Dhaka stocks rebound riding on banks, GP

Staff Correspondent | Published: 00:05, Nov 07,2017

 
 

Dhaka stocks rebounded on Monday despite a fall in the share prices of most of the scrips as banks and Grameenphone bounced back amid optimism.
The key index of Dhaka Stock Exchange, DSEX, advanced by 0.51 per cent, or 31.51points, to close at 6,104.50 points on Monday after losing 26.03 points in the previous session.
The equity market began on a positive note, gaining 20 points in the morning session that increased further when banks surged, market operators said.
Most of the banks announced better earnings for the third quarter that influenced investors to invest in the sector, they said.
As a result, the bank sector gained 1.8 per cent on the day that supported the vibrancy of the market.
Of the 30 traded bank scrips, 23 advanced, four declined and three remained unchanged.
Telecommunications, energy and non-bank financial institutions also gained on Monday.
Moreover, the share prices of Grameenphone surged on the day by 0.77 per cent after a fall in the previous session that contributed to the market surge while BRAC Bank and City Bank joined the rally.
Besides the mobile operator, the surge in share prices of Oimex Electrode Ltd on its debut by 1,047 per cent also contributed to the market rebound.
Each share of Oimex that was issued at Tk 10 closed at Tk 114.7 after opening at Tk 82 at the DSE.
The trend to invest heavily by investors on the shares of newly listed companies without bothering about their fundamentals ultimately causes huge losses for investors, analysts said.
On the other hand, cement, engineering and pharmaceuticals declined by 0.8 per cent, 0.4 per cent and 0.2 per cent respectively.
‘Today [Monday] market started with a positive sentiment that continued till the end of the session amidst enriched participation from investors,’ said EBL Securities in its daily market commentary.
However, investors were positive and engaged in fresh buying as Monday was the first trading day of the newly listed share, it said.
Of the 332 companies and mutual funds traded, 170 declined, 118 advanced and 44 remained unchanged.
Turnover on the bourse increased to Tk 671.98 crore compared with that of Tk 538.49 crore in the previous trading session.
DS30, the blue-chip index, gained 0.46 per cent, or 10.12 points, to finish at 2,208.48 points.
The Shariah index, DSES, also added 0.10 per cent, or 1.42 points, to close at 1,325.84 points.
Debutant Oimex Electrode led the turnover chart with its shares worth Tk 68.74 crore changing hands.
City Bank, IFAD Autos, BRAC Bank, LankaBangla Finance, BBS Cables, Western Marine Shipyard, Square Pharmaceuticals, Grameephone and EXIM Bank were other turnover leaders.
Stylecraft gained the most on the day with a 6.24-per cent increase in its share prices, while Savar Refractories was the worst loser, shedding 5.66 per cent. 

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