Stocks ended almost flat on Wednesday after choppy trading as investors mostly followed cautious stance amid lack of clear market direction.
The market opened on a high note and the key index rose more than 33 points within the first 30 minutes of trading. But failed to maintain the positive trend as the session progressed, eventually ending slightly lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down 2.81 points or 0.04 per cent to settle at 6,754, after gaining over 20 points in the previous day.
Two other indices also edged lower with the DSE 30 Index, comprising blue chips, shedding 2.05 points to finish at 2,536 and the DSE Shariah Index (DSES) losing 2.63 points to close at 1,433.
Turnover, a crucial indicator of the market, remained below Tk 8.0 billion and amounted to Tk 7.67 billion, which was 18 per cent higher than the previous day's eight-month lowest turnover of Tk 6.52 billion.
Market analysts said investors are struggling with lack of confidence amid concern over Omicron while deteriorating development between Bangladesh Bank and Bangladesh Securities and Exchange Commission regarding some policy issues affected their sentiments.
Many investors followed a cautious stance ahead of year-closing while some were not interested in selling shares at low prices which kept turnover low, according to a stockbroker.
"Stocks failed to uphold the positive momentum as investors remained shaky on the bourse due to the absence of favourable macroeconomic conditions," said EBL Securities.
The stockbroker noted that pessimism on the trading board was observed due to host of reasons such as the central bank and the stock market regulator tussle and liquidity crunch, which kept investors on the sidelines.
Major sectors faced modest corrections with cement losing the most of 1.30 per cent, followed by banking with 0.40 per cent, power 0.40 per cent, financial institutions 0.30 per cent and pharma 0.30 per cent.
General insurance and life insurance gained 3.0 per cent and 1.30 per cent respectively.
The investors mostly focused on the miscellaneous sector, capturing 14 per cent of the day's total turnover, followed by general insurance with 13 per cent and banking 10 per cent.
Losers took a modest lead over the gainers, as out of 377 issues transacted, 186 declined, 142 advanced and 49 remained unchanged on the DSE trading floor.
Beximco was the most traded stock with shares worth Tk 915 million changing hands, followed by Sonali Paper & Board Mills, GSP Finance, ONE Bank and Fortune Shoes.
Stylecraft was the highest gainer, gaining 9.93 per cent while Paper Processing & Printing was the day's worst loser, losing 6.42 per cent.
The Chittagong Stock Exchange (CSE) also edged lower with the CSE All Share Price Index - CASPI -losing 12 points to settle at 19,667 and the Selective Categories Index - CSCX-- shedding 8.39 points to close at 11,818.
Of the issues traded, 127 declined, 121 advanced and 45 remained unchanged on the CSE.
The port-city bourse traded 12.40 million shares and mutual fund units while turnover rose sharply to Tk 1.10 billion.
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