Dhaka stocks extend gaining streak to 3rd day

Staff Correspondent | Published: 00:05, Nov 02,2017 | Updated: 00:08, Nov 02,2017

 
 

Dhaka stocks soared on Wednesday, extending the gaining streak to the third session, with a rise in share prices of most of the scrips as investors went on purchasing shares amid better financial declarations by most of the listed companies.
DSEX, the key index of Dhaka Stock Exchange, increased by 0.87 per cent, or 52.74 points, to finish at 6,072.33 points.
With Wednesday’s rise, the core index gained 77 points in last three sessions.
The market opened higher on the day that sharply increased with the time as investors went for buying shares due mainly to better financial declarations, said market operators.
They said that most of the companies announced better third-quarter reports and dividends that drew attention of many investors.
The profits of National Bank and United Commercial Bank surged by 168.75 per cent and 71.23 per cent respectively for the July-September, 2017 period compared with that in the same period in the previous year.
As a result, the share prices of NBL surged by 6.2 per cent and those of UCB by 2.5 per cent as their earnings results encouraged investors to purchase the banks’ shares.
Banks led the surge on the day with the average share prices of the sector increasing by 1.3 per cent.
Out of 30 traded bank scrips, 23 advanced, three declined and four remained unchanged.
Moreover, the share prices of Olympic Industries and Power Grid rallied by 4.53 per cent and 3.07 per cent respectively on the day as the companies recommended better dividends for the year 2017.
On the other hand, Social Islami Bank slumped by 2.5 per cent on Wednesday after a 7.7-per cent plunge in the previous session as the media on Tuesday reported that Chittagong-based S Alam Group took control of the bank by replacing its chairman, executive committee chairman and managing director at a meeting on Monday that concerned economists and investors.
Besides the bank sector, cement, miscellaneous and energy surged by 1.43 per cent, 1.4 per cent and 1.2 per cent respectively on Wednesday.
On the other hand, British American Tobacco declined by 2.44 per cent on Wednesday after a surge in the previous two sessions as investors went for booking profit from the scirp.
Of the 333 companies and mutual funds traded, 210 advanced, 78 declined and 45 remained unchanged.
Turnover on the bourse increased to Tk 663.74 crore compared with that of Tk 537.46 crore in the previous trading session.
‘The core index remained upward throughout the session as optimistic behaviour from the investors sustained and they kept buying fresh stocks to rebalance their portfolios,’ said EBL Securities in its daily market commentary.
DS30, the blue-chip index of the DSE, advanced by 0.96 per cent, or 20.96 points, to close at 2,188.99 points.
Shariah index DSES also increased by 0.40 per cent, or 5.28 points, to close at 1,321.53 points on Wednesday.
LankaBangla Finance led the turnover chart with its shares worth Tk 51.18 crore changing hands.
BRAC Bank, Western Marine Shipyard, Khulna Power Company, IDLC Finance, National Bank, United Commercial Bank, Power Grid Company, EXIM Bank and City Bank were the other turnover leaders.
Western Marine Shipyard gained the most with a 9.04-per cent increase in its share prices, while Shepherd Industries was the worst loser, shedding 5.55 per cent. 

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