Heavyweights continue to rescue stocks

Dhaka stocks closed flat in highly volatile trade on Tuesday, as the profit-booking wiped out gains seen in the mid-session.

In the opening session, the market dived into the red before recovering all the losses at the close, dragging the market close to the almost starting point ahead of upcoming financial disclosure.

The benchmark DSEX index added nearly 4 points or 0.05 per cent to close at 7,331. The index made an intraday low of 82 points and a high of 27 points to finally close flat, dealers said.

The Shariah-based DSES index saw a fractional gain of 0.68 points or 0.04 per cent to 1,594. The blue-chip comprising the DS30 index added almost 13 points or 0.46 per cent to 2,778.

Like previous session, heavyweights came to rescue the market as prices of more than 70 percent issues closed in the red.

As many as 376 scrips were active, of which 75 advanced, 269 declined and 32 remained unchanged.

The rise in index heavyweight shares like Lafarge Holcim Bangladesh, ICB, Grameenphone and Beximco Ltd helped offset sharp losses in the early hours.

LafargeHolcim Bangladesh Limited, the cement maker that gained more than 7.7 per cent, was the most traded share with a turnover of Tk 214 crore. It rallied for the third consecutive session.

Non-Banking Financial Institution sector closed marginally higher lifted by state-owned Investment Corporation of Bangladesh surging more than 3 per cent, extending rally over a week.

Fuel and power experienced the highest loss of 1.13 percent led by Eastern Lubricants falling 3.66 per cent.

Food and allied, telecommunication, bank, and engineering sectors were down.

Trading activities declined as turnover fell by nearly over 14 per cent to Tk 2,352 crore.

Most of the stocks continued to observe natural correction while few heavyweights such as Lafarge and Beximco helped the index to stay afloat in green trajectory, said the EBL Securities in its market analysis.

Overall investors’ participation displayed a portfolio restructuring approach ahead of upcoming financial disclosures, it said.

However, the port city bourse, CSE, settled in the red trajectory. The selected indices (CSCX) and All Share Price Index (CASPI) declined by 25.0 points and 39.9 points respectively.