Dhaka stocks gain marginally after fall

Staff Correspondent | Published: 00:00, Aug 23,2019

 
 

Dhaka stocks gained marginally on Thursday after a slight drop in the previous session as some investors went for buying shares on expectations that companies having June year-end would announce better corporate results.

DSEX, the key index of the Dhaka Stock Exchange, added 0.25 per cent, or 13.43 points, to close at 5,236.85 points on Thursday after losing 4 points in the previous session.

After a gain of 30 points within an hour on Thursday, the market moved downwards but finished in the positive zone as a section of investors went for buying shares after taking profits in the previous session, market operators said.

They said the investors’ attention was mostly on companies whose financial year ended in June and soon would announce dividend and financial results.

Investors expected that the companies would declare better dividend for the financial year 2018-19, they said.

EBL Securities in its daily market commentary said, ‘Most of the scrips were trading below their fundamentals and the contrarian investors are picking scrips to have both capital gain and dividend yield.’

The average share prices of energy sector advanced by 1.2 per cent, textile 0.51 per cent, pharmaceuticals 0.5 per cent and engineering 0.48 per cent.

Besides, a number of non-performing and low-capitalised companies including Familytex, CNA Textile, United Airways and Tung Hai advanced on the day.

The share prices of Grameenphone, the largest capitalised company at the market, slumped by 1.18 per cent on Thursday as the media reported that the posts and telecommunications ministry allowed the Bangladesh Telecommunication Regulatory Commission to seek explanation from GP why its licence would not be revoked for not paying audit claim.

The prolonged tussle between GP and BTRC resulted in a 13-per cent drop in share prices of GP in recent days.

The share prices of bank sector continued falling (0.4 per cent on Thursday) after Bangladesh Bank on Monday directed that the banks must maintain cash reserve ratio and statutory liquidity ratio for the banks against their exposure through offshore banking operations.

Market operators said investors feared that the rules might worsen liquidity situation in the financial sector.

The mutual fund sector continued with its negative trend, declining 0.6 per cent on the day as 80 per cent of the funds declared poor dividends for the year 2018.

Out of the 353 scrips traded on Thursday, 159 advanced, 144 declined and 49 remained unchanged.

Turnover on the bourse declined to Tk 478.90 crore on Thursday from Tk 542.55 crore in the previous session.

DS30, the blue-chip index of the DSE, added 0.45 per cent, or 8.34 points, to close at 1,850.01 points.

DSE Shariah index DSES gained 0.19 per cent, or 2.35 points, to close at 1,206.84 points.

United Power Generation Company led the turnover chart with its shares worth Tk 46.95 crore changing hands.

Bangladesh Export Import Company, National Tubes, Fortune Shoes, Orion Infusion, Bangladesh Shipping Corporation, Khulna Power Company, JMI Syringe, Monno Ceramic Industries and Silco Pharmaceuticals were the other turnover leaders.

BEXIMCO gained the most on the day with a 9.27-per cent increase in its share prices while SEML FBLSL Growth Fund was the worst loser, shedding 6.61 per cent.

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