Stocks ended flat Wednesday amid choppy trading throughout the session as investors booked profit on stocks which made significant move in previous sessions.
The market opened lower with DSEX fell about 30 points, then shot up almost 67 points from that low, crossing 4,900 points level riding primarily on banks. However, the surge met with sell pressure again as investors booked profit mainly on blue chip stocks.
Stocks end flat amid roller coaster ride
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 2.14 points or 0.04 per cent to settle at 4,873.96. DSEX added around 96 points in the five consecutive sessions.
However, the two other indices closed in the red. The DS30 index, comprising blue chips, lost sharply 15.0 points or 0.78 per cent to finish at 1,889.75. The DSE Shariah Index (DSES) shed 5.01 points or 0.41 per cent to end at 1,202.90.
Higher activities sustained and the total turnover amounted to Tk 9.02 billion, which was 2.80 per cent lower than the previous day's Tk 9.28 billion.
Sheltech Brokerage said, "The market remained confused on direction". Following last trading session, the prime index, DSEX, moved upward with 148 gaining stocks and 142 losers at closing, it said.
"The market is now trading above the 200 days weighted moving averages of 4591.07 and the day's market relative strength index was 76.39," said the Sheltech Brokerage.
LankaBangla Securities, a stockbroker, said, "Market came under pressure on profit booking in morning trade in continuation of selling pressure seen in closing period of previous trading".
Price of construction material, pharma and telecommunication stocks skidded, whereas financial stocks supported the market to close with slight rebound, said the stockbroker.
International Leasing Securities said, investors demonstrated jittery trading as both the optimists as well as shaky investors were active in the trading floor amid the mixed half yearly corporate declaration announced by listed corporations.
The large-cap sectors faced correction except financials sector. Both banks and NBFIs -the major sectors among the financials posted a significant gain of 1.64 per cent and 1.91 per cent respectively.
Telecommunication went through a significant correction of 1.16 per cent. Cement went down by 0.54 per cent. Pharmaceuticals retraced by 0.52 per cent. Power and food and allied lost slightly by 0.02 per cent and 0.04 per cent respectively.
The losers took a modest lead over the gainers as out of 321 issues traded, 148 closed lower, 142 higher and 31 remained unchanged on the DSE trading floor.
Activities decreased in the major bourse where trade and volume were down by 5.81 per cent and 10.96 per cent respectively. A total number of 0.175 million trades were executed with trading volume of 236.01 million securities.
The market capitalisation on DSE stood at Tk 3,409.97 billion against Tk 3,409.49 billion in the previous trading session.
United Power Generation and Distribution Company was the day's top turnover leader with shares of Tk 1.05 billion changing hands followed by Islami Bank, Square Pharma, Lafarge Surma Cement and ACI.
Anwer Galvanizing was the day's best performer, posting a rise of 9.95 per cent while Dafodil Computers was the day's worst loser, plunging by 4.57 per cent.
The port city bourse Chittagong Stock Exchange (CSE) also closed in green with its Selective Categories Index - CSCX - gained 10.69 points to close at 9,103.14.
Losers beat gainers 134 to 98, with 31 issues remained unchanged on the port city bourse that traded 22.38 million shares and mutual fund units with a value of Tk 769 million.
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