Stocks end flat on profit-taking

Stocks ended flat yesterday, as investors sold shares to pocket profits from their previous purchase.
DGEN, the benchmark General Index of Dhaka Stock Exchange, finished the week at 4,446.87 points, after falling 6.56 points or 0.15 percent.
The market started amid spontaneous buy pressure, lifting the index by some 125 points within the first hour of trading.
Afterwards, profit-taking through the rest of the session calmed the market eroding the early-hour gain, IDLC Investments, a merchant banker, said.
Improved turnover boosted investors' confidence while they kept cautious by realising profit and investment reallocation, it said.
Turnover rose 11.6 percent to Tk 785 crore, compared to the previous day.
“The morning session was dominated by optimistic buying while the afternoon was marked by heavy sales by the confused and profit-taking traders,” LankaBangla Securities said.
Newly listed companies have seen a sharp correction on the day after a weeklong rally, the stockbroker said.
A total of 1.89 lakh trades were executed with 17.16 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the total 275 issues that traded on the DSE floor, 116 advanced, 147 declined and 12 remained unchanged.
During the day's flat movement, information technology lost 5.88 percent, textile 3.98 percent and telecommunication 3.04 percent.
The banking sector covered 30 percent of the total market cap, rising 2.79 percent.
Bangladesh Submarine Cable Company featured on the top traded stocks chart with 30.52 lakh shares worth Tk 39.85 crore changing hands.
Titas Gas and MI Cement were the next popular stocks of the day.
Fine Foods was the biggest gainer of the day, as it posted 10 percent gain.
The Selective Categories Index of Chittagong Stock Exchange finished the week at 8,536.95 points, after falling 10.17 points or 0.11 percent.
Losers beat gainers 102 to 95 with eight securities remaining unchanged at the port city bourse that traded 2.23 crore shares and mutual fund units with Tk 90.30 crore in turnover.