Dhaka, Bangladesh (BBN)–

Stocks closed flat into the red Tuesday for the eighth straight sessions with turnover dipped below Tk 2.0 billion-mark once again as most of the investors remained stayed sideline.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), ended at 4,363.49 points, shedding less then a single point of 0.77 point or 0.01 percent after witnessing volatility throughout the session.

However, the other two indices managed to close positive.

The DS30, comprising blue chips gained 6.75 points or 0.42 percent to close at 1,589.82 points.

The DSE Shariah Index (DSES) advanced 0.48 points or 0.04 percent to close at 971.88 points.

DSE turnover came down below BDT 2.0 billion mark and amounted to BDT 1.96 billion which was 9.68 percent lower from previous day’s value. It was also seven-month low turnover since BDT 1.88 billion on October 22, 2103.

“After consecutive seven days of excruciating fall in index, market reverted at the morning session amid volatility. However, lack of near term trigger has made the market volatile amid dried up market resilience and market turnover,” commented LankaBangla Securities, in its daily market analysis.

“Market is looking ahead for upcoming budget for encouragement,” the stock broker added.

“Market closed flat, finally putting a halt to the 7-days bearish spell.

The breakout effort emerged early in the morning but quickly nullified by strong bearish sentiment, forcing the market to retreat to as low as 4,352 points, said IDLC Investments.

However, the market manoeuvred a second attempt based on Large and Mid Cap stocks, at midday and gradually climbed back to close flat at 4,363.49 points, the merchant said.

Out of 289 issues traded, 131 declined, 110 advanced and 48 issues closed unchanged on the DSE floor.

The newcomer Hwa Well Textiles became the top turnover leader with shares worth BDT 89.27 million changing hands followed by Lafarge Surma Cement, GP, Square Pharma and MJL BD.

Progressive Life Insurance was the day’s highest gainer; posting a rise of 7.67 percent while Federal Insurance was the day’s worst losers, slumping by 12.50 percent.

The port city bourse — Chittagong Stock Exchange (CSE) — also closed lower with its Selective Categories Index – CSCX — lost 10.43 points to stand at 8,402.13 points.

Losers beat gainers 87 to 70, with 37 issues remaining unchanged at the port city bourse that traded 4.46 million shares and mutual fund units, turnover value of BDT 159.30 million.

BBN/BB/AS-20May14-7:40pm (BST)