Stocks largely stable

Stocks remained mostly stable yesterday amid expectations of positive earnings declarations by listed firms.

The market opened the week in the black with the key index crossing 4,600 points in more than a month.

DSEX, the benchmark index of Dhaka Stock Exchange, gained 14.63 points or 0.31 percent finishing the day at 4,629.83 points. "The gaining streak continued, trumping partial cash-out by investors before the Eid," IDLC Investments said in its regular analysis.

Expectations on corporate declarations of the companies with the accounting year ending in June played a vital role in shaping the market movement.

"The index inched above the 4,600 point level after one month of corrections, backed by the earnings expectations," the merchant bank added. Among individual sectors, power stocks moved notably higher after reporting promising growth in earnings, LankaBangla Securities said.

"Some manufacturing stocks also advanced on hopes of positive earnings declaration," the stockbroker said.

Turnover, another important indicator of the market, dropped 10.7 percent to Tk 494.33 crore on transactions of 9.73 crore shares and mutual fund units.

Of the traded issues, 137 advanced and 133 declined with 50 securities closing unchanged on the premier bourse.

ACI dominated the turnover chart with 9.05 lakh shares worth Tk 50.47 crore changing hands, followed by Grameenphone, RAK Ceramics, Lafarge Surma Cement and Olympic Accessories.

Of the major sectors, cement gained 2.01 percent in market capitalisation, followed by tannery that increased 1.3 percent and telecom 0.99 percent.

Conversely, engineering and mutual fund lost 0.56 percent and 0.3 percent respectively.