Stocks gain as some large caps surge

Dhaka stocks increased on Tuesday despite a fall in the share prices of most of the traded scrips as some large-capitalised companies including Square Pharma, Olympic, ACI and Grameenphone soared.
DSEX, the key index of Dhaka Stock Exchange, increased by 0.27 per cent, or 14.86 points, to close at 5,455.81 points on Tuesday after gaining 30.13 points in the previous two sessions.
In line with the previous session, the market opened bright, gaining 60 points within an hour of the session, but finished with marginal gains as investors went on with buying shares from sector specific scrips, market operators said.
The market ended positive as a number of large-capitalised scrips including Square Pharmaceuticals, Grameenphone, Olympic Industries, Summit Power and ACI Limited soared on the day.
A section of investors went for buying shares with an expectation of better financial results and dividends for the year ended June, 2018 while some others reshuffled their portfolios to maximise profits.
The average share prices of pharmaceuticals, energy, telecommunication, and textile sectors added 1.6 per cent, 1.0 per cent, 0.9 per cent and 0.6 per cent respectively.
On the other hand, a section of investors went for profit-taking share sales from the financial shares.
The average share prices of bank, non-bank financial institution and miscellaneous sectors dropped by 0.61 per cent, 0.6 per cent and 0.2 per cent respectively.
Some investors kept an eye on the verdict of the August 21 grenade attack case to be delivered today, market operators said.
Top Bangladesh Nationalist Party leaders are accused in the case.
Market operators also said a section of investors sold off their shares for cash to buy the shares of Silva Pharmaceuticals Limited which would make its debut at DSE today.
‘The core index remained upward throughout the session as optimistic behaviour from the investors sustained and they kept buying fresh stocks from large-cap stocks to rebalance their portfolios,’ said EBL Securities in its daily market commentary.
The turnover on DSE inched down to Tk 801.21 crore on Tuesday compared with that of Tk 801.42 crore in the previous trading session.
The average share prices of energy, food, textile and engineering sectors also advanced by 2.2 per cent, 1.1 per cent, 0.9 per cent and 0.5 per cent respectively.
Of the 336 companies and mutual funds traded on Tuesday, 195 declined, 101 advanced, and 42 remained unchanged.
DS30, the blue-chip index of DSE, also advanced by 1.00 per cent, or 19.24 points, to close at 1,928.93 points.
Shariah index DSES added 1.10 per cent, or 13.95 points, to finish at 1,278.02 points.
Khulna Power Company led the turnover chart with its shares worth Tk 85.14 crore changing hands.
United Power Generation Company, Olympic Industries, Summit Power, BBS Cables, Confidence Cement, Square Pharmaceuticals, Active Fine Chemicals, IFAD Autos and Dragon Sweater were the other turnover leaders.
Meghna Cement Mills gained the most on the day with a 10-per cent increase in its share prices, while Shyampur Sugar Mills was the worst loser, shedding 9.03 per cent.
Source: http://www.newagebd.net

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