Stocks end flat amid late-session selling pressure

Stocks ended almost flat today as late-hour selling pressure offset early gains amid cautious investor sentiment over the earnings outlook of June-closing companies. The DSEX, the broad index of the Dhaka Stock Exchange (DSE), edged down 1.5 points to settle at 5,524, compared with 5,526 in the previous trading session. 

The market opened on a positive note and remained afloat for most of the session before slipping into negative territory in the final hour, despite a brief spell of buying interest. Market turnover also declined 15 percent to Taka 630 crore from Taka 750 crore in the previous session. 

Textile stocks accounted for the highest share of turnover at 28.8 percent, followed by general insurance at 18.2 percent and pharmaceuticals at 10.6 percent. Sectoral performance was mixed. Textile and travel gained 1.3 percent each while cement advanced 0.7 percent. In addition, paper declined 1.6 percent while IT and mutual funds fell 0.9 percent each. Of the 395 issues traded, 140 advanced, 168 declined and 87 remained unchanged. The Chittagong Stock Exchange (CSE) also closed lower. Its Selective Categories Index (CSCX) fell 3.9 points while the All Share Price Index (CASPI) declined 5.0 points.