Stocks ended flat in volatile trade yesterday, as late profit booking mainly on large cap issues cut early gains.
The benchmark index DSEX inched down 1 points to close at 4,447, hitting highest 4,485 in the mid-session. It gained 18 points in the previous session.
The blue chips DS30 gained 12 points or 0.8% to 1,007. The Shariah index DSES rose 4 points or 0.4% to 1,007.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, was up 19 points to settle at 8,486.
Participation in trading increased as the total turnover at DSE crossed Tk400 crore mark after four sluggish weeks. It stood at Tk432 crore, which was 15% higher over the previous session.
After witnessing several dull sessions, multinational companies have staged comeback strongly.
Significant strength was also visible in pharmaceuticals, telecommunication and food and allied stocks, which rallied 2.8%, 2.2% and 1.6% in market capitalisation respectively.
All other major sectors edged higher except the financial sectors – banks and non-banking financial institutions that declined marginally.
Share price of Wata Chemicals that was brought back to the main market from the OTC market recently jumped over 8% following its corporate declaration of 30% stock dividend.
IDLC Investments said in absence of any directional movement, investors were in sell-off mode in large number of scrips.
On the other hand, it said, as the deposit rates of the banks and financial institutions were coming down, it was much expected that the investable fund may flow to capital market investment on a risk-adjusted basis.
Market level overvaluation was not permitting much room for capital market investment, it said, adding that amid such situation, a large number of stakeholders kept their attention to the upcoming national budget.
Lanka Bangla Securuties said positive sentiment was also generated by news that following relaxation of capital market re-financing fund, merchant banks and brokerage houses have shown interest for fund disbursement and ICB will apply for installment of next Tk600 crore re-financing scheme.
Losers, however, took a strong lead over the gainers as out of 297 issues traded, 190 declined, 80 advanced and 27 closed unchanged.