Stocks end flat amid mixed earning reports

Staff Correspondent | Published: 00:04, Oct 24,2016

 
 

Dhaka stocks finished flat on Sunday, the first trading session of the week, after decline in last two trading sessions mainly due to mixed earnings reports by listed companies.
The key index of Dhaka Stock Exchange, DSEX, finished flat at 4,693 points, adding just 0.01 per cent or 0.56 points.
Market finished flat amid decline in share prices of most traded scrips mainly due to mixed earnings reports by the listed entities, stockbrokers said.
Earnings reports of the listed entities were the major investment consideration on the day, they said.
Seven companies announced periodical earnings reports on Sunday. Of the companies, Doreen Power Generations and Systems, Linde Bangladesh, Islami Bank Bangladesh and JMI Syringe and Medical Devices cited higher dividends in their respective periodical reports.
While Dhaka Electric Supply Company, British American Tobacco Bangladesh and Pragati Life Insurance were other three entities which announced lower earnings reports.
Of the announcements, Doreen Power Generations and Systems impressed investors the most as its earnings per share for the July-September period increased to Tk 2.22 from that of Tk 0.36 in the same period of the previous year. As a result, shares of Doreen traded the most with hike in price.
On the other hand, annual performance of Dhaka Electric Supply Company was the most depressing as its EPS for the year ending on June 30 this year declined to Tk 1.12 from that of Tk 4.11 in the previous year.
Officials of DESCO said that the purchasing price hike in electricity, that the entity distribute and sale to the retail consumers, since September 2015 was the main reason behind the sharp price decline in its net profit during the period.
Apart from that, some other large capitalized companies including Grameenphone and Titas Gas Transmission and Distribution were among investors’ focus.
‘Increased level of volatility and investors’ short-term trading motive turned the market to end flat,’ IDLC Investments said in its daily market report.
‘Activites came back in track, scoring a total turnover of Tk 5.7 billion. Fuel and Power generated the highest turnover, securing Tk 1.1 billion or 19.6 per cent of the day’s total trade value,’ it said.
‘Notably, massive growth in Q1 earnings of Doreen Power encouraged the investors most,’ IDLC said.
‘Market reflected investors’ reactions to the declared earning performances,’ said LankaBangla Securities in its market report.
‘Bank and NBFI sectors saw profit booking and on the other hand, IT, Telco and Food-and-Allied performed well,’ the stockbroker said.
Of the 326 companies and mutual funds traded, 130 advanced, 161 declined and 35 remained unchanged.
Turnover of the bourse increased to Tk 567.39 crore compared with that of Tk 500.75 crore in last trading session.
DS30, the blue-chip index of the bourse, increased by 0.34 per cent or 5.97 points, to close at 1,754.20 points on Sunday.
The Shariah index, DSES, finished at 1,117.54 points, adding 0.51 per cent or 5.78 points.
Doreen Power Generations and Systems led the turnover chart with its shares worth Tk 51.97 crore changing hands.
IT Consultants, MJL Bangladesh, Saif Powertec, Mozaffar Hossain Spinning Mills, NBL, Grameenphone, Fortune Shoes, BSRM Limited and Titas Gas Transmission and Distribution Company were other turnover leaders.

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images