Turnover dips below Tk 2.0 billion-mark once again

Stocks closed flat into the red Tuesday for the eighth straight sessions with turnover dipped below Tk 2.0 billion-mark once again as most of the investors remained inactive.
DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 4,363.49 points, shedding less then a single point of 0.77 point or 0.01 per cent after witnessing volatility throughout the session.
However, the other two indices managed to close positive. The DS30, comprising blue chips gained 6.75 points or 0.42 per cent to close at 1,589.82 points. The DSE Shariah Index (DSES) advanced 0.48 points or 0.04 per cent to close at 971.88 points.
DSE turnover dropped further and came down below Tk 2.0 billion mark and amounted to Tk 1.96 billion which was 9.68 per cent lower from previous day's value of Tk 2.17 billion. It was also seven-month low turnover since Tk 1.88 billion on October 22, 2103.
"After consecutive seven days of excruciating fall in index, market reverted at the morning session amid volatility. However, lack of near term trigger has made the market volatile amid dried up market resilience and market turnover," commented LankaBangla Securities, in its daily market analysis.
Though market breadth ended positive, selling pressure in last hour closed the index on flat red note, said the stock broker.
"Market is looking ahead for upcoming budget for encouragement. As this is the first budget of newly formed government, it might be pro-growth," the stock broker added.
"Market closed flat, finally putting a halt to the 7-days bearish spell. The breakout effort emerged early in the morning but quickly nullified by strong bearish sentiment, forcing the market to retreat to as low as 4,352 points, said IDLC Investments.
However, the market manoeuvred a second attempt based on Large and Mid Cap stocks, at midday and gradually climbed back to close flat at 4,363.49 points, the merchant said.
In the mean time, most of the investors stayed sideline, watching index directions, resulting in a below Tk 2.0 billion level of turnover. Multinational cement companies did well, helping cement attain a positive close, said the merchant bank.
The losers took a strong lead over the gainers as out of 289 issues traded, 131 declined, 110 advanced and 48 issues closed unchanged on the DSE floor.
Among the major sectors, food & allied and fuel & power closed green with 0.45 per cent and 0.21 per cent gain. NBFIs also posted 0.09 per cent gain.
Banks and pharmaceuticals lost 0.64 per cent and 0.30 per cent respectively. Telecommunications closed almost flat losing 0.03 per cent.
Activities decreased in the major bourse (DSE) where volume and trade were down by 6.95 per cent and 11.70 per cent respectively. A total number of 0.054 million trades were executed in day's trading session with 50.36 million securities of trading volume.
The total market capitalisation on the DSE stood at Tk 2,846.65 billion against Tk 2,845.68 billion in the previous trading session.
Progressive Life Insurance was the day's highest gainer; posting a rise of 7.67 per cent while Federal Insurance was the day's worst losers, slumping by 12.50 per cent.
The port city bourse -- Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index -- CSCX lost 10.43 points to stand at 8,402.13 points.