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The benchmark DSEX index failed to carry forward its positive momentum from the previous session with the index closing flat after finding resistance on Wednesday.
The profit-booking mostly took place on banks and non-banking financial institutions pulled the market down, despite the positive news about the approval of a closed-end market stabilisation fund valued at Tk 100 crore titled ‘Subarna Jayanti Fund’.
The market started on a positive note, gaining over 40 points to hit an intraday high of 7,092. However, profit-booking meant all gains were erased. At close, the DSEX finished with a meager gain of 4 points or 0.05 percent to settle at 7,060.
The index has stayed in the 7,000-7,300 range for almost a month with worries about some factors including overpressure on the taka keeping investors at bay.
The Shariah-based index saw a fractional rise of o.67 points or 0.045 per cent to 1,484 while the blue-chip comprising DS30 index shed almost 8 points or 0.29 per cent to 2,683.
On Tuesday, the securities regulator approved Tk 100 crore closed-end mutual fund in the form of term deposit receipt (TDR) in response to the proposal of Capital Market Stabilisation Fund. The fund manager ICB will inject the fund into the market for 10 years.
On Tuesday, the DSEX gained 115 points triggered by the Bangladesh Securities and Exchange Commission (BSEC) allowing brokers to extend credit facilities to their clients based on PE ratio instead of providing margin loans based on the benchmark index.
Among other major sectors, insurance, tannery and IT sectors experienced price appreciation while jute, ceramics and miscellaneous sectors faced correction.
Turnover increased by 1 per cent to Tk 1,507 crore backed by banking sector that made up about 24 per cent of the total turnover.
Share of debutant Acme Pesticides—the agricultural product input makers and distributors---continued to rally for the fourth consecutive day soaring 9.77 per cent. Another newly listed Sena Kalyan Insurance Company also surged for the sixth straight session with a rise of 9.9 per cent.
