Stocks end flat as banks save the day

Stocks closed flat in a volatile trade on Sunday as investors took a breather ahead of the December-end declaration session.

In line with the performance in the previous session, the trade kicked off on a positive note and maintained its uptrend marginally until midday when it went in the red briefly on profit-booking before late buying on banks helped the index close flat.

After creeping up in the last four consecutive sessions, the benchmark DSEX index inched 3 points, or 0.05 per cent up to reach 7,089 after dipping as low as 7,080 and as high as 7,118. With the marginal rise, it gathered only 38 points in the four sessions.

Its junior partners the Shariah-based DSES index was also marginally up over 5 points or 0.35 per cent to 1,522 and the blue-chip DS30 index was up 7 points or 0.29 per cent to 2,605.

Banking stocks that remained under pressure for a long period came to the spotlight on the day, helping the market close marginally higher. The banking sector was led by BRAC Bank gaining 0.88 per cent.

“Indices stayed afloat in green terrain as investors' profit-booking in mid-session pushed the core index to settle flat after the stocks opened higher at the beginning of the session,” said the EBL Securities in a note.

Trading activities were a bit sluggish as most investors preferred to stay on the sidelines, seeking opportunities to take a new position in potential stocks ahead of the December-end declaration session.

Investors' participation advanced a bit as the total turnover increased slightly by 1.7 per cent to Tk 1,276 crore over the previous session.

Pharmaceutical stocks were the volume leader accounting for 14.6 per cent of the total turnover followed by engineering 13.2 per cent and textile 10.3 per cent. Insurance and textile sectors that flexed the muscle in the past weeks fell on profit-booking.

However, low-cap stocks such as tannery, jute and food closed in the positive terrain.

Losers took a marginal lead over gainers as out of the 385 issues traded, 142 advanced, 196 declined, and 47 remained unchanged.

Aramit Cement was the top gainer hitting almost the upper limit circuit at 10 per cent following its recent upgradation to 'B' category from 'Z' category with effect from February 10, 2022.

Queen South Textile Mills was the worst loser falling more than 7 per cent, followed by The Peninsula Chittagong, BSC and ACME Pesticides.

Fortune Shoes was the most traded stock, followed by Orion Pharma, Beximco, BSC, Saif Powertec, Sonali Paper and Union Insurance.

The port city bourse, CSE, also stayed afloat in green terrain. The selected indices (CSCX) and All Share Price Index (CASPI) have inched up by 1.5 points and 6.4 points respectively.