Stocks gain for 2nd day

Staff Correspondent | Published: 22:24, Jan 28,2021

 
 

Dhaka stocks gained slightly for the second day on Thursday as some investors went for buying shares, especially those of large capitalised companies while many others remained cautious on the trading floor.

DSEX, the key index of the Dhaka Stock Exchange, added 0.16 per cent, or 9.6 points, to close at 5,724.35 points on Thursday after gaining 19.37 points in the previous session.

The key index opened positive, gaining 60 points within an hour of Thursday’s session as some investors went for buying shares following media reports that the Bangladesh Securities and Exchange Commission on Wednesday deferred the deadline for the implementation of 12 per cent margin loan rate from February 1 to June 30.

The commission on January 13 set the upper ceiling on interest rate of margin loans provided by stockbrokers and merchant bankers to investors at 12 per cent.

The market plunged on Tuesday as the directive had resulted in forced sales of shares by stockbrokers and merchant banks to adjust the loan rate.

On Thursday, the market ended with a brief gain as many investors remained cautious on trading floor, market operators said.

After reaching 5,909.30 points on January 14, the market started falling with a continued decline in turnover.

Market operators said that profit taking and margin loan issue were prime reasons for the slow movement on the market.

However, in recent weeks the market has been moving riding on a few companies, including Beximco Pharmaceuticals and BEXIMCO, that has made the market vulnerable, they said.

Market operators said that share prices of one-third of entities remained unchanged and those of more than 50 companies remained stuck in their floor prices as the market was moving on the back of a few companies.

Besides, companies have started declaring December-end financial results and investors are taking position accordingly, they said.

Share prices of Grameenphone advanced by 0.94 per cent on Thursday after the company reported earnings per share Tk 27.54 for the year ended on December 31, 2020 against Tk 25.56 in the previous year.

The mobile operator recommended 145 per cent final cash dividend (total 275 per cent cash dividend for the year 2020.

Share prices of Power Grid Company of Bangladesh declined by 1.47 per cent after the company declared EPS of Tk 2.52 for July-December 2020 against Tk 5.52 in the same period of the previous year.

A number of large capitalised companies, including BEXIMCO, Square Pharmaceuticals, LankaBangla Finance and British American Tobacco, soared on the day that saved the market from a fall.

DS30, a composition of 30 large capitalised companies, advanced by 0.57 per cent, or 12.6 points, to close at 2,191.2 points on the day.

Of the 360 scrips traded on the DSE on Thursday, 131 declined, 134 advanced and 94 remained unchanged.

Turnover on the DSE increased to Tk 941.08 crore on Thursday compared with that of Tk 905.9 crore in the previous session.

Shariah index DSES also increased by 0.04 per cent, or 0.51 points, to settle at 1,280.39 points.

Bangladesh Export Import Company led the turnover chart with its shares worth Tk 132.44 crore changing hands on the day.

Robi, Beximco Pharmaceuticals, British American Tobacco, LankaBangla Finance, United Power Generation Company, Energypac Power Generation, Summit Power, IFIC Bank and Republic Insurance were the other turnover leaders on the day.

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