Stocks continued to end flat amid volatility yesterday as investors were cautious over the renewed political turmoil.
The market regained some ground in early trading, but plunged in the mid-session. However, late buying pressure recovered some losses at the end of the day.
The benchmark index DSEX fell marginally over 6 points or 0.2% to 4,624.
The Shariah index DSES rose marginally 3 points to 1,112. The blue chip comprising index DS30 inched almost 3 points down to 1,756.
The Chittagong Stock Exchange Selective Category Index CSCX was slightly up 3 points to 8,587.
Strong selling pressure has contributed to increase the DSE turnover that stood at Tk440 crore, more than 20% over the previous session.
The City Brokerage said shaky confidence level of the investors’ due to the anxiety of political flux ahead of January 5 triggered selling pressure. Consequently, the benchmark index prolonged its bearish trend, it said.
Lanka Bangla Securities said with the drop on the day, the major averages were adding to the losses posted in the previous session.
“While some investors continued to inject fund into value stocks, others remained cautious about the aftermath of stagnant private investment scenario in the year just past.”
Amid choppy trading, fuel and power sector came to spotlight on the news that the government might cut fuel oil price.
The sector gained the highest 1%, led by GBB Power soaring 5.5% and was the most-traded one, making up more than 20% of the total DSE turnover.
Heavyweight banking sector continued to suffer due to its slim operating profit in 2015 as it was down 0.4%, adding losses to the previous session’s 1.2%.
Low-cap food and allied sector saw a heavy correction, followed by non-banking financial institutions and telecommunications. Pharmaceuticals, engineering and textile edged higher.
Beximco Limited, the flagship company of business conglomerate Beximco Group, was the most-traded share with a turnover worth Tk21.4 crore.
