Stocks end flat as banks save the day

Dhaka stocks ended flat on Thursday as bank scrips’ gains outweighed fall in majority of the traded scrips amid investors’ cautious sentiment ahead of the national polls.
DSEX, the key index of Dhaka Stock Exchange, added 0.01 per cent, or 0.73 points, to close at 5,381.51 points on Thursday after losing 19.09 points in the previous session.
After a brief gain, DSEX began to dip sharply but rebounded on investors’ late-hour share buying to end the session positive, market operators said.
Despite fall in share prices of around two-thirds scrips, the key index of DSE inched up as investors went for heavy share buying from the bank sector following mixed earnings declarations by three banks, they said.
Amid the loan scams in banking sector, The City Bank and Bank Asia announced marginal rise in profits for third quarter (July-September) while Trust Bank’s profits fell.
As a result, average share prices of bank sector advanced by 1.35 per cent after losing in recent days.
Out of 30 traded bank scrips, 21 advanced, just three declined and six remained unchanged on the day.
Beside bank, share prices of debutant Indo-Bangla Pharmaceuticals Limited soared by 342 per cent amid leading the turnover chart on the day, stockbrokers said.
Each share of IBPL that was issued at Tk 10 closed at Tk 44.30 after opening at Tk 33 at DSE on its first trading day.
Some investors’ ‘irrational interest’ in Indo-Bangla Pharma shares, which resulted in unusual price hike, also affected the day’s trade, said market operators. 
On the other hand, the overall market scenario remained cautious as investors were keeping eyes on the political activities ahead of the national elections due in three months, said market operators.
The Election Commission secretary Helal Uddin Ahmed on Thursday morning said that the schedule for the next parliamentary elections will be announced in the first week of November.
The turnover on DSE slumped to Tk 476.33 crore on Thursday compared with that of Tk 511.44 crore in the previous trading session.
Average share prices of energy, pharmaceuticals, cement and non-bank financial institution dropped by 0.83 per cent, 0.71 per cent, 0.70 per cent and 0.20 per cent respectively.
Among the prominent scrips, share prices of Summit Power, Square Pharmaceuticals, Khulna Power Company and Grameenphone declined most on Thursday.
Of the 336 companies and mutual funds traded on Thursday, 188 declined, 103 advanced, and 47 remained unchanged.
DS30, the blue-chip index of DSE, however, shed 0.9 per cent, or 1.80 points, to close at 1,896.07 points.
Shariah index DSES also lost 0.39 per cent, or 4.89 points, to finish at 1,243.54 points.
Indo-Bangla Pharmaceuticals led the turnover chart with its shares worth 
Tk 32.45 crore changing hands.
United Power Generation Company, Khulna Power Company, Dragon Sweater, Summit Power, Shahjalal Islami Bank, Uttara Bank Limited, Silva Pharmaceuticals, VFS Thread Dyeing and City Bank were the other turnover leaders.
IBPL gained the most on the day with a 343-per cent increase in its share prices, while SEML IBBL Shariah Fund was the worst loser, shedding 9.70 per cent.
Source: http://www.newagebd.net

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