Stocks end flat amid mixed declarations

Staff Correspondent | Published: 23:49, Oct 30,2017 | Updated: 23:56, Oct 30,2017

 
 

Dhaka stocks ended flat on Monday with the turnover remaining low amid mixed corporate declarations by the listed companies.
DSEX, the key index of Dhaka Stock Exchange, finished at 5,996.24, adding just 0.01 per cent or 0.83 points after losing 22.84 points in the previous trading session.
The market started positive but did not sustain for long and moved downward losing 28 points half-an-hour before the end of the session as investors were disheartened by earnings declaration by some of the companies including Lafarge Surma.
The market, however, ended positive when British American Tobacco’s share prices surged from its early losses as the investors hoped for better earning declaration from the company.
The company’s share price shot up by Tk 90 in the last 10 minutes of the session as the company was scheduled to hold its board meeting at 5.30 pm on Monday to discuss its third quarter financial earnings.
On the other hand, Mutual Trust Bank announced 50 per cent decline in profit during nine months period (Jan-Sept) compared with that in the previous year, resulting in 7.10 per cent plunge of the prices of the company’s shares on the day.
Although most of the banks declared better earnings on the day, the huge profit plunge of MTB demoralised investors that dragged down the entire banking sector.
Moreover, the share prices of Lafarge Surma declined 0.34 per cent on Monday as the company declared 67.3 per cent decline in profit for the same nine months period compared with that in the previous year.
Furthermore, some of the investors remained on profit booking share sales from stocks like Grameenphone and BRAC Bank following their early gains.
On the other hand, the market ended flattened up as some of the companies surged for their better earnings and dividend declarations.
Share prices of Beximco Pharmaceuticals and Khulna Power Company Ltd surged on better dividend declarations while Southeast Bank and City Bank rose on their better earnings.
On the sector points of view, Food, Pharmaceuticals and textiles increased by 1.8 per cent, 0.7 per cent and 0.5 per cent respectively that helped the index to rebound.
On the other side, the share prices of energy, telecommunication and cement declined by 0.6 per cent, 0.5 per cent and 0.3 per cent respectively.
Of the 333 companies and mutual funds traded, 152 declined, 140 advanced and 39 remained unchanged.
Turnover on the bourse declined further to Tk 509.63 crore compared with that of Tk 640.85 crore in the previous trading session.
‘Investors’ sentiment regarding the market oscillated between optimism and watchfulness in the current market scenario ahead of earnings and yearly disclosures,’ said EBL Securities in its daily market commentary.
‘Furthermore, recent declaration from most of the stocks haven’t been able to lure investors,’ it said.
DS30, the blue-chip index of the DSE, increased 0.28 per cent, or 6.16 points, to close at 2,162.80 points.
Shariah index, DSES, added 0.35 per cent, or 4.57 points, to close at 1,310.52 points on Monday.
City Bank led the turnover chart with its shares worth Tk 18.79 crore changing hands.
Shahjalal Islami Bank, LankaBangla Finance, United Commercial Bank, BBS Cables, Square Pharmaceuticals, Premier Bank, Khulna Power Company, BRAC Bank and Gemini Sea Food were the other turnover leaders.
Salvo Chemical Industry gained the most with a 10.10 per cent increase in its share prices, while Hakkani Pulp was the worst loser, shedding 9.90 per cent. 

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