Stocks end flat amid jump in prices of energy shares

Staff Correspondent | Published: 00:11, Nov 09,2016

 
 

Dhaka stocks finished flat on Tuesday despite decline in share prices of most traded scrips, mainly due to rise in energy shares.
The key index of Dhaka Stock Exchange, DSEX, finished flat at 4,691.06 points, adding just 0.04 per cent or 1.88 points.
In line with last trading session, market started with a positive vibe with the bourse’s key index crossing 4,700 points mark in just one hour of trading.
The market, however, failed to sustain the upward vibe mainly due to investors’ psychological barrier of 4,700 points mark, stockbrokers said.
Despite the last trading session share sales and decline in share prices of most traded scrips, market finished flat with a positive note mainly due to rise in share prices of energy entities, they said.
Media reports on government’s approval to Doreen Power Generations and Systems, Shasha Denims and Confidence Cement to install 100 MW power plants respectively resulting in investors’ increased attraction on the scrips and became the top three turnover leaders of the day.
Share prices of Shasha Denims and Confidence Cement increased by 8.58 per cent and 7.49 per cent respectively. Prices of Doreen shares, however, fell by 4.80 per cent or Tk 6.80 to close at Tk 135.40 on Tuesday after increasing around 26 per cent in last six trading sessions.
Apart from the three companies, Saif Powertec and MJL Bangladesh were among the top turnover leaders of the day.
Besides, Power Grid Company of Bangladesh gained the most with a 9.85 per cent rise in its share prices.
As a result of investors’ attraction to the power shares, prices of energy shares rose by 1.63 per cent on an average.
On the other hand, prices of banks shares witnessed the huge sales on the day with an average 0.56 per cent decline of those scrips.
Turnover of the bourse increased to Tk 643.70 crore compared with that of Tk 633.91 crore in the previous trading session.
Of the 321 companies and mutual funds traded, 112 advanced, 151 declined and 58 remained unchanged.
‘Market opened significantly high in the morning hitting the day’s high above 4,700 points mark. However mid-day sell-offs eroded the early gains in DSEX,’ said LankaBangla Securities in its market report.
‘Selective mid-cap and small-cap stocks continued to entice the buyers’ appetite.
‘However, weakness in last hour indicated that sell-offs in post earnings session were not over yet,’ the stockbroker said.
The blue-chip index of the bourse, DS30, inched up by 0.05 per cent or 0.97 points, to close at 1,763.78 points on Tuesday.
DSES, the Shariah index of the bourse, finished at 1,126.23 points, adding 0.15 per cent or 1.76 points. 

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