Stocks stay positive for 4th day on GP surge

Staff Correspondent | Published: 00:05, Jan 24,2018

 
 

Dhaka stocks gained for the fourth day on Tuesday despite a fall in the share prices of most of the traded scrips as Grameenphone and British American Tobacco surged ahead of their financial disclosures.
DSEX, the key index of Dhaka Stock Exchange, added 0.18 per cent, or 11.72 points, to close at 6,206.72 points on Tuesday. The core index gained 107.72 points in last four trading sessions.
Stockbrokers said the market ended up with a marginal gain as some of the large capitalised scrips including Grameenphone, British American Tobacco and BRAC Bank soared.
Investors continued buying shares of GP and BATBC as the companies will disclose financial earnings soon, they said.
Moreover, GP has applied for 4G service licence that also attracted investors to the company, they added.
The share prices of GP, BATBC and BRAC Bank gained by 1.78 per cent, 2.39 per cent and 1.28 per cent respectively.
DS30, the blue-chip index of the DSE, increased by 0.73 per cent, or 16.71 points, to hit an all-time high at 2,302.44 points. It’s previous highest was 2,301.8 points reached on January 3 this year.
The average share prices of telecommunications, food and non-bank financial institutions sectors advanced by 1.87 per cent, 1.73 per cent and 1.10 per cent respectively that kept the market afloat on the day.
A section of investors, however, kept selling shares as they remained cautious over the upcoming monetary policy declaration by the central bank, stockbrokers said.
As a result, the average share prices of bank, cement and IT sectors declined by 0.31 per cent, 0.09 per cent and 0.7 per cent respectively.
The turnover at the bourse increased further to Tk 562.71 crore on Tuesday from that of Tk 502.42 crore in the previous session.
Of the 333 companies and mutual funds traded, 130 advanced, 145 declined and 59 remained unchanged.
‘Market participants’ outlook regarding the market improved as the government is planning to cut overall tax rate,’ said EBL Securities in its daily market commentary.
Shariah index DSES added 0.32 per cent, 4.69 points, to close at 1,433.16 points.
Square Pharmaceuticals led the turnover chart on the day with its shares worth Tk 44.89 crore changing hands.
Beximco Pharmaceuticals, Grameenphone, IFAD Autos, Dragon Sweater, Paramount Textiles, Monno Ceramics, BBS Cables, Shahjalal Islami Bank and City Bank were the other turnover leaders.
Monno Ceramics increased most with a 9.31-per cent rise in its share prices, while United Insurance was the worst loser, shedding 5.70 per cent. 

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