Stocks end flat as GP hit over audit claim

Staff Correspondent | Published: 02:33, Aug 10,2018

 
 

Dhaka stocks ended flat on Thursday amid a heavy fall in the share prices of Grameenphone following media reports that the government moved to ask the mobile company to pay Tk 11,530 crore after an audit into the company.
DSEX, the key index of the Dhaka Stock Exchange, added 0.01 per cent, or 1.05 points, to close at 5,407.00 points on Thursday.
The core index had gained 57.50 points in the previous three trading sessions.
In line with the previous session, the market began the day with upbeat momentum, but lost the vibe soon after, closing the session with just one point positive as investors became cautious after the media reported that the Bangladesh Telecommunication Regulatory Commission would ask GP to pay the government Tk 11,530 crore in dues as an audit found the company did not pay the amount over the years.
Therefore, the share prices of GP were hammered by 2.70 per cent on Thursday. The dismay of investors surrounding GP also afflicted the overall market sentiment, market operators said.
The average share prices of telecommunication, cement, food and pharmaceuticals dropped by 2.7 per cent, 1.0 per cent, 0.42 per cent and 0.4 per cent respectively.
The market finished in the positive territory as the bank sector shielded the market from a sharp fall with a gain in its average share price by 1.0 per cent.
Out of the 30 traded bank scrips, 24 advanced, just four declined and two remained unchanged.
A section of investors turned their focus to bank shares in particular after the DSE moved to crack down
on 15 junk companies that have not been providing dividends for more than five years. The DSE has recently delisted two low-profile companies.
Besides the banks, the share prices of textile sector also gained on the day as investors went for bargain hunting after a fall in the prices of the textile scrips in the previous couple of days.
The share prices of United Power Generation Company surged by 0.90 per cent on Thursday as the company declared 110 per cent dividend for the year ended on June 30, 2018.
‘The market started with upward vibe but did not sustain as investors opted to take profit from their portfolios ahead of Eid-ul-Azha holidays,’ said EBL Securities in its daily commentary.
Turnover on the DSE dropped to Tk 703.93 crore on Thursday compared with that of Tk 724.44 crore in the previous trading session.
Of the 337 companies and mutual funds traded, 170 declined, 133 advanced and 35 remained unchanged.
DS30, the blue-chip index of the DSE, however, lost 0.62 per cent, or 11.95 points, to close at 1,893.33 points.
Shariah index DSES, however, declined by 0.46 per cent, or 5.86 points, to 

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