Stocks soar as financial scrips, GP rally

Staff Correspondent | Published at 10:03pm on August 16, 2018

Dhaka stocks soared on Thursday, extending the gaining trend to the second day, as investors went on with purchasing shares, especially financial ones.
DSEX, the key index of the Dhaka Stock Exchange, advanced by 1.09 per cent, or 59.28 points, to close at 5,467.74 points on Thursday after gaining 29.72 points on Tuesday.
The market remained closed on Wednesday due to public holiday.
On Thursday, the market began the session on positive note and climbed more firmly as the day progressed as a section of investors went on with investments in shares amid optimism, market operators said.
Despite the investors’ lower participation ahead of Eid-ul-Azha holidays, some investors, especially the institutional ones, continued purchasing shares.
Eid-ul-Azha will be celebrated across the country on August 22 and trading at the DSE will remain closed from August 21 to 25 for Eid holidays and weekly holidays.
Before the two days gain, the overall market scenario was negative in the previous four sessions because of pre-Eid sales pressure that had dragged down the share prices of two-third of the scrips.
However, investors went for buying shares in last two sessions as they would no longer be able to cash their investments before the Eid holidays due to settlement issues.
Investors’ focus was mainly on financial stocks in last two days after their decline in recent days.
Therefore, the average share prices of non-bank financial institutions and banks soared by 2.92 per cent and 2.86 per cent respectively that contributed most to the rally.
Out of the 30 traded bank scrips, 29 advanced and just one remained unchanged while out of the 23 traded NBFIs, 20 advanced, two declined and one remained unchanged on Thursday.
Among the prominent scrips, the share prices of Grameenphone, BRAC Bank and Investment Corporation of Bangladesh surged on the day.
The media reported on Thursday that the Bangladesh Telecommunication Regulatory Commission estimated that GP’s monthly revenue would increase by 54.93 per cent to Tk 617.04 crore from Tk 398.26 crore because of the recently introduced uniform minimum call rate at Tk 0.45 per minute.
Therefore, the share prices of Grameenphone gained for the third session on Thursday by more than 2.50 per cent on each session.
On the other hand, the share prices of cement, pharmaceuticals and energy sectors declined slightly on the day.
Turnover on the DSE was Tk 580.76 crore on Thursday, which was Tk 580.19 crore in the previous trading session.
Of the 337 companies and mutual funds traded, 212 advanced, 91 declined, and 47 remained unchanged.
DS30, the blue-chip index of the DSE, gained 0.72 per cent, or 13.85 points, to close at 1,915.27 points.
Shariah index DSES also added 0.34 per cent, or 4.32 points, to finish at 1,246.89 points.
BBS Cables led the turnover chart with its shares worth Tk 26.31 crore changing hands.
IFAD Autos, Bashundhara Paper Mills, LankaBangla Finance, Active Fine Chemicals, Dhaka Bank, BRAC Bank, Shepherd Industries, Aman Cotton Fibrous and Square Pharmaceuticals were the other turnover leaders.
Midas Finance gained the most on the day with a 9.91-per cent increase in its share prices, while NLI First Mutual Fund was the worst loser, shedding 9.58 per cent.