Stocks lacklustre after Savar tragedy

Stocks ended flat yesterday as the recent Savar tragedy and ongoing political instability suppressed hope in the market.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed at 3,438.89 points, after falling 5.9 points or 0.17 percent.
Turnover, a major market indicator, grew 1.40 percent from the previous day to Tk 136 crore.
The markets opened on a positive note but the market-tracking index started to drop in just two hours, losing 18 points midsession.
“Volatility kept up its soggy presence in the bourse, with some spikes in the later part of the session,” said IDLC Investments.
Alongside, investors apparently showed a cautious reaction to passing of the demutualisation act, the investment banker said.
The act that separates bourses' management from ownership to bring transparency in the stockmarket was passed in parliament on Sunday.
An aggregate of 0.60 lakh trades were executed with 4.38 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the total 278 issues that traded on the DSE, 134 advanced, 119 declined and 25 remained unchanged.
Among the major sectors, banks gained the most, advancing 0.63 percent, followed by power at 0.19 percent.
However, non-bank financial institutions lost 0.76 percent, telecoms 0.32 percent and pharmaceuticals 0.11 percent.
RN Spinning Mills was the turnover leader though its share price dropped by 4.96 percent from the last trading session with 37.07 lakh shares worth Tk 9.95 crore changing hands.
Beximco and United Airways were the next popular stocks of the day.
Rahim Textile was the biggest gainer of the day, as it accelerated 9.93 percent, while Premier Leasing and Finance was the worst loser, plunging 16.94 percent.
The Chittagong Stock Exchange yesterday ended flat with its CSCX, the selective categories index, losing 27.24 points or 0.40 percent, to close at 6,940.24 points.
Losers beat gainers 91 to 61 with 21 issues unchanged on the port city bourse that traded 66 lakh shares and mutual fund units with Tk 17.36 crore in turnover.