Bangladesh: Stocks end flat as large cap cos lose steam

Dhaka, July 18, 2014 (New Age): Dhaka stocks finished flat on Thursday, last trading session of the week, despite increase in share prices of the two-third of the issues traded on the day as large capitalised stocks including multinational companies shed prices. The key index of Dhaka Stock Exchange, DSEX, finished at 4,392.15 points, adding 0.06 per cent or 2.79 points. Of the 299 shares and mutual funds traded on the day, 175 advanced, 87 declined and 37 remained unchanged. Market operators said the fall in the share prices of large capitalised companies including multinational ones was the main reason for the flat ending of the day. Pre-Eid share sell-offs were noticeable on the day which kept the market flat despite an increased participation by the institutional investors, they said. The market had suffered a straight nine trading session fall as the institutional investors remained on the sideline after the June 30 half-yearly closing, operators said. After the key index fell around 150 points, the institutional investors from this week increased their participation on the trading floor to avail the opportunity of buying cheap shares, they said. DS30, the blue-chip index of the DSE, however, fell by 0.13 per cent, or 2.19 points, to close at 1,602.93 points on Thursday. The Shariah index of the DSE, DSES, also declined by 0.26 per cent, or 2.65 points, to stand at 998.87 points. Turnover of the DSE stood at Tk 253.21 crore on Thursday while it was Tk 256.45 crore in the previous trading session. ‘An increased supply pressure at the later part of today’s [Thursday’s] trade netted opening upbeat vibe and left the bourse in flat territory,’ IDLC Investments said in its daily market commentary. ‘In the meantime, the market absorbed slight impact of macroeconomic data like wane of current account surplus and declined remittance flow,’ it said. BEXIMCO led the turnover leaders with its shares worth Tk 23.52 crore changing hands. Shahjibazar Power Company, Grameenphone, The Peninsula Chittagong, MJL Bangladesh, Far Chemical Industries, Square Pharmaceuticals, Envoy Textile, BSRM Steels and Olympic Industries were among the other turnover leaders. Shahjibazar Power Company gained the most with an 11.44-per cent increase in its share price, while Sandhani Life Insurance lost the most, shedding 22.89 per cent.