Stocks gain for 3rd day on regulator’s move

Dhaka stocks on Thursday extended gain to the third consecutive session despite a fall in the share prices of most of the traded scrips, as a section of investors, encouraged by a BSEC market stabilising move, continued buying shares.
Market operators said another section of investors were observing the market movements ahead of national polls and amid mixed corporate declarations.
DSEX, the key index of Dhaka Stock Exchange, added 0.10 per cent, or 5.71 points, to close at 5,282.04 points on Thursday. The DSEX gained 30 points in last three sessions.
The market began the day on a positive note but slowed soon after and finished with a slight gain as a section of investors continued buying shares following the regulator’s move while others were observing the market movements ahead of the national elections, market operators said.
After the recent plunges in DSEX, the Bangladesh Securities and Exchange Commission and different stakeholders on Tuesday held a meeting to discuss the market situation and the merchant bankers and brokerage houses at the meeting agreed to support the market when it needed.
Besides, state-run Investment Corporation of Bangladesh announced to begin the investment of Tk 2,000 crore (bond sales proceeds) in the market that gave a boost to the market sentiment, market operators said.
The average share prices of energy, telecommunication and textile sectors added 1.53 per cent, 1.16 per cent and 0.28 per cent respectively.
On the other hand, investors were cautious on the trading floor as political activities were increasing with the approach of the national elections due in three months.
The new alliance Jatiya Oikya Front on Wednesday held a rally in Sylhet to mobilise public support in favour of its seven-point demand that include holding the next polls under a non-party administration.
Market operators said investors kept an eye on the announcement of the schedule for the next parliamentary elections.
The average share prices of non-bank financial institution, miscellaneous and bang declined by 0.73 per cent, 0.49 per cent and 0.20 per cent respectively.
Investors were also cautious amid mixed earnings and dividend declarations by companies, market operators said.
The share prices of LankaBangla Finance plummeted by 9.48 per cent as the company declared loss of around Tk 12.31 crore in the July-September period compared with that in the same period of the previous year.
The profit of the company came down to Tk 31.85 crore in January-September this year from Tk 76 crore in the same period in the previous year mainly due to the loss in the third quarter.
The share prices of Gemini Sea Food plunged by 16 per cent as the profit of the company dipped by 730 per cent for the year ended June 30, 2018 compared with that in the previous year.
Grameenphone made the highest contribution to keep the market afloat on Thursday, soaring by 1.35 per cent for the third consecutive day as the company posted 27.63 per cent profit growth in the July-September period compared with that in the same period of the previous year.
Profit of Shahjalal Islami Bank increased slightly in July- September period compared with that in the same period of the previous year that raised share prices of the bank by 2.88 per cent on Thursday.
The turnover on DSE increased to Tk 425.10 crore on Thursday compared with that of Tk 368.02 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Thursday, 159 declined, 137advanced, and 42 remained unchanged.
DS30, the blue-chip index of DSE, also gained 0.21 per cent, or 4.04 points, to close at 1,876.05 points.
Shariah index DSES added 0.44 per cent, or 5.42 points, to finish at 1,223.79 points.
Khulna Power Company led the turnover chart with its shares worth Tk 28.31 crore changing hands.
Active Fine Chemicals, LankaBangla Finance, Shahjalal Islami Bank, Delta Life Insurance Company, Bangladesh Export Import Company, Summit Power, United Power Generation Company, BBS Cables and Grameenphone were the other turnover leaders.
SK Trims and Industries gained the most on the day with a 9.74-per cent increase in its share prices, while Gemini Sea Food was the worst loser, shedding 16.53 per cent.
Source: http://www.newagebd.net

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