Bargain prices lead stocks to end flat

Stocks closed flat yesterday, breaking a five-day losing streak, as investors remained wary of market movements.

DSEX, the benchmark index of Dhaka Stock Exchange, finished the day at 4,347.13 points, registering a marginal gain of 2.1 points or 0.04 percent.

It was an eventful day for the investors, as there was a lot of volatility in the capital market, LankaBangla Securities said in its market analysis.

“The benchmark index went down below the 4,300-point level within the first one and a half hours of the trading session,” it said.

However, the stockbroker said there was strong support at that level and the market quickly turned around.

The day started in continuation of last few sessions' losing streak, IDLC Investments said.

But some opportunist investors recognised that many scrips were available at bargain prices and acted upon that, halting the downfall, the merchant bank said.

The day's turnover, however, rose 14 percent to Tk 371.40 crore with transactions of 7.45 crore shares and mutual fund units.

Newly listed United Power Generation and Distribution Company topped the turnover leaders' chart with 25.33 shares worth Tk 38.89 crore changing hands, followed by ACI, Unique Hotel and Resorts, Ifad Autos and Pharma Aid.

Losers beat gainers 148 to 120 while 35 securities remained unchanged on the DSE.

Telecom accelerated 1.03 percent in market capitalisation, followed by engineering and pharma that advanced 0.36 percent and 0.27 percent respectively.

Conversely, cement declined 0.84 percent, followed by non-banking financial institutions 0.19 percent and banks 0.13 percent.

Beach Hatchery was the day's best performer, advancing 9.86 percent, Imam Button was the worst loser, slumping 7.05 percent.

Chittagong stocks also rose yesterday with the bourse's benchmark index, CSCX, increasing 34.13 points to 8,127.07.

Losers beat gainers as 113 scrips declined and 92 advanced, with 25 securities unchanged on the Chittagong Stock Exchange.

The port city bourse traded 77.39 lakh shares and mutual fund units, generating a turnover of Tk 30.46 crore.