Stocks gain for 2nd day despite profit taking sales

Staff Correspondent | Published: 23:11, Jul 16,2017 | Updated: 00:23, Jul 17,2017

 
 

Dhaka stocks increased for the second session on Sunday with the Dhaka Stock Exchange’s key index hitting its fresh high amid an increased participation of investors.
The DSEX gained 0.16 per cent, or 9.85 points, to close at 5,844.72 points on Sunday after advancing by 44.07 points on July 13.
The previous highest of the index was at 5,834.86 points reached on July 13.
In line with the previous day, the market was on bullish trend from the very beginning of the day gaining 43 points in the first hour of the day, it, however, moved downward after the initial surge, stockbrokers said.
They said the market finished almost flat as investors remained active on both sides of the trading fence.
Some investors preferred to sell off their holdings to bag some quick profits on the day after the recent surge, they said. The market failed to gain more on Sunday, the opening day of the week, as the share prices of financial stocks slumped on the day, stockbrokers said.
On the other hand, many investors, who were on the sidelines during the sluggish period of the market, turned to the market with fresh enthusiasm, they said.
They said half-yearly financial declarations by companies also prompted a section of investors to take fresh positions.
The July 13 financial declaration by Grameenphone that it attained 56 per cent growth in earnings per share in the second quarter continued playing the key role in lifting the market on Sunday.
The mobile operator gained 1.7 per cent that moved index 13 points up after gaining 5 per cent in the previous session.
The surge in average share prices of telecommunication, food and engineering sectors was neutralised by the slump in average share prices of bank, energy and pharmaceutical stocks, stockbrokers said.
‘The prime bourse of the country observed a positive rally at the first session of this week and closed slightly higher amid optimism,’ said EBL Securities in its daily market report.
However, many ‘Z’ category stocks observed price hike on the day, it said.
Besides Grameenphone, the share prices of British American Tobacco, IFAD Autos and BRAC Bank increased on the day.
The turnover on the DSE increased further to Tk 1,263.46 crore from that of Tk 1,009.32 crore in the previous trading session.
DS30, the blue-chip index of the DSE, added 0.10 per cent, or 2.20 points, to close at 2,133.36 points.
The Shariah index, DSES, increased by 0.03 per cent, or 0.41 points, to finish at 1,327.40 points.
Of the 330 companies and mutual funds traded, 156 advanced, 142 declined and 32 remained unchanged.
IFAD Autos led the turnover chart with its shares worth Tk 73.43 crore changing hands.
Confidence Cement, Keya Cosmetics, Doreen Power, United Power Generation Company, Generation Next Fashions, Fu Wang Foods, Aftab Automobiles and Dragon Sweater were the other turnover leaders.
Confidence Cement gained the most with a 6.66-per cent increase in its share price, while Nurani Dying was the worst loser, shedding 5.26 per cent. 

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