Stocks end flat for 4th day as banks rebound

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

 
 

Dhaka stocks ended flat for the fourth consecutive session on Monday as investors diverted their funds to the financial scrips amid profit booking from the other sectors.
DSEX, the key index of Dhaka Stock Exchange, added 0.16 per cent, or 8.88 points, to close at 5,348.06 points on Monday. The key index gained only 22 points in last four trading sessions.
The market was chaotic, beginning the day with a 30-points increase and finished with a little gain through a few ups and downs as bargain hunters turned their attention to the financial sectors that witnessed fall in recent days, market operators said.
They said that the share prices of banks declined in the previous four consecutive days that lured investors to buy bank shares at lower prices on Monday.
The average share prices of banks and non-bank financial institutions increased by 2.61 per cent and 0.64 per cent respectively.
Market operators said the average share prices of bank scrips had decreased to a year low as investors were continuously shedding their investment in the sector in last six months amid a crisis in the sector.
The prolonged crisis in the financial sector also ate into the banks’ revenue.
United Commercial Bank and Trust Bank declared profit fall for the second quarter (April-June) compared with that in the same period in the previous year.
However, investors’ sentiment regarding the market oscillated between optimism and watchfulness in the current market scenario ahead of earnings and yearly disclosures as some recent declarations of the stocks haven’t been able to impress investors, said EBL Securities in its daily market commentary.
The average share prices of textile, engineering and pharmaceuticals sectors declined by 1.8 per cent, 1.5 per cent and 0.9 per cent respectively as investors went for profit-taking shares sales.
The share prices of out-of-operation companies continued falling on Monday as the DSE on July 18 delisted two ‘Z’ category companies — Rahima Food Corporation and Modern Dying — as the two companies remained out of production for long.
Turnover on the DSE plunged to Tk 873.11 crore on Monday compared with that of Tk 1,054.93 crore in the previous trading session.
Of the 337 companies and mutual funds traded, 168 declined, 130 advanced and 41 remained unchanged.
DS30, the blue-chip index of the DSE, gained 0.23 per cent, or 4.53 points, to close at 1,913.05 points.
Shariah index DSES, however, shed 0.46 per cent,
or 5.88 points, to finish at 1,268.69 points.
BBS Cables led the turnover chart with its shares worth Tk 37.22 crore changing hands.
The Peninsula Chittagong, KDS Accessories, Bashundhara Paper Mills, Nahee Aluminum, Monno Ceramics, Square Pharmaceuticals, Dragon Sweater, IFAD Autos and Aman Feed were the other turnover leaders.
Padma Life Insurance Company gained the most on the day with a 9.81-per cent increase in its share prices, while Jute Spinners was the worst loser, shedding 9.98 per cent. 

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