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 Stocks close flat in shaky market

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PostSubject: Stocks close flat in shaky market   Stocks close flat in shaky market EmptyTue Jun 01, 2010 12:51 am

FE Report

Dhaka stocks ended flat amid choppy trading Monday as heavyweight banking issues declined on profit taking while late hour rally in energy, engineering and mutual funds issues came in for the market rescue.

The benchmark DSE General Index (DGEN) closed at 6107.81 with a meager fall of 0.01 per cent or 0.68 points to 6,107.81, ending the three-day rally.

The market flipped between gains and losses as the benchmark index gained 30 points in the morning but lost the momentum immediately as it went down on profit taking.

In the rest of the session, the market crawled back riding on late afternoon rally in energy, engineering, textile and leasing shares but ended flat at close.

The broader All Shares Price Index (DSI) was up by 0.04 per cent or 2.42 points to 5,030.05. The DSE 20 index comprising the blue chip shares ended at 3,432.22 with a loss of 0.96 per cent or 33.32 points.

Banking sector rally was halted after the three-day sharp gain as the sector slipped 1.12 per cent on profit taking. Most of the banks fell with the notable losers being EXIM Bank shedding 4.92 per cent and First Security Bank 4.01 per cent.

Fuel and Power or energy sector advanced 1.48 per cent following more than two per cent increase in the previous session.

Heavyweight Titas Gas spiked 3.43 per cent, followed by Summit Power 2.90 per cent and Power Grid 2.40 per cent.

Engineering sector ended 1.63 per cent higher and leasing or non-banking financial institutions (NBFIs) gained 0.44 per cent.

Mutual Funds sector rose 1.31 per cent, reversing its losing trend over the weeks.

Grameenphone, the lone listed company in telecommunications sector and most weighted shares in DSE, closed in red for the fifth successive session, shedding 0.11 per cent to Tk 276.40.

Pharmaceuticals sector closed flat while general insurers lost. Life insurers gained 1.15 per cent.

Turnover also lost pace as it plunged 9.5 per cent to Tk 19.33 billion. Rising stocks took a modest lead over the gainers as out of 247 issues traded, 124 closed positive, 117 negative and six remained unchanged.

Titas Gas was the top turnover leader with shares worth Tk 1.76 billion traded.

Other turnover leaders were LankaBangla Finance, Summit Power, Premier Bank, Beximco Ltd, AB Bank, Southeast Bank, Social Islami Bank, Khulna Power Company Limited (KPCL) and Uttara Finance.

Maksons Spinning registered the highest gain of 9.28 per cent. It was followed by Rupali Life Insurance, Renwick Jajneswar, Progressive Life Insurance, Dacca Dyeing, DBH First Mutual Fund, Mercantile Insurance and First Lease International.

Prominent losers included Takaful Insurance, BLTC, RN Spinning, Bangladesh Wielding, Janata Insurance, EXIM Bank, Singer Bangladesh and First Security Bank.
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