Pharma, engineering, food issues attract investors

Stocks turned around Monday after previous session's flat movement with turnover improving slightly as investors' concentration shifted to large-cap stocks.
The market opened with a positive mood which sustained till the end of the session amid modest volatility. DSEX, the prime index of the Dhaka Stock Exchange (DSE) went up marginally by 18.78 points or 0.38 per cent to close at 4,868.47 points.
The two other indices also ended in green. The DS30, comprising blue chips gained 12.01 points or 0.67 per cent to close at 1,802.42 points. The DSE Shariah Index advanced 4.64 points or 0.40 per cent to close at 1,148.87 points.
Turnover improved 7-session high to Tk 2.67 billion, but still hovering around Tk 2.0 billion level, which was 12.23 per cent higher over the previous session's value of Tk 2.37 billion.
The investors' attention was mostly focused on pharma, engineering and food and allied - the sectors that accounted for 13.91 per cent, 12.40 per cent and 12.37 per cent of the day's total turnover.
"Stocks shrugged off previous sessions' dismal display as it steered upwards amidst increased investors' participation," said International Leasing Securities in an analysis.
Large-cap stocks from major sectors, particularly telecommunication and cement rallied while the investors' confidence kept growing as the session progressed, said the International Leasing.
Meanwhile, several small-cap stocks from different sectors witnessed minor price correction amid the investors profit booking attitude, the International Leasing added.
IDLC Investments said: "Broad market remained sluggish amid inactivity from the investors and low volatility".
"Investors' concentration shifted to large-cap stocks, reflected by their dominance in the top turnover chart," said the merchant bank.
"After passing weeklong correction in stocks, market is about to find a way out to bottom out at this level," said LankaBangla Securities, leading stock broker in an anlsysis.
Profit taking continued at the same time which faded the early session's gain in last hour closing the benchmark index down to flat green note, said the stock broker.
Zenith Investments said an analysis that the individual investors demand remains short-term while institutional investors are slowly, identifying stock prices at the root level, and positioning themselves for concrete investments.
All the other major sectors gained. Telecommunication and cement posted 1.70 per cent and 1.27 per cent gains respectively.
Fuel and power and pharma also moved up by 0.54 per cent and 0.42 per cent respectively. The financial sectors - banks and NBFIs - advanced 0.21 per cent each.
The gainers took a lead over the losers as out of 306 issues traded, 141 advanced, 118 declined and 47 remained unchanged on the DSE floor.
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