Stocks slide ahead of MPS announcement

Staff Correspondent | Published: 22:18, Jul 24,2018 | Updated: 23:54, Jul 24,2018

 
 

Dhaka stocks slid on Tuesday after slight gains in the previous four sessions as investors went for profit-taking share sales ahead of the announcement of monetary policy statement by the central bank.
DSEX, the key index of Dhaka Stock Exchange, shed 0.23 per cent, or 12.68 points, to close at 5,335.38 points on Tuesday after gaining 22 points in the previous four trading sessions.
Despite an upbeat opening, the market slowed soon after and finished at the negative territory as investors went for profit-taking share sales ahead of the Bangladesh Bank’s monetary policy announcement, market operators said.
They said the BB would declare the monetary policy statement for the first half (July-December) of the current fiscal year next week that made investors watchful on Tuesday.
The MPS declaration is coming at a time when banks are showing poor performance for the second quarter (April-June) period, market operators said.
After United Commercial Bank and Trust Bank, Rupali Bank on the day declared profit fall for the second quarter compared with that in the samwe period in the previous year that dragged down the share prices of the bank by 3.16 per cent on the day.
The share prices of Islami Bank soared by 3.52 per cent as the bank made 32 per cent profit growth for the second quarter.
The market witnessed fall on Tuesday as most of the large capitalised sectors faced price erosion.
The share prices of energy, cement, non-bank financial institution, telecommunication, and bank dropped by 0.9 per cent, 0.89 per cent, 0.88 per cent, 0.4 per cent and 0.04 per cent respectively.
On the other hand, the average share prices of IT, food and textile gained 2.4 per cent, 0.6 per cent and 0.2 per cent respectively.
‘The earnings declaration from several scrips might have failed to meet investor’s expectations,’ said EBL Securities in its daily market commentary.
Turnover on the DSE declined further to Tk 716.61 crore on Tuesday compared with that of Tk 873.11 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, dropped 0.52 per cent, or 10.11 points, to close at 1,902.94 points.
Shariah index DSES also shed 0.16 per cent, or 2.03 points, to finish at 1,266.66 points.
BBS Cables led the turnover chart with its shares worth Tk 29.06 crore changing hands.
Nahee Aluminum, KDS Accessories, The Peninsula Chittagong, Bashundhara Paper Mills, IT Consultants, Aman Feed, Dragon Sweater, Paramount Textile and Monno Ceramics were the other turnover leaders.
Global Heavy Chemicals gained the most on the day with a 9.97-per cent increase in its share prices, while Meghna Condensed Milk Industries was the worst loser, shedding 10 per cent.

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