Dhaka stocks gain for 3rd day on financial scrips

Dhaka stocks increased for the third day on Sunday as investors went for bargain hunting targeting financial scrips after a recent fall in the share prices of banks and non-bank financial institutions.
DSEX, the key index of Dhaka Stock Exchange, added 0.44 per cent, or 25.53 points, to close at 5,775.82 points on Sunday. The index gained 44 points in last three trading sessions.
The core index opened bullish and remained positive for the whole session as investors went for bargain hunting, market operators said.
They said that investors went for banks and NBFIs after a recent fall in the share prices of the companies.
The average share prices of bank sector advanced by 1.35 per cent and that of NBFI sector by 0.30 per cent.
Out of the 30 traded bank scrips, 25 advanced, just three declined and two remained unchanged.
Banks will declare dividends and annual earnings soon, market operators said.
Share prices of Bangladesh Submarine Cable Company soared by 9.4 per cent — the maximum allowed for the company on the day— and the surge contributed 4 points to the market gain on the day.
Share prices of engineering and textile sectors also advanced on the day.
The average share prices of general insurance dropped by 1.18 per cent and life insurance by 0.70 per cent after their surge in last couple of days.
Share prices of miscellaneous, pharmaceuticals and cement also dropped on Sunday.
Share prices of JMI Syringes & Medical Devices plunged by 5.16 per cent after the company decided to sell its 1.11 crore ordinary shares to NIPRO Corporation, Osaka, Japan at an issue price of Tk 164.10 per share, which is much lower than the current market price. Share prices of JMI Syringes closed at Tk 366 per share on Sunday.
Meghna Pet Industries, Meghna Condensed Milk Industries, Imam Button and Savar Refractories found no buyer for the third day as DSE on February 12 decided to delist the four dud companies and send them to the over-the-counter market.
The turnover on DSE dropped to Tk 725.49 crore on Sunday compared with that of Tk 932.37 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Sunday, 138 advanced, 173 declined and 36 remained unchanged.
DSE blue-chip index DS30 also gained 0.28 per cent, or 5.65 points, to close at 2,004.74 points.
Shariah index DSES added 0.25 per cent, or 3.32 points, to finish at 1,314.77 points.
Bangladesh Submarine Cable Company led the turnover leaders with its shares worth Tk 75.02 crore changing hands on the day.
Fortune Shoes, United Power Generation Company, Premier Bank, Monno Ceramics, VFS Thread Dyeing, Bangladesh Export Import Company, Nurani Dyeing, SK Trims Industries and Advent Pharma were the other turnover leaders.
S Alam Cold Rolled Steels gained the most on the day with a 9.93-per cent increase in its share prices while Meghna Condensed Milk Industries was the worst loser, shedding 9.95 per cent.
Source: http://www.newagebd.net

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