Stocks close flat with volatility

Stocks closed flat with volatility yesterday, witnessing marginal rally in large cap stocks to offset losses by other sectors.

The benchmark DSEX witnessed fractional losses of 0.3 points to end at 4,376, extending its losses for the sixth straight session.

However, the Shariah index DSES inched 2 points or 0.3% higher to 994. The comprising blue chips DS30 closed at 1,606, rising 3 points or 0.2%.

Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, fell 6 points to 8,338.

Trading activities improved but still remained poor with the DSE turnover standing at Tk218
crore, up 14% over the previous session.

Among the major sectors, telecommunications continued to go up with a rally of more than 1%. Banks, cement, pharma and power also gained marginally while food and allied, pharmaceuticals and non-banking financial institutions declined.

Far Chemical Industries Limited in its debut trading day gained 426% to Tk51.9 on its offer value of Tk10 each.

The newcomer was the most traded stock of the session with turnover of Tk27.7 crore changing hands.

Lanka Bangla Securities said after a hefty sell off in last few trading sessions, index is consolidating at the level of 4,370 to 4,400 points with improved turnover.

As stocks are being traded at a very low turnover value, market is assumed to exhaust the selling temper among the investors at this level, it said.

IDLC Investments said with mixed trading pattern, the market demonstrated a flat end.

Riding on the back of large cap, the bourse showcased cautious trading pattern of investors, it
said.

Meanwhile, news of declined credit growth and increased investments in savings instruments left its sign in market, prompting investors’ expectation on upcoming monetary policy statement, it
said.

Zenith Investments said taking the month of Ramadan into consideration, there is high chance for the market to move slowly for the upcoming days as well.

After Far Chemical, Grameenphone, Lafarge Surma Cement, Beximco Ltd, Olympic Industries, Square Pharmaceuticals and Apolo Ispat were the other top turnover leaders.