Dhaka stocks inch up after 3-day fall

Staff Correspondent | Published: 23:26, Dec 26,2017 | Updated: 23:52, Dec 26,2017

 
 

Dhaka stocks inched up on Tuesday ending a three-day losing spell despite a fall in the share prices of most of the traded scrips as some large capitalised companies including Lafarge Surma, Islami Bank and Rupali Bank soared.
DSEX, the key index of Dhaka Stock Exchange, inched up by 0.13 per cent, or 8.26 points, to close at 6,167.56 points on the day after losing 69.34 points in the previous three sessions.
Although the market opened on a high note by gaining 40 points within 30 minutes of the day, the vibe did not sustain and the session ended with little gain as investors remained jittery ahead of year-end, market operators said.
A prolonged sluggishness and downtrend at the market also prompted investors to sell off shares from most of the scrips to avoid any possible losses.
Although most of the scrips declined on the day, the market ended positive mainly due to the surge in share prices of some of the large capitalised scrips.
The share prices of Lafarge Surma continued to soar following the media report that Lafarge and Holcim Cement (Bangladesh) agreed to get merged at the price set by Bangladesh Bank.
As a result, the share prices of Lafarge soared in last three sessions, increasing by Tk 15 per share in the sessions.
The average share prices of cement and bank sectors increased by 5.4 per cent and 0.4 per cent respectively that contributed most to the positive ending of the market on the day.
On the other hand, the share prices of all the other large capitalised sectors declined on Tuesday that barred the market from gaining further.
The average share prices of engineering, pharmaceuticals, telecommunication and energy dipped by 0.4 per cent, 0.3 per cent, 0.13 per cent and 0.1 per cent respectively.
Among the prominent scrips, Square Pharmaceuticals, Grameenphone and City Bank were the worst losers on the day.
The prices of newly listed Nahee Aluminum’s shares also increased by 0.88 per cent on Tuesday after shooting up by 812 per cent on its debut on Sunday.
Many investors preferred to be on the sidelines to observe the next move of the market that caused the average turnover of the market remaining at around Tk 400 crore for last 15 trading sessions as year-end disclosures from companies are approaching.
The turnover at the bourse increased a little to Tk 371.41 crore compared with that of Tk 359.71 crore in the previous session.
‘Three-day losing streak has been broken as the capital bourse of the country witnessed investors’ buoyancy on some sector-specific stocks even though liquidity crisis has been persisted,’ said EBL Securities in its daily market commentary.
Of the 335 companies and mutual funds traded, 174 declined, 108 advanced, and 53 remained unchanged.
DS30, the blue-chip index of the DSE, increased by 0.62 per cent, or 13.87 points, to finish at 2,244.92 points.
Shariah index DSES also added 0.37 per cent, or 5.05 points, to close at 1,372.02 points.
Islami Bank led the day’s turnover chart with its shares worth Tk 16.64 crore changing hands.
City Bank, Alif Manufacturing Company, Square Pharmaceuticals, Shahjalal Islami Bank, Lafarge Surma, BRAC Bank, Nahee Aluminum, Padma Life Insurance and National Tubes were the other turnover leaders.
Lafarge Surma increased most for the second day with a 9.88-per cent rise in its share prices, while Emarald Oil Industries was the worst sufferer, shedding 9.52 per cent.

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