Stocks rise for 2nd day as Gemini, BRAC Bank soar on declarations

Staff Correspondent | Published: 22:30, Oct 26,2017 | Updated: 00:09, Oct 27,2017

 
 

Dhaka stocks increased for the second trading session on Thursday with an increased turnover amid corporate declarations by a number of companies including Gemini Sea Food and BRAC Bank.
The key index of Dhaka Stock Exchange, DSEX, increased to 6,018.25 points, adding 0.27 per cent or 16.73 points.
Although the market finished on the positive trajectory, it faced some downward vibe during the second half of the session after a positive beginning, stockbrokers said.
Investors’ participation on the trading floor, however, remained almost flat as like the previous trading session, they said.
It might be the cautious approach of the investors behind the low turnover on the bourse, stockbrokers said.
On Thursday, the share price hike of Gemini Sea Food, a company with just Tk 1.65-crore paid-up capital, was the noticeable issue of the day as its share prices rose by 64.12 per cent to Tk 999.4 on Thursday from Tk 603.2 on Wednesday.
Announcement of 125 per cent stock dividend for the year ended on June 30, 2017 by the company and low number of shares were among the other reasons for the sharp rise in the share prices of the scrip.
The company also decided in its board meeting held on Wednesday to increase its authorised capital from Tk 2 crore to Tk 40 crore.
Besides Gemini, the shares of banks and non-bank financial institutions got buyers’ attention on Thursday as the sectors rose by 1.3 per cent and 1.2 per cent on an average on the day.
Comparatively higher earnings reports for the third quarter of the year 2017 was the main reason for the investors’ fresh purchasing of bank and NBFI shares.
BRAC Bank, City Bank and Eastern Bank announced higher earnings reports on Thursday.
Earnings per share of BRAC Bank increased to Tk 1.76 during the July-September period of this year against Tk 1.03 in the corresponding period in 2016.
City Bank’s EPS increased to Tk 0.91 in Q3 against Tk 0.48 in the same period in the previous year, while EBL’s EPS hit Tk 1.03 in Q3 this year against Tk 0.68 in the corresponding period in 2016.
DS30, the blue-chip index of DSE, fell by 0.36 per cent, or 7.99 points, to close at 2,173.88 points on Thursday after gaining 33.60 points in the previous trading session.
Of the banks, the share prices of BRAC increased by 4.21 per cent, or Tk 4.2, to Tk 104.
The Shariah index, DSES, finished at 1,316.47 points, shedding 0.56 per cent or 7.41 points.
Of the 330 companies and mutual funds traded, 146 advanced, 143 declined and 41 remained unchanged.
Turnover on the bourse increased to Tk 662.99 crore compared with that of Tk 582.83 crore in the previous trading session.

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