Stocks stay flat as investors shy away

Stocks posted marginal losses on Monday as investors took a sideline approach to observe the earnings and dividend declarations of the listed companies.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), slipped a point, or 0.02 percent, to close the day at 3,962.

The Shariah-based DSES index also inched down 0.1 points, or 0.02 percent, to settle at 918.7, while the blue-chip index DS30 went down 0.1 points, or 0.01 percent, to stand at 1,326.

Meanwhile, Caspi – the benchmark index of the Chittagong Stock Exchange – gained 5 points, or 0.04 percent, to close at 11,255.

The market witnessed a sharp slide during the initial trading hours but then gradually gained points on the intraday performance graph. It then, again, faced a slight decline and finally remained flat till the end of the session.

According to the Daily Market Review of EBL Securities Ltd, market participation remained low because of the floor price mechanism.

"Most investors continued to adopt a cautious stance ahead of upcoming earnings and dividend declarations from listed corporations," the review added.

The general insurance and banking sectors both witnessed the highest price correction of 0.1 percent in the sector return board whereas the jute sector posted the highest price appreciation of 3.8 percent.

Among the other large-cap sectors, pharmaceuticals gained 0.1 percent, while telecoms, textiles and cement remained flat.

Turnover at the DSE increased by 33 percent to Tk51.3 crore on Monday from Tk38.6 crore in the previous session. On the other hand, turnover at the port city bourse decreased by 0.9 percent from Tk9.24 crore to Tk9.16 crore.

The pharmaceuticals sector once again contributed the most, at 55.5 percent, to the total turnover value. It was followed by fuel and power stocks at 13.5 percent and banking stocks at 12.4 percent on the sector-wise turnover distribution board.

Beximco Pharmaceuticals Ltd topped the turnover chart with a turnover value of Tk5.7 crore, closing the day at Tk63.2 per share. The stock was followed by Wata Chemicals Ltd with a turnover value of Tk4.1 crore, closing the day at Tk312.6 per share.

Sonali Aansh Industries Ltd was the best performer on the gainers' table, gaining 7.2 percent and closing at Tk365.4 per share.

Prime Bank Ltd was the worst loser, shedding 2.7 percent and closing at Tk14.2 per share.

Of the 250 issues traded on Monday, 17 advanced, 15 declined and 218 remained unchanged on the DSE trading floor.