Large-cap cos help stocks keep afloat
Dhaka stocks inched up on Tuesday despite a fall in share prices of two-thirds of the traded scrips, as a section of investors purchased sector-specific large capitalised scrips while others went on selling shares for profits.
DSEX, the key index of Dhaka Stock Exchange, added 0.10 per cent, or 6.15 points, to close at 5,865.46 points on Tuesday after losing 27.97 points in the previous session.
The market started bullish but soon after moved downward before a flat finish, market operators said.
They said that some investors went for investing on the sector-specific scrips amid expectations that the market would remain bullish in the months to come while others went on selling shares for profits.
They said that investors were observing the market movement after the market hit an 11-month high in just a month.
Despite the positive ending on Tuesday, share prices of two-thirds of the traded scrips dropped on the day as many investors continued selling shares to book profits to avoid any losses, they said.
The market finished up as average share prices of telecommunications, pharmaceutical, energy and bank advanced by 1.25 per cent, 0.79 per cent, 0.78 per cent and 0.63 per cent respectively.
A surge in share prices of Grameenphone, United Power Generation Company and Square Pharmaceuticals contributed most to the day’s positive ending.
Share prices of non-bank financial institution, cement and textile sectors dropped by 2.14 per cent, 1.78 per cent and 0.60 per cent respectively.
The bank sector led the turnover chart with 21 per cent of the day’s total turnover.
The turnover on the bourse increased to Tk 890.66 crore on Tuesday compared with that of Tk 885.34 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Tuesday, 224 declined, 95 advanced and 27 remained unchanged.
DSE blue-chip index DS30 added 0.21 per cent, or 4.40 points, to close at 2,026.10 points.
Shariah index DSES gained 0.27 per cent, or 3.55 points, to finish at 1,319.35 points.
Premier Bank led the turnover leaders with its shares worth Tk 60.68 crore changing hands on the day.
United Power Generation Company, Square Pharmaceutical, Dhaka Bank, Bangladesh Submarine Cable Company, Saiham Cotton, Shurwid Industries, Far East Knitting & Dyeing Industries, Bangas Limited and IFIC Bank were the other turnover leaders.
SS Steel gained the most on the day with a 9.83-per cent increase in its share prices, while Progressive Life Insurance Company was the worst loser, shedding 9.18 per cent.
Source: http://www.newagebd.net