Dhaka stocks snapped a two-day loss on Monday as Grameenphone announced better earnings for the second quarter of this year.
DSEX, the key index of Dhaka Stock Exchange, added 0.05 per cent, or 3.16 points, to close at 5,339.91 points after losing 42 points in the previous two trading sessions.
The market opened with bullish trend, gaining 37 points within half an hour of the day, but selling pressure in late trading wiped out most of the early gains.
Market operators said investors were driven by the Grameenphone’s higher profit declaration for the April-June period.
The earnings per share of the mobile phone operator increased by 32.28 per cent to Tk 8 in the second quarter of this year compared with that of Tk 5.87 in the same period of the previous year.
The company also declared 125 per cent interim cash dividend for the year of 2018 that drew investors’ attention to the company, market operators said.
The share prices of the company increased by 0.8 per cent amid strong turnover on the day.
The market ended flat as investors were active on both sides of the trading fence.
Market operators said investors were rebalancing their portfolios as companies were preparing to declare their June-end financial results.
Some investors went for bargain hunting after fall in the previous two sessions, they said.
The average share prices of telecommunication, bank and miscellaneous advanced by 1.3 per cent, 0.21 per cent and 0.2 per cent respectively.
Although the average share prices of banks increased on the day amid a surge in the share prices of BRAC Bank, many investors still remained worried about the financial sector in the country, market operators said.
Therefore, out of the 30 traded banks, 11 declined, 10 advanced and nine remained unchanged on Monday.
On the other hand, the share prices of cement, energy, pharmaceuticals and non-bank financial institutions dropped by 0.9 per cent, 0.31 per cent, 0.3 per cent and 0.1 per cent respectively.
‘The core index remained upward throughout the session with slight correction in the last part of the session as buying pressure outweighed the selling pressure in the midst of decreased participation from investors,’ said EBL Securities in its daily market commentary.
Turnover on the bourse, however, dropped to Tk 873.68 crore compared with that of Tk 955.39 crore in the previous trading session.
Of the 339 companies and mutual funds traded, 139 declined, 144 advanced and 57 remained unchanged.
DS30, the blue-chip index of the bourse, also added 0.10 per cent, or 2.08 points, to close at 1,897.24 points.
Shariah index DSES, however, lost 0.04 per cent, or 0.51 points, to finish at 1,265.34 points.
KDS Accessories led the turnover chart with its shares worth Tk 33.53 crore changing hands.
Khulna Power Company, Grameenphone, Peninsula Chittagong, BBS Cables, Legacy Footwear, United Power Generation and Distribution Company, Monno Ceramics, Ratanpur Steel Re-Rolling Mills and Confidence Cement were the other turnover leaders.
Rupali Life Insurance Company gained the most on the day with a 9.90-per cent increase in its share prices, while Bangladesh Autocars was the worst loser, shedding 7.91 per cent.
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