Stocks dip but turnover hits 16-month high

Dhaka stocks dipped on Sunday after a gain in the previous three sessions as investors went for profit-taking sales of shares of financial scrips and Grameenphone that surged in recent days, but the turnover at Dhaka Stock Exchange hit a 16-month high.
DSEX, the key index of DSE, lost 0.17 per cent, or 10.55 points, to close at 5,939.45 points on Sunday after gaining 59.77 points in the previous three sessions.
The market was positive in early trading but went down when investors went for profit-taking share sales in last half an hour of the session, market operators said.
They said that investors exerted sales pressure on companies which rose in recent days.
The financial and telecommunications sectors, the key movers of the index in last few days, led the dive on Sunday.
Average share prices of bank, non-bank financial institution and telecommunication dropped by 1.77 per cent, 0.73 per cent and 0.50 per cent respectively.
Among the prominent scrips, a fall in share prices of Grameenphone, Olympic Industries, Dutch-Bangla Bank, IFIC Bank and BRAC Bank contributed most to the dive.
Share prices of Grameenphone dropped by 0.40 per cent after surging continuously in recent days.
Market operators said some investors were also waiting for the Bangladesh Bank’s monetary policy statement to be announced on January 30.
They said investors also were awaiting financial results from a number of companies.
Share prices of Eastern Cables Limited declined by 4.6 per cent as the company declared loss of Tk 2.99 per share for July-December, 2018 as against Tk 0.05 for July-December, 2017.
‘The market started on an optimistic note and the key index rose about 41 points within 30 minutes of trading but couldn’t sustain in later session. Earnings, year-end dividend declaration and upcoming MPS can be attributed for today’s [Sunday] marginal corrections,’ said EBL Securities in its daily market commentary.
Share prices of energy, textile and pharmaceutical sectors advanced by 2.1 per cent, 0.6 per cent and 0.5 per cent respectively that saved the market from further fall.
The general insurance soared by 4.1 per cent and led the turnover chart with 16.3 per cent of the day’s total turnover.
The turnover on DSE surged to Tk 1,198.57 crore on Sunday compared with that of Tk 1,037.57 crore in the previous trading session.
Sunday’s turnover hit a 16-month high after September 19, 2017 when it was Tk 1,5087.39 crore.
Of the 336 companies and mutual funds traded on Sunday, 159 declined, 162 advanced and 26 remained unchanged.
DSE blue-chip index DS30 dropped by 0.26 per cent, or 5.47 points, to close at 2,043.52 points.
Shariah index DSES, however, added 0.04 per cent, or 0.65 points, to finish at 1,322.26 points.
Premier Bank led the turnover leaders for the second day with its shares worth Tk 43.41 crore changing hands on Sunday.
Eastern Housing, United Power Generation Company, United Finance, Dhaka Bank, Western Marine Shipyard, LankaBangla Finance, SonarBangla Insurance, Bangladesh Shipping Corporation and IFIC Bank were the other turnover leaders.
Eastern Housing gained the most on the day with a 10-per cent increase in its share prices, while Emerald Oil Industries was the worst loser, shedding 9.22 per cent.
Source: http://www.newagebd.net

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