Stocks edge up amid profit booking

Stocks closed marginally higher Tuesday with turnover falling slightly, as late profit-booking wiped-out most of the early gains.
Dhaka Stock Exchange (DSE) returned to normal trading hours on the day, after facing technical problem in the two previous trading sessions, which forced the authorities to open the trade beyond scheduled time.
The market opened higher but selling pressure beginning in late hour has wiped-out most of the early gains, leading to close the market marginally higher.
After rising more than 45 points, DSEX, the prime index of the DSE, ended at 4,627.16 points, gaining marginally by 12.14 points or 0.26 per cent.
DSEX added 171 points in the last four consecutive trading sessions despite shorten trading hours on opening day of this week following technical glitch.
The two other indices also closed in green. DS30 index, comprising blue chips, gained 12.47 points or 0.72 per cent to close at 1,748.78 points. DSES index advanced 4.60 points or 0.42 per cent to end at 1,113.44 points.
Turnover, the most important indicator of the market, declined slightly and amounted to Tk 8.36 billion, against this year's highest turnover of Tk 8.55 billion recorded in the previous session.
The investors' attention was remained mostly focused on power, pharma and engineering - the sectors that accounted for 25 per cent, 17 per cent and 12 per cent respectively of the day's total turnover.
An analyst said fiscal year 2014-15 is close to its end and the bourse observed the June-impact, lately. He said most of the investors started positioning on the hope of getting tax rebate on their income.
"The market edged higher amid expectation of capital market-friendly policies in the forthcoming budget," said International Leasing Securities, a stock broker, in an analysis.
Banking, telecommunication and textile sectors witnessed major sale pressure, but price surge in cement, power and life insurance helped the bourse to sustain in green, said the International Leasing.
IDLC Investments, a merchant bank, said, "Bullish trend continued in the morning hours which was gradually subdued as investors realised some profit of the previous couple of sessions".
"Investor participation remained buoyant in anticipation of positive news of the upcoming budget," said the merchant bank.
LankaBangla Securities, a stock broker, said, "Though buying interest in large-cap fundamental stocks pushed the day's high to 4,670 points, profit booking in afternoon trading closed the benchmark index with moderate gain".
Next trigger for the equity market is Budget FY16, which is expected to come with upside surprises, said the stock broker.
Finance Minister hinted cut in oil price to some extent in the next budget, which would convey positive impact on domestic growth and downward pressure on inflation, said the stock broker.
The large-cap sectors experienced a mixed performance. Telecommuni­cation and banks went down by 0.62 per cent and 0.38 per cent respectively.
Cement posted a hefty gain of 4.79 per cent. Fuel and power advanced by 0.48 per cent followed by pharmaceuticals which gained 0.34 per cent. Food and allied also went up by 0.24 per cent. NBFIs ended 0.04 per cent up.
The market breadth, however negative, as out of 315 issues traded, 156 declined, 123 advanced and 36 remained unchanged on the DSE floor.
Activities decreased in the major bourse where volume and trade were down by 3.69 per cent and 0.80 per cent respectively. A total number of 0.176 million trades were executed with trading volume of 215.26 million securities.
The market capitalisation on DSE stood at Tk 3,244 billion against Tk 3,238 billion in the previous session.
The port city bourse Chittagong Stock Exchange (CSE) also ended marginally higher with its Selective Categories Index - CSCX - gained 52.44 points to close at 8,712.72 points.
Gainers beat losers 134 to 90, with 29 issues remaining unchanged at the port city bourse that traded 23 million shares and mutual fund units with turnover of Tk 773 million.
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