DSEX stays flat after choppy trade

Dhaka stocks closed flat on Monday, breaking the regulatory measure-induced four-day rally as investors opted for booking modest profits.

The market opened down in the morning but there were a few buy orders in the mid-session but selling became the order of the day.

The economic worries such as rising inflation, depreciation of the currency, and decline of remittance might occupy the investors’ mood, analysts say.

At close, the benchmark DSEX index inched 1.79 points or 0.02 per cent down to settle at 6,763, hitting a low at 6,746 and a high at 6,789.

Two other junior indices—the Shariah-based DSES saw a fractional rise of 0.47 points or 0.03 per cent to 1,452. The blue-chip DS30 index was marginally down 2.7 points or 0.1 per cent to 2,460.

“The stock market has been on a rollercoaster ride throughout the trading session and the benchmark index, DSEX settled flat after the day-long volatility as sellers outnumbered buyers on the bourse due to investors’ profit-taking tendency,” said the EBL Securities in a note.

The market observed a decrease in participation as turnover declined by 1.2 per cent to stand at Tk 986 crore as against Tk 998 crore in the previous session.

Modest profit-booking sell-off took place in sectors including fuel & power, ceramics, financial institutions, and miscellaneous.

On the flip side, banks, telecommunications, engineering, jute and insurance closed in the green.

Out of the 384 issues traded, 167 advanced, 178 declined, and 39 remained unchanged.

BDCOM Online was the top gainer hitting almost upper limit circuit breaker at 10 per cent, followed by Envoy Textiles, Sonargaon Textiles, VFS Thread Dyeing, Rupali Life Insurance and Far Chemical Industries.