Stocks witnessed yet another flat session Monday with volatility as late hours selling frenzy, especially financial stocks, faded away early gains.
The market started with a positive note, gaining nearly 21 points to cross the 4,600 level within first 30 minutes. However, it could not sustain that level as investors went on quick profit booking sale.
At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 4,580.99, after a fractional gain of 0.23 point. DSEX added around 16.51 points in the month of November after month-long volatility.
"Another attempt to breakout 4,600 points level was foiled as market has been constantly finding large supply of stocks at that level," IDLC Investments, a merchant bank, said, in its regular market analysis.
The merchant bank noted that unwilling to go for long-term investment, due to gloomy economic outlook, investors were going short at some sign of gain in their portfolio.
"Stock-wise activities were prevalent in the market, as BSRM and BSRM Steels were buoyant with high demand from investors, Malek Spinning kept spiking on sponsor buy while Beximco Pharma and Square Pharma lured investors in search of safe heaven," said the merchant bank.
Turnover, another important indicator of the market, rose further and amounted to Tk 4.55 billion, which was 12.46 per cent higher than the previous session's Tk 4.05 billion.
The investors' attention was mostly focused on engineering, pharma and power -the sectors that accounted for 22 per cent, 16 per cent and 12 per cent respectively of the day's total turnover.
LankaBangla Securities, a stockbroker, said, "The market showed lack of zeal in intraday trading, however index saw almost no change in index as selling frenzy in financial stocks fizzled out by the rally in engineering and pharma stocks".
"Stocks mostly attempted to stabilize after seeing numbers of up-and-down swings in past few trading sessions," said the stockbroker.
"Participation from the investors has been increased but mid-session selling frenzy faded away early gains. The battle between optimist and shaky investors concluded into the flat at day's end," said International Leasing Securities, a stockbroker.
"Profit booking sell pressure has been exhibited in food and allied, financial institutions and fuel and power sector while telecommunication, engineering and pharma sector witnessed heavy buoyancy," said the stockbroker.
The large-cap sectors showed mixed performance. Telecommunication saw a significant gain of 3.38 per cent, riding on GrameenPhone, which advanced 4.25 per cent alone.
Pharmaceuticals moved up by 0.41 per cent while cement closed flat with 0.01 per cent gain.
Food and allied was the biggest loser among major sectors followed by non-bank financial institutions 0.94 per cent, fuel and power 0.21 per cent and bank 0.04 per cent.
The losers took a modest lead over the gainers as out of 319 issues traded, 157 closed lower, 126 higher and 36 remained unchanged on the DSE trading floor.
BSRM Steels was the day's top turnover chart with shares of Tk 218 changing hands followed by Beximco Pharma, IFAD Autos, Square Pharma and KDS Accessories.
Malek Spinning was the day's best performer, posting a rise of 8.28 per cent while Dacca Dyeing was the day's worst loser, plunging 10.71.24 per cent.
The port city bourse Chittagong Stock Exchange (CSE) closed slightly higher with its Selective Categories Index - CSCX - gaining 16.15 points to close at 8,522.88.
Losers beat gainers 122 to 81, with 36 issues remaining unchanged on the port city bourse that traded 8.78 million shares and mutual fund units with a value of Tk 318 million.
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