Stocks rebound as investors eye quarterly earnings reports

Staff Correspondent | Published: 00:09, Jul 25,2017 | Updated: 00:37, Jul 25,2017

 
 

Dhaka stocks rebounded on Monday after decline in the previous trading session as investors resumed optimistic purchasing ahead of half yearly announcements of the listed companies.
The key index of Dhaka Stock Exchange, DSEX, increased to 5,798.11 points, adding 0.38 per cent or 22.52 points.
Turnover on the bourse also increased to Tk 631.39 crore compared with that of Tk 477.96 crore in the previous trading session.
Stockbrokers said that investors increased participation on the trading floor that resulted in a positive ending on Monday.
Announcement by 24 companies on Monday declaring half-yearly earnings reports was the main reason behind investors’ increased participation on the trading floor, they said.
Although there were concerns among a section of investors regarding the monetary policy statement that would be disclosed on Wednesday this week, fresh positioning move helped the market to turn around, they said.
Besides, better half-yearly reports of some of companies also helped investors to become optimistic on the trading floor, stockbrokers said.
The market went through a correction phase during last week and on Sunday this week after recent market surge mainly due to investors’ profit booking move.
‘Index was relatively stable within 5,780 points to 5,790 points during most of the day,’ LankaBangla Securities said in its market report.
‘During the final hour, index rapidly moved upward and closed green at 5,798.12 points. Only four sectors closed negative on Monday,’ it said.
Among the major large cap sectors, energy, bank and textile sectors registered positive movement of 0.65 per cent, 0.62 per cent and 0.54 per cent respectively.
On the other hand, pharmaceuticals, mutual fund and ceramic sectors witnessed price fall on the day.
Of the 130 companies and mutual funds traded, 182 advanced, 100 declined and 48 remained unchanged.
DS30, the blue-chip index of DSE, finished at 2,125.34 points, adding just 0.19 per cent or 4.17 points.
The Shariah index, DSES, inched up 0.10 per cent or 1.39 points, to close at 1,312.73 points on Monday.
IFAD Autos led the turnover chart with its shares worth Tk 33.72 crore changing hands.
LankaBangla Finance, Square Pharmaceuticals, Shahjibazar Power Company, Fu Wang Food, City Bank, Mercantile Bank, Simtex Industries, Saif Powertec and Peime Bank were other turnover leaders.
Fu Wang Food gained the most, adding 7.83 per cent, while Peoples Insurance was the worst loser, shedding 3.65 per cent. 

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