Published: Monday, May 6, 2013

Stocks flat as Hefajat rally spooks investors

Stocks ended flat yesterday as investors were anxious prior to Hefajat-e Islam’s rally in Motijheel.
Most investors failed to go to their brokerage firms as Hefajat activists blocked most of the roads in the capital’s commercial hub.
DSEX, the benchmark general index of the Dhaka Stock Exchange, closed the day at 3,468.56 points, after surging 0.38 points or 0.01 percent.
“The bourse was arrested by the turmoil and anarchy over the national political landscape, creating uncertainty and confusion over the investment mindset,” IDLC Investments said in its daily market analysis.
However, as quarter-end declarations became available, movement driven by earning expectations was noticed in the scrips, the investment banker said.
“Investors are waiting on the sidelines to see the economy and the political scenario to take a direction,” said LankaBangla Securities in its regular market commentary.
Turnover declined on the DSE, indicating unwillingness to take a position amid an uncertain situation, the stockbroker said.
Turnover, the most important indicator for investors, declined 17.86 percent to Tk 140 crore from the previous day.
An aggregate of 0.57 lakh trades were executed with 4.8 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 173 issues that traded on the DSE, 125 advanced, 118 declined and 30 remained unchanged.
Among the major sectors, non-bank financial institutions gained 0.73 percent and pharmaceuticals by 0.51 percent.
However, telecoms declined 0.38 percent, power 0.54 and banks 0.01 percent.
Olympic Industries topped the most-traded stocks chart with 0.84 lakh shares worth Tk 9.9 crore changing hands.
Rahim Textile was the highest gainer of day, posting a rise of 9.92 percent, while Bengal Windsor Thermoplastics was the worst loser, plunging 5.73 percent.