Dhaka stocks post modest gains for third day

Image: Bizbangladesh.net
Dhaka stocks gained slightly for the third day on Monday as some investors continued with buying shares amid expectation of better earnings disclosures from companies whose financial year had ended in June.

DSEX, the key index of the Dhaka Stock Exchange, added 0.20 per cent, or 10.72 points, to close at 5,227.26 points on Monday.

The DSEX gained 40 points in the last three sessions.

The market started with positive momentum, gaining 25 points within half an hour of the day’s trading and remained with the vibe before closing with a slight gain, market operators said.

They said a section of investors kept buying shares from sector specific large capitalised scrips on the day.

The DSEX witnessed some corrections at the end of the session as some investors went for profit taking share sales, they said.

The investors’ participations increased on Monday following thin trading on Sunday after the nine-day Eid holidays.

Trading on the bourse was closed in August 9-17 for weekly and Eid holidays.

Some investors expected that the listed companies, whose financial year ended in June, would start declaring better dividends and earnings results.

Share prices of a number of multinational companies including Grameenphone, Burger Paints and Heidelberg Cement soared on the day that contributed most to keep the market afloat.

After continuous plunge in recent days, share prices of GP advanced by 2.17 per cent that added 15 points to the DSEX.

Average share prices of telecommunication, textile, engineering and pharmaceutical sectors advanced by 4.8 per cent, 1.3 per cent, 1.1 per cent and 0.3 per cent respectively.

Besides, share prices of a number of non-performing companies and low-capitalised scrips, including United Air, Jute Spinners, Monno Jute Stafflers and Al-haj textile increased abnormally on the day.

EBL Securities in its daily market commentary said, ‘Market started with positive note which continued till the closure of the session with regained confidence from investors who rebalanced their portfolio ahead of quarterly earning declarations.’

‘Moreover, investors’ focus was mainly on large-cap stocks today and they are also considering June-end dividend declaration as well,’ it said.

Average share prices of energy, non-bank financial institutions and bank sectors dropped by 0.6 per cent, 0.3 per cent, 0.2 per cent respectively.

Share prices of Bangladesh Industrial Finance Company declined by 5 per cent on Monday after soaring by 72 per cent in the previous seven consecutive sessions.

Out of the 353 scrips traded on Monday, 152 advanced, 152 declined and 48 remained unchanged.

Turnover on the bourse advanced to Tk 485.36 crore on Monday from Tk 323.70 crore in the previous session.

DS30, the blue-chip index of the DSE, gained 0.29 per cent, or 5.46 points, to close at 1,847.26 points.

DSE Shariah index DSES added 0.41 per cent, or 4.95 points, to close at 1,202.51 points.

Khulna Power Company led the turnover chart with its shares worth Tk 21.45 crore changing hands.

United Power Generation Company, Orion Infusion, JMI Syringe, Monno Ceramic Industries, Coppertech Industries, Sino-Bangla Industries, Silco Pharmaceuticals, Bangladesh Shipping Corporation, Bangas and Square Pharmaceuticals were the other turnover leaders.

Al-Haj Textile Mills gained the most on the day with a 9.89-per cent increase in its share prices while Phoenix Finance 1st Mutual Fund was the worst loser, shedding 9.09 per cent.
Source: http://www.newagebd.net

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