Stocks ended flat on Wednesday, as late profit taking cut early gains.
The market opened on an upbeat note because of buying spree but as time passed investors went for booking profit.
After gaining of more than 52 points in the morning, the benchmark DSEX index saw fractional gain of 0.56 points or 0.01% to 4,128. The blue chip index DS30 was down 5.7 points or 0.4% to 1,546.
The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, fell 4.8 points to 8,042.
Participation improved a little as turnover value on Dhaka Stock Exchange (DSE) stood at Tk5.3bn, an increase of over 16% over the previous session.
“Buying spree of the first-half session was neutralised by investors’ profit taking tendency. Since, neither buy nor sell could sustain for long time – the bourse ended flat,” said IDLC
Investment in its daily market analysis.
Additionally, it said, investors were focusing on scrip wise swings as 45 out of 289 traded scrips posted more than 4% movements of their respective prices.
Market opened on a strong note and continued to move up in the first one hour as some fresh fund got injected into some strong scrips, according to Lanka Bangla Securities.
However, profit booking tendency faded the upbeat trend which led the index to remain almost unchanged at the end of the trading session, it said.
Negative movements were observed among all the major sectors except pharmaceuticals which advanced 2.65%. The sector also accounted for the highest portion of total market turnover with 19.47% contribution.
Non-Banking Financial Institutions lost the most 2.80%, closely followed by telecommunications 2.75%, power 0.57% and banks 0.21%. The large cap stock appreciated 4.4%.
The market breadth was negative as out of 289 issues traded, 115 gained, 146 declined and 28 remained unchanged.
Square Pharmaceuticals was the top turnover leader with shares worth Tk325m changing hands, removing Grameenphone that came in second after remaining top in the turnover list of over the last several sessions.
Other turnover leaders were Bangladesh Submarine Cable Company Ltd, Active Fine Chemicals, Olympic Industries, Padma Oil, Meghna Petroleum, United Airways and Tallu Spinning.
