Stock market ends flat on Wednesday

Update: 08:51pm on Wednesday 4th April 2018 +06

Ittefaq Report

The stock market ended flat on Wednesday, a day after the central bank cut the repurchase (repo) rate by 75 basis points to 6 percent — the first move since January 2016.

The market opened higher in the morning, but fell near the end of the day as risk-averse investors went for booking profits.

The DSEX, the key index of the DSE, rose 2.76 points or 0.04 percent to close at 5,793, retreating from the day’s high of 5,835.

The blue chip DS30 index was marginally up by 1.25 points or 0.05 percent to close at 2,167. The DSE Shariah Index (DSES) slipped 2.37 points or 0.17 percent to 1,348.

CSCX, the benchmark index of Chittagong Stock Exchange, fell 3.84 points to 10,784.

Most of the banking stocks ended lower following the rate cut as well. Of 30 banks, only nine banks closed in the positive terrain with a fractional rise. Only BRAC bank gained 1.5 percent to Tk 16.6 a share ahead of its annual report.

On Tuesday, Bangladesh Bank cut its benchmark policy interest rate by 75 percentage point to 6 percent from 6.75 percent. It will take effect from April 15.