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Dhaka Tribune

Stocks continue to end flat

Update : 08 Jul 2013, 05:58 AM

Stocks continued to end flat for the second straight session in a row in a volatile market Sunday, as late profit booking sale pressure wiped off early gains.

The market jumped in the morning but started to decline from first session as investors preferred to book profits.

After rising around 60 points in early session, the benchmark DSE General Index, DGEN, closed at 4558 with a slight rise of 16 points or 0.35%.

The free float-based benchmark, DSEX, rose 7 points or 0.17% to 4278. The DSE30 gained marginally 4 points or 0.27% to 1500.

The Chittagong Stock Exchange Selective Category Index, CSCX, closed 32 points higher to 8416.

“Recently concluded city corporation election is expected to maintain relatively calm political frontier, which also affected the market sentiment positively,” said IDLC Investment in its analysis.

Over the last eleven sessions, activity of fuel and power sector continued to be the highest among all sectors with an average turnover of Tk1680m, making up more than 23% of total turnover ahead of its corporate declarations.

In the midst of flat scenario, textile posted highest gain of 2.32%, followed by non-banking financial institutions 2.13% and engineering 2%. Life insurance fell 1.92%, and travel and leisure 1.84%.

“Market saw strong sell pressure at every rising movement. Although the day ended in green, sellers were observed to be vigorous in the second half of the trading session. Healthy net asset value disclosure generated substantial price return for the mutual funds,” said Lanka Bangla Securities in its analysis.

However market participation further decreased as turnover value fell 6% over previous session’s value and stood at Tk8.6b. Out of 289 issues traded, 165 advanced, 112 declined and 12 remained unchanged.

The top turnover leaders included Bangladesh Submarine Cable Company, followed by Meghna Petroleum, Unique Hotel and Resorts, United Airways, Padma Oil, Orion Pharma, Summit Purbanchal Power Company, Jamuna Oil and Olympic Industries. 

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