Stocks end flat amid investors' buying spree

The cement sector registered the highest gain yesterday, powered by the investors' buying spree of cement stocks, as most of the manufacturers saw an upward trend in their profits in the first half of this year.
The sector gained 4.09 percent in terms of prices followed by telecoms at 1.87 percent.
The rising profits of listed cement stocks assisted the sector to be the highest gainer of the day, commented IDLC Investments in its daily market analysis.
Out of seven cement companies, six gained 3.79 percent to 8.02 percent in terms of prices.
Five companies disclosed profits, which soared 21 to 71 percent in the first half of this year.
Besides, the new investment of Grameenphone to expand its coverage in rural areas aided the telecom sector to gain 1.87 percent on the day, the investment banker said.
GP is set to receive Tk 36 crore funds from the International Finance Corporation, the private sector arm of the World Bank Group.
The LankaBangla Securities also agreed with the IDLC on the cement sector's highest gain.
Among the major sectors, food and allied lost 3.52 percent, non-bank financial institutions 1.49 percent and non life insurance 1.38 percent.
However, stocks ended flat yesterday with benchmark general index of the Dhaka Stock Exchange, DSEX, closing the day at 4,127.48 points, after falling 4.65 points or 0.11 percent.
Natural correction as well as profit-taking was vigilant throughout the trading sessions, IDLC said.
After moving marginally lower over the course of the previous session, stockmarket registered lower amount of turnover as market faced a wimpy sell pressure, LankaBangla said.
Turnover, the most important indicator of the market, declined 21.66 percent to Tk 541 crore from the previous day.
With uncertainty around global economic prospects, Bangladesh economy is now stable compared to other emerging frontier markets, LankaBangla said.
A total of 1.17 lakh trades were executed with 8.91 crore shares and mutual fund units changing hands.
Of the 293 issues traded on the DSE floor, 103 advanced, 158 declined and 27 remained unchanged.
Bangladesh Submarine Cable Company featured in the most traded stocks chart with 13.55 lakh shares worth Tk 36.16 crore changing hands.

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