Stocks break three-day losing streak on NBFI gains
Dhaka stocks increased on Wednesday after a three-day fall as investors went for bargain hunting targeting mainly non-bank financial institutions after LankaBangla Finance declared higher dividend, market operators said.
DSEX, the key index of Dhaka Stock Exchange, gained 0.28 per cent, or 16.36 points, to close at 5,748.31 points on Wednesday after losing 80 points in the previous three sessions.
Market operators said the trading at the market was choppy throughout the session that ended in the positive territory as investors went for buying shares amid corporate declaration of Lankabangla Finance.
Share prices of NBFIs shot up by 9.83 per cent as the company declared 15 per cent cash dividend for the shareholders despite making a marginal profit of Tk 0.85 per share in the year of 2018 compared with that of Tk 4.15 per share in the previous year.
The company posted Tk 44.44 crore in net profit in 2018 while the figure was Tk 192.62 crore in 2017.
Investors also rushed for other NBFIs that helped the market rebound on the day, market operators said.
They said the share prices of Grameenphone rebounded on Wednesday after a significant fall in the previous two days that also supported the market on the day.
The mobile operator witnessed heavy sales pressure after Bangladesh Telecommunication Regulatory Commission on Sunday declared it as significant market power. The declaration means that GP might face additional conditions for running its business.
Average share prices of NBFI, telecommunication and bank sectors advanced by 1.20 per cent, 0.99 per cent and 0.28 per cent respectively.
Energy, textile and pharmaceutical sectors dropped by 0.99 per cent, 0.24 per cent and 0.18 per cent respectively.
Share prices of Meghna Pet Industries, Meghna Condensed Milk Industries, Imam Button and Savar Refractories each declined by over 9 per cent as DSE decided to delist the four dud companies and send them to the over-the-counter market.
The turnover on DSE plunged to Tk 712.64 crore on Wednesday compared with that of Tk 901.39 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Wednesday, 169 advanced, 136 advanced and 42 remained unchanged.
DSE blue-chip index DS30 added 0.17 per cent, or 3.52 points, to close at 2,003.32 points.
Shariah index DSES increased by 0.13 per cent, or 1.74 points, to finish at 1,311.32 points.
Fortune Shoes led the turnover leaders with its shares worth Tk 38.49 crore changing hands on the day.
Monno Ceramics, United Power Generation Company, Paramount Textile, Bangladesh Submarine Cable Company, LankaBangla Finance, Nurani Dyeing, Monno Stafflers, Legacy Footwear and Grameenphone were the other turnover leaders.
Global Insurance gained the most on the day with a 10-per cent increase in its share prices while Jute Spinners was the worst loser, shedding 9.97per cent.
Source: http://www.newagebd.net
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