Stocks closed flat further with persisting volatility yesterday as late selling pressure mainly on banks and textiles issues cut early gains.
Although the market began the session on a positive note but later it saw a downward movement especially in the last 90 minutes of trade.
After rising around 20 points, the benchmark DSEX was down 12 points or 0.3% to close at 4,660, after edging higher in the previous session. It is its lowest since January 22 this year.
Shariah Index, DSES, gained marginally over 3 points or 0.4% to 1,015. The blue-chip comprising DS30 ended at 1,681 with fractional rise of 0.6 points.
Chittagong Stock Exchange Selective Category Index, CSCX, fell 37 points to close at 9,099.
Heavyweight banks were down by 1.7%, led by United Commercial Bank that dropped almost 10% due to adjustment of its cash dividend. Textile sector also lost its luster with a loss of 1.2%.
Turnover at DSE stood at Tk450 crore, recovering well from previous session’s two month low turnover and was 34% higher over the previous session.
“Coupled with ongoing volatility and apparent lack of directions, market continued mimicking last several sessions. Resultantly, the bourse ended flat once more time, approaching the same scenario for eighth session,” said IDLC Investment in its daily market analysis.
Marginal selling pressure in some mid cap scrips, especially bank sector, pulled down the market at the later part of trading, it said.
Among other major sectors, telecommunications had the highest gain of 0.8%, followed by power 0.5% and pharmaceuticals 0.5%. Financial institutions and food and allied sectors closed almost flat with no significant movement.
Padma Oil continued to top turnover leader with shares worth Tk44 crore changing hands, followed by Bangladesh Shipping Corporation, Meghna Petroleum, Square Pharmaceuticals, Olympic Industries, Bangladesh Submarine Cable, Grameenphone and Singer Bangladesh.
