The stock market inched up Sunday with turnover tumbling further as investors diverted their attention from large-cap to mid-cap and small-cap scrips because of their recent spike in prices.
DSEX, the prime index of the Dhaka Stock Exchange ended at 4,616.44 points, gaining 17.52 points or 0.38 per cent from previous session.
However, the other two indices ended in red. The DS30, comprising blue chips lost 4.59 points or 0.26 per cent to close at 1,698.56 points. The DSE Index (DSES) went down by 0.60 points or 0.05 per cent to close at 1,034.32 points.
Turnover value on DSE came down to Tk 3.99 billion, registering a 10.13 per cent decline over the previous session's value of Tk 4.44 billion.
"The market closed on marginally positive note as the investors diverted their attention from large-cap to mid-cap and small-cap scrips," commented International Leasing Securities in its daily market analysis.
Banks and financial institutions performed well to some extent. Dividend declaration of some general insurance companies also created positive impact, said the International Leasing.
"Decline in large and mid-cap stocks against the upswing in remaining cap classes neutralized each other and subsequently put DSEX in flat region," said IDLC Investments.
Meanwhile, investors' preference changed a bit which was stimulated with the news of positive export growth, especially in textile sector. Besides, lower price at scrips-level also generated another stimulus, the merchant bank said.
"These twin factors assisted textile to lead in sectoral performance with 2.70 per cent gain".
However, investors were seemed to be hesitant of positioning in large cap stocks because of their recent spike in prices, the merchant bank added.
"After moving marginally higher in last week, market has shown strong upside move throughout the trading session, driving the benchmark index DSEX up by 17.5 points," said LankaBangla Securities.
Index has gained some ground after consolidating around the resistance level of 4,600 points in last week. On the economic front, Moody affirmed stable economic outlook for Bangladesh, despite the recent turbulence in the garment industry, said the stock broker.
The organization estimated economic growth for FY 2013-14 of 5.8 per cent on back of significant progress in structural development and recovery in consumption as political tension has relaxed, the stock broker said.
"Lot of buying pressures was there in the market. Although, the volume may seem a bit deterrent in the way for the market to edge higher, but lot other indications are visible to confirm that the market will be able to sustain its positive trend further," observed Zenith Investments.
The gainers took a lead over the losers as out of 288 issues traded, 182 advanced, 86 declined and 20 issues closed unchanged on the DSE floor.
The financial sectors - Banks and NBFIs - closed higher by 1.12 per cent and 0.98 per cent respectively. The other major sectors ended in red with telecommunications losing the most 1.67 per cent-followed by fuel & power 0.85 per cent and food & allied sector lost 0.84 per cent. Pharmaceuticals edged down by 0.40 per cent.
Activities mixed in the major bourse (DSE) where volume and trade were up 4.74 per cent and 1.79 per cent respectively. A total of 0.090 million trades were executed with 80.90 million securities of trading volume.
The total market capitalisation on DSE stood Tk 2,947.73 billion against Tk 2,947.66 billion in the previous trading session.
The top eight positions on turnover chart were dominated by the blue chip stocks. Meghna Petroleum became the day's turnover leader with shares worth Tk 268.15 million changing hands. It was followed by two cement companies Lafarge Surma Cement 262.9 million and Heidelberg Cement 202.3 million.
The port city bourse - Chittagong Stock Exchange (CSE) also inched up with its Selective Categories Index-CSCX gained 11.46 points to stand at 8,880.17 points.
Gainers beat losers 140 to 64, with 14 issues remaining unchanged at the port city bourse that traded 7.88 million shares and mutual fund units, turnover value of Tk 312.09 million.
