Dhaka stocks drop for 4th day as BB’s MPS declaration nears

Staff Correspondent | Published: 22:09, Jul 29,2018 | Updated: 00:32, Jul 30,2018

 
 

Dhaka stocks dropped on Sunday, stretching the losing streak to the fourth consecutive session with a decreased turnover, as investors remained watchful ahead of the announcement of new monetary policy statement by Bangladesh Bank.
The central bank will announce the MPS for the first half (July-December) of the current fiscal year (2018-19) tomorrow.
DSEX, the key index of Dhaka Stock Exchange, lost 0.47 per cent, or 25.10 points, to close at 5,280.07 points on Sunday.
The core index lost 68 points in last four trading sessions.
The market began with choppy trading with a few ups and downs and slid sharply in late hours as investors sold off shares keeping an eye on the central bank’s monetary policy announcement.
Besides, banks were continuously disclosing mixed performances for the second quarter (April-June) period.
The City Bank and Social Islami Bank declared profit growth while Jamuna Bank and Prime Bank declared profit fall for Q2 on Sunday.
The share prices of non-bank financial institutions continued to slump and the sector lost 1.3 per cent on Sunday as a number of NBFIs declared poor earnings for the April-June period.
FAS Finance and MIDAS Finance declared losses while Premier Leasing and Finance announced profit fall in the period this year compared with that in the same period in the previous year.
Besides NBFIs, the average share prices of energy, cement and pharmaceutical sectors dropped by 1.21 per cent, 1.2 and 1.0 per cent respectively that fuelled the volatility on the day.
On the other hand, the share prices of telecommunication and bank sectors rebounded by 0.8 per cent and 0.5 per cent on bargain hunting share purchasing after a continuous fall in recent days.
‘Investors are awaiting MPS announcement, and they are watchful regarding its possible impact on the money market and capital market,’ said EBL Securities in its daily market commentary.
Turnover on the DSE plunged to Tk 577.34 crore on Sunday compared with that of Tk 855.62 crore in the previous trading session.
Of the 337 companies and mutual funds traded, 197 declined, 103 advanced and 36 remained unchanged.
DS30, the blue-chip index of the DSE, also lost 0.62 per cent, or 11.74 points, to close at 1,878.76 points.
Shariah index DSES dipped 0.88 per cent, or 11.08 points, to finish at 1,248.69 points.
BBS Cables led the turnover chart with its shares worth Tk 21.46 crore changing hands.
IFAD Autos, Fortune Shoes, KDS Accessories, Square Pharmaceuticals, Saiham Textile Mills, Simtex Industries,
The Penninsula Chittagong, Pacific Denims and LafargeHolcim Bangladesh were the other turnover leaders.
Popular Life Insurance gained the most on the day with a 9.96-per cent increase in its share prices, while Meghna Pet Industries was the worst loser, shedding 9.09 per cent.

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