Dhaka stocks rebound as student protests ease

Staff Correspondent | Published: 22:12, Aug 07,2018

 
 

Dhaka stocks rebounded on Tuesday after a two-day fall as investors went for buying shares as student protests for road safety eased.
Market operators said investors diverted their funds from low-profile scrips to fundamentally strong stocks on the day after the Dhaka Stock Exchange decided to review the status of 13 non-performing companies.
DSEX, the key index of the DSE, advanced by 0.53 per cent, or 28.47 points, to close at 5,381.88 points on Tuesday after losing 46 points in the previous two trading sessions.
The market began Tuesday’s session upbeat and maintained the trend throughout the session as investors went for purchasing blue-chip shares after their worries over the student protests for road safety waned, market operators said.
The student protests that began after two students were killed by a speeding bus in Dhaka on July 29 took a violent turn on Saturday and the situation worsened in the following two days before easing on Tuesday.
Investors focused mostly on the large capitalised scrips after the DSE on Tuesday disseminated on its web site the news that it was reviewing the status of 13 non-performing companies listed under the ‘Z’ category.
The share prices of most of the companies under the junk category plunged as investors went for selling junk scrips that dragged down the share prices of 30 companies out of the traded 41 scrips under the ‘Z’ category.
The share prices of Aman Cotton Fibrous Limited soared by 11.84 per cent on its second trading day on Tuesday as a section of investors kept share purchasing of the company expecting further hike in the company’s shares.
Besides, some investors also expected that the market could move upward as finance minister AMA Muhith said that the banks would have to bring down interest rate to single digit from August 9.
The average share prices of telecommunication, bank, non-bank financial institutions and pharmaceuticals sectors gained 1.2 per cent, 1.1 per cent, 1.0 per cent and 0.3 per cent respectively.
Out of 30 traded bank scrips, 20 advanced, six declined and four remained unchanged, while out of 22 traded NBFIs, 14 advanced, six declined and two remained unchanged.
Among the prominent scrips, a surge in share prices of Grameenphone, Square Pharmaceuticals, BRAC Bank and Investment Corporation of Bangladesh led Tuesday’s gain.
Turnover on the DSE also advanced to Tk 710.52 crore on Tuesday compared with that of Tk 639.31 crore in the previous trading session.
Of the 337 companies and mutual funds traded, 172 declined, 130 advanced and 34 remained unchanged.
DS30, the blue-chip index of the DSE, also gained 0.65 per cent, or 12.41 points, to close at 1,901.83 points.
Shariah index DSES added 0.51 per cent, or 6.37 points, to finish at 1,255.73 points.
BBS Cables led the turnover chart with its shares worth Tk 60.13 crore changing hands.
United Power Generation Company, Regent Textiles, Simtex Industries, Dragon Sweater, Saiham Textile Mills, Aman Cotton Fibrous, Legacy Footwear, Far Chemical Industries and Confidence Cement were the other turnover leaders.
Aman Cotton Fibrous gained the most on the day with an 11.70-per cent increase in its share prices, while Imam Button was the worst loser, shedding 9.96 per cent.

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