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Stocks end flat with increased turnover

  • Published at 05:50 pm September 11th, 2013
Stocks end flat with increased turnover

Stocks ended flat on Wednesday, as late selling pressure for quick profits cut early gains. 

Small and micro cap companies gained but frequent profit taking in some of the large cap scrips dragged down the indices.

After gaining nearly 36 points, the benchmark DSEX index closed at 4,077, slightly gaining 3 points or 0.08% higher. The blue chip index DS30 was down 2 points or 0.2% to 1,515.

The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, fell 4 points to 7,937.

The total turnover value at DSE stood at Tk5.5bn, which was 5.9% higher than that of the previous session. The market breadth remained positive as out of 293 issues traded, 155 advanced, 114 declined and 24 remained unchanged.

“As investors continued to stay watchful over ongoing developments, session repeated the trend of last few sessions, starting with hype but eventually slowing down. Having no surprises in apparently eased up political front, market sentiment remained largely unchanged,” said IDLC in its daily market analysis.

Scrip wise swings increased on the day as 73 out of 293 traded scrips highlighted more than 4% change in their respective prices.

After gaining more than 4% in the previous session, textile sector shed 0.52% on profit booking. Tannery sector shined as it rose 4.86%, followed by non-life insurance 2.6%, cement 2% and pharmaceuticals 1.14%. Telecommunications lost the most 2.5%. It was followed by financial institutions and banks that dropped 1% and 0.5% respectively.

Activity centralisation continued in textiles that accounted for 16.7% of total turnover, pharmaceuticals 12.9% and fuel & power 11.7%.

Bangladesh Submarine Cable Company Ltd (BSCCL) was the most traded stock of the session with turnover Tk311m as the company made its corporate declaration with 20% cash dividend and 15% stock dividend for the year ended June 2013.

After BSCCL, other top turnover leaders were Heidelberg Cement, Apex Adelchi, Grameenphone, Tallu Spinning, Meghna Petroleum and Padma Oil.