• Saturday, September 20, 2014

Stocks end flat amid profit-booking

Most banks close positive on higher income in first half of this year

Star Business Report

Stocks ended flat yesterday as investors sold large cap securities to pocket profits.

DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 4,472 points, having gained 5.17 points or 0.12 percent.

DSES, the shariah index of the Dhaka bourse, fell 1.80 points or 0.18 percent, to close at 1,020.

Choppy trading comes on the heels of profit-booking that was observed throughout the day, LankaBangla Securities said.

“Buying interest was mostly generated by the news that net profit of nearly 80 percent of the listed private banks increased in the first half of this year due mainly to higher income from treasury bonds and improved import situation.”

Bankers said loan rescheduling against non-performing loans (NPL) also helped increase net profit, but NPL is still a headache as it will have to be adjusted at the end of the year, the stockbroker added.

“The bullish beginning couldn't sustain ahead of profit-booking in large cap shares. Eventually, remaining meticulous, investors were searching for investment-worthy spread in mini and small caps securities,” IDLC Investments said.

 

The continued watchfulness of the investors inhibited market turnover that declined 12.24 percent to Tk 492 crore, compared to the previous day, the investment banker said.

Total 24 banks out of 30 on the bourse closed in positive territory with progressive news of half yearly earnings improvement, it added.

A total of 1.13 lakh trades were executed with 12.17 crore shares and mutual fund units changing hands on the premier bourse. 

The gainers took a strong lead over losers with 174 to 87, as 39 issues remained unchanged out of the 300 that traded on the DSE.

Among the major sectors, life insurance gained 2.54 percent and miscellaneous 1.23 percent.

Conversely, cement declined 1.53 percent and power 1.04 percent.

Beximco topped the turnover leader with 97.94 lakh shares worth Tk 35 crore changing hands followed by Golden Son, Advanced Chemical Industries and Lafarge Surma Cement.

Pragati Life Insurance was the highest gainer of the day, rising 8.82 percent, while ICB AMCL First NRB Mutual Fund was the worst loser, slumping 4.91 percent.

Published: 12:00 am Wednesday, August 06, 2014

Last modified: 1:01 am Wednesday, August 06, 2014

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