Stocks closed flat in choppy trading yesterday, reversing the marginal gains on the day before.
The market has been wavy during the entire session as profit taking weighed on some selected stocks.
The benchmark index DSEX slipped 2 points to settle at 4,409, hitting highest at 4,426 in the morning and lowest at 4,403 in the first session.
The comprising blue chips DS30 edged over 1 points or 0.2% to 1,018. The Shariah Index DSES closed at 1,638, shedding 1 points.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, witnessed fractional losses of nearly 1 points to 8,410.
The DSE turnover dropped below Tk400-mark to hit the lowest level from the start of this month. Turnover at DSE stood at Tk368 crore, down by over 15% over the previous session.
Mutual Funds that remained under pressure for long shined ahead of their corporate declarations and moved up over 3%. Almost all the Funds gained with seven emerging at top ten gainers list.
Spike in cement, IT and telecommunications offset some losses, gaining 2%, 1.5% and 1.4% respectively. Profit booking pulled down sectors, including food, power, non-banking financial institutions and banks.
A lower global growth forecast from the World Bank of 5.9% than the budgetary target of 7.3% for the next financial year and a 3.4% fall in remittance flow in first 11 months of FY 2013-14 compared to the same period of last fiscal year might have sapped investors’ appetite, said Lanka Bangla Securities.
IDLC Investments said changing preferences forced market dynamics to remain volatile. “Simultaneously, shaky market momentum influenced investors’ yield hunting in frequent intervals.”
Grameenphone that continued to rally ahead of its interim dividend decelerations was the most traded stock with turnover of almost Tk34 crore changing hands.
It was followed by Lafarge Surma Cement, Apolo Ispat, Square Pharmaceuticals, Bangladesh Submarine Cable Company and Eastern Housing Ltd.
