Stocks finish flat amid short-term profit booking

Staff Correspondent | Published: 00:05, Jul 09,2018

 
 

DSE building. -- New Age file photo

Dhaka stocks finished flat on Sunday, the first trading session of the week, due mainly to profit-taking selling by a section of inventors after a two-day rise.
The key index of the bourse, DSEX, finished at 5,366.02 points, adding just 0.07 per cent or 3.74 points.
Turnover on the bourse declined slightly to Tk 892.49 crore on Sunday from Tk 902.83 crore in the previous trading session.
Although the market started with a positive vibe on Sunday, it finished flat due mainly to short-term profit-booking approach by a section of investors in late trading, stockbrokers said.
Besides, confusion over whether or not the market would grow further might be among other reasons for the flat ending of the session despite 30 points gain within a few minutes after the day’s trading commencement, they said.
Unusual price hikes of some fundamentally weak companies like Legacy Footwear and Anwar Galvanizing continued despite the fact that the entities had no price sensitive information, stockbrokers said.
The companies said that they did not have any price sensitive information for the unusual price hike, but the market regulator has so far taken no steps in this regard, they said.
DS30, the blue-chip index of the DSE, gained 0.13 per cent, or 2.67 points, to close at 1,929.13 points.
The Shariah index, DSES, added 0.46 per cent or 5.90 points, to close at 1,267.22 points.
‘The broad index experienced negative movement during the first two hours of the day without a sharp upward trend in the day’s opening,’ LankaBangla Securities said in its market report.
‘Among the large cap sectors, the energy sector experienced negative movement with a 1.02-per cent loss while the telecommunication sector topped the gaining list with a 1.03-per cent increase from the previous trading day,’ the stockbroker said.
Of the 339 companies and mutual funds traded on the day, 128 advanced, 165 declined and 46 remained unchanged.
Bashundhara Paper Mills led the turnover chart with its shares worth Tk 66.61 crore changing hands.
Ratanpur Steel Re-Rolling Mills, United Power Generation and Distribution Company, BBS Cables, Alif Manufacturing Company, Alif Industries, Monno Ceramic Industries, Anwar Ganvanizing, Sino Bangla Industries and Fortune Shoes were other turnover leaders.
Prime Textile Spinning Mills gained the most on the day, adding 10 per cent, while Bashundhara Paper Mills was the worst loser, shedding 8.75 per cent.

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