• Wednesday, Dec 11, 2019
  • Last Update : 05:28 pm

Stocks close marginally higher amid volatility

  • Published at 06:13 pm November 5th, 2013

Stocks closed slightly higher amid volatility on Tuesday, as profit booking wiped off early gains.

Investors’ presence on the trading floor was still very thin as the 60-hour countrywide shutdown enforced by opposition parties entered the second day.

The benchmark DSEX index ended at 4,090 with a marginal rise of 4 points or 0.2%, after hitting highest 4,148 in the morning. The index was one-and-a-half month high since September 19.

The DS30 Index comprising blue chips was down 4 points or 0.3% to 1,443.

The Chittagong Stock Exchange Selective Category Index, CSCX, gained 13 points to 8,007.

Heavyweight banks that gained more than 1% rescued the market from losses as all other sectors declined on profit booking.

The two major political parties stick to the respective policies that dampened investors’ mood, leading to quick profit booking sell pressure in the market, according to stock dealers.

Profit booking by opportunistic investors leveled DSEX slightly below 4,100 points, said IDLC investment in its daily market analysis.

News of decline in foreign orders to RMG factories hit investors’ sentiment very negatively. As a result, textile lost its 32-day leading position in sectoral turnover.

Besides, the sector performed negatively, falling 1.5% during the session. Telecommunications dropped highest more than 2%, followed by non-banking financial institutions that shed 1.7%.

Lanka Bangla Securities said good financials of stock supported strong opening in the morning with gains across the sectors.

However, profit taking set in almost immediately in the late hour, taking the market back down to almost par by the end of the day, it said.

Some issues like uncertainty in the political arena, steady growth in economic indicators and flow of fund in capital market made investors to adopt mixed approach in the market, it said.

The total market turnover slowed down slightly to about Tk3.9bn from previous session’s 24-session high of Tk4bn.

Losers outpaced gainers as out of 287 issues traded, 127 gained, 134 declined and 26 remained unchanged in the prime bourse.

United Commercial Bank Ltd continued to occupy the top position in the turnover list with shares worth Tk154m changing hands. It was followed by Envoy Textile, Generation Next Fashion, Summit Purbanchol Power Company, IFIC Bank, Padma Oil, City Bank and Olympic Industries.