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MNCs lead Dhaka stocks fall again

Staff Correspondent | Published: 00:00, Feb 13,2019 | Updated: 00:42, Feb 13,2019

 
 

Dhaka stocks inched down on Tuesday, stretching the losses to third day, as heavy fall in share prices of multinational and insurance companies outweighed gains of other sectors.
DSEX, the key index of Dhaka Stock Exchange, lost 0.03 per cent, or 1.95 points, to close at 5,731.95 points on Tuesday.
The DSEX lost 80 points in the last three sessions.
The market was positive at the beginning of the day but lost the momentum and went downward as investors kept selling of MNCs, led by Grameenphone, market operators said.
The share prices of Grameenphone plunged for second day after Bangladesh Telecommunication Regulatory Commission declared GP as significant market power.
GP shares dropped 2.26 per cent on Tuesday.
Investors became concerned about the implication of the BTRC announcement as the media also reported that the commission would impose conditions on GP for running its business as SMP.
The other multinational companies also followed the falling trend of GP after a surge in their share prices in recent times.
‘Investors continued offloading their holdings in the mobile operator scrip followed by BTRC’s declaration to give GP the Significant Market Power,’ said EBL Securities in its daily market commentary.
Average share prices of general insurance and life insurance also plunged by 2.4 per cent and 1.7 per cent respectively after a huge gain in the previous day.
The performance of bank and non-bank financial sectors was mixed amid investors’ cautious move ahead of the announcement of their annual dividend and looming March 31 deadline for adjustment of their advance deposit ratio.
IPDC corporate directors Aga Khan Fund for Economic Development on the day sold 1,96,34,473 shares out of its total holding of 2,41,11,549 shares of the company at Tk 38 per share (in the block market) through DSE.
On the other hand, surge in share prices of textile and engineering sectors by 1.6 per cent and 0.7 per cent respectively saved the market from further fall.
Out of the 53 traded textile scrips, 44 advanced, 7 declined and 2 remained unchanged.
Some small capitalised scrips including Stylecraft, Monno Jute Stafflers, Renwick and Jajneswar and Monno Ceramics kept surging on the day.
The turnover on DSE advanced to Tk 901.39 crore on Tuesday compared with that of Tk 719.13 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Tuesday, 148 declined, 155 advanced and 45 remained unchanged.
DSE blue-chip index DS30 lost 0.16 per cent, or 3.22 points, to close at 1,999.79 points.
Shariah index DSES shed 0.15 per cent, or 2.05 points, to finish at 1,309.57 points.
Fortune Shoes led the turnover leaders with its shares worth Tk 76.57 crore changing hands on the day.
United Power Generation Company, Bangladesh Submarine Cable Company, Monno Ceramics, Grameenphone, Monno Stafflers, Nurani Dyeing, Paramount Textile, SK Trims Industries and Genex Infosys Limited were the other turnover leaders.
Fortune Shoes gained the most on the day with a 9.91-per cent increase in its share prices while Bangladesh National Insurance Company was the worst loser, shedding 8.48 per cent.

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