Stocks dip, but insurance cos keep shining

Staff Correspondent | Published: 00:00, Jan 18,2019 | Updated: 16:19, Jan 18,2019

 
 

Dhaka stocks dropped for the second day on Thursday as investors kept selling shares to take profits after the recent surge in stock prices but financial sectors remained strong.
DSEX, the key index of Dhaka Stock Exchange, lost 0.23 per cent, or 13.91 points, to close at 5,825.57 points on Thursday after losing 23.79 points in the previous session.
The market started falling from the beginning of the day but recovered some points before closing in the negative territory due to selling spree in late trading, market operators said.
They said that investors continued taking profits after a continuous bull run from the very first day of this month that saw more than 600 points gain.
Average share prices of telecommunication, textile, energy and pharmaceutical sectors dropped by 1.9 per cent, 1.3 per cent, 0.6 per cent and 0.5 per cent respectively.
A drop in share prices of Grameenphone, Olympic Industries and Square Pharmaceutical sectors weighed on the index most.
Despite a two-day fall, the investors’ enthusiasm over the market was growing as turnover at DSE remained over Tk 1,000 crore for the fourth consecutive day.
The turnover on the bourse increased to Tk 1,011.56 crore on Thursday compared with that of Tk 1,000.52 crore in the previous trading session.
The share prices of SS Steel Limited that made its debut on the bourse on Thursday soared by 407 per cent amid a typical investors’ hype around newly listed companies.
SS Steel closed at Tk 50.10 each share at DSE. The issue price the shares was Tk 10 each.
The company led the turnover leaders with its shares worth Tk 38.17 crore changing hands on the day.
The insurance sector remained strong at the market on Thursday. Average share prices of general insurance and life insurance gained 2.7 per cent and 0.9 per cent respectively.
Share prices of non-bank financial institution and bank advanced by 1.8 per cent and 0.4 per cent that saved the market from a significant fall.
‘The leading bourse of the country witnessed a mild correction for the second consecutive session amid seesaw movements of investors. The core index opened high but some investors opted to gain profit from their holdings and also investors followed cautious stance ahead of December-end stocks earnings declaration,’ said EBL Securities in its daily market commentary.
Of the 336 companies and mutual funds traded on Thursday, 196 declined, 118 advanced and 32 remained unchanged.
DSE blue-chip index DS30 shed 0.38 per cent, or 7.78 points, to close at 2,009.48 points.
Shariah index DSES declined by 0.97 per cent, or 7.78 points, to finish at 1,309.80 points.
Khulna Power Company, United Finance, Active Fine Chemicals, JMI Syringe, Sandhani Insurance, FAS Finance, Sonargaon Insurance, BRAC Bank and Olympic Industries were the other turnover leaders.
Bay Leasing and Investment gained the most on the day with a 9.95-per cent increase in its share prices, while Imam Button was the worst loser, shedding 10 per cent.

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