Dhaka stocks drop as profit-taking continues

Dhaka stocks dropped on Monday after a slight decrease in the previous day as investors went on taking profits from the financial scrips after their recent gains.
DSEX, the key index of Dhaka Stock Exchange, lost 0.17 per cent, or 35.22 points, to close at 5,904.22 points on Monday after losing 10.55 points in the previous session.
The market began the day on upbeat note but started going downward after the initial gains to end the session in the negative territory as investors went on taking profits ahead of the announcement of the monetary policy by Bangladesh Bank, market operators said.
The central bank will unveil its MPS for the second half (January-June) of the financial year of 2018-2019 tomorrow.
Market operators said that share prices of most of the companies surged in recent days that prompted investors to book profits.
Average share prices of general insurance, life insurance, non-bank financial institution and bank, the key sectors behind the market’s recent upward trend, dropped by 5.0 per cent, 2.6 per cent, 2.1 per cent and 2.0 per cent respectively.
Out of the 30 traded bank scrips, 26 declined, two advanced and two remained unchanged while out of the 47 insurance companies, all the issues except six sank on the day.
Market operators said some investors were also waiting for the Bangladesh Bank’s monetary policy announcement despite stakeholders anticipating a capital-market friendly MPS.
They said investors also reacted to the financial disclosures made by a number of companies that impacted the market trend on the day.
Share prices of Grameenphone soared by 4.17 per cent on Monday as the company reported a profit growth of 28 per cent to set earnings per share at Tk 26.04 for the year ended on December 30, 2018.
The board of directors of the mobile operator recommended 155 final cash dividend along with interim cash dividend of 125 per cent.
The surge in the GP share prices moved the index upward by 35 points that saved the market from a bigger fall.
‘The capital bourse of the country witnessed price corrections on Monday following a day-long selling

pressure on financial scrips. The market ended the session negative as investors adopted cautious approach prior to the announcement of the monetary policy statement for the second half of FY 2018-2019,’ said EBL Securities in its daily market commentary.
Average share prices of telecommunication, energy and pharmaceutical sectors advanced by 3.9 per cent, 0.9 per cent and 0.7 per cent respectively.

The turnover on DSE declined to Tk 1,009.54 crore on Monday compared with that of Tk 1,198.57 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Monday, 213 declined, 105 advanced and 27 remained unchanged.
DSE blue-chip index DS30, however, added 0.15 per cent, or 3.24 points, to close at 2,046.77 points.
Shariah index DSES also added 0.54 per cent, or 7.18 points, to finish at 1,329.44 points.
United Power Generation Company led the turnover leaders for the second day with its shares worth Tk 48.99 crore changing hands on Monday.
Grameenphone, Eastland Insurance Company, Square Pharmaceutical, Premier Bank, Eastern Housing, Asia Insurance, Provati Insurance Company and Intech Limited were the other turnover leaders.
Asia Insurance gained the most on the day with a 10-per cent increase in its share prices, while Agrani Insurance Company was the worst loser, shedding 9.89 per cent.
Source: http://www.newagebd.net

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