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Stocks end flat amid volatility

  • Published at 08:42 pm September 12th, 2013

Stocks continued to end flat in a highly volatile trade Thursday.

The made a flying start driven by micro cap companies, cement, insurance and engineering sectors but profit booking on large cap companies have dragged down the market in the wee hour.

After gaining nearly 40 points, the benchmark DSEX index saw fractional rise of 0.98 points or 0.02% to 4,078. The blue chip index DS30 fell 6 points or 0.4% to 1,509.

The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, fell 4 points to 7,932.

Strong buying and selling pressure helped improve the turnover to stand at Tk5.7bn, up by 3.4% over the previous session and highest in last 11 sessions.

The market breadth remained positive as out of 286 issues traded, 163 advanced, 97 declined and 26 remained unchanged.

“Investors’ wait and see strategy and meticulous trading policy with market volatility amid frequent scrip wise movements put the bourse in the flat region,” said IDLC in its market analysis.

It said apparent calm down in political frontier kept investor confidence upright, resulting in improving the turnover.

Mimicking the week’s psychological pattern, DSEX remained below 4,100 points level for the fifth consecutive session.

Profit booking in large cap scrips against positioning in micro cap scrips created a countercyclical effect to keep market sentiment in a horizontal line, said a stock broker.

Uptrend of cement sector lured some witty participants to it. As a result, the sector captured leading position in turnover, accounting for 14% of total turnover. The sector was also the highest gainer with a rise of 3.84%, led by Heidelberg Cement that rose 5.7%.

All the seven issues from the cement sector rallied up with two of them featuring in the top ten gainer’s chart.

Besides, non-life insurance and engineering rose 2.4% each. The large cap sectors telecommunications, financial institutions and bank declined on profit booking.

The day’s session was no different from the last couple of sessions as the market started with an upbeat note and then slowed down for the rest of the day, said BRAC-EPL.

Heidelberg Cement was the most traded stock with turnover worth Tk383m, followed by Bangladesh Submarine Cable Company Ltd, Grameenphone, Olympic Industries, Singer BD, Apex Adelchi, Meghna Petroleum and United Airways.