab.
Out of 294 issues traded, 127 declined, 108 advanced and 59 closed unchanged on the DSE floor.
Among the major sectors, telecommunications gained the most with a rise of over 2%. Pharmaceuticals and banks closed flat. Non-banking financial institutions, food and allied and fuel and power declined marginally.