Stocks gain in post-Eid thin trading

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Dhaka stocks on Sunday gained marginally amid poor participation of investors as trading resumed on the bourse after a 9-day Eid holiday.

DSEX, the key index of the Dhaka Stock Exchange, added 0.29 per cent, or 15.11 points, to close at 5,216.53 points on Sunday after gaining 14.22 points in the previous session.

Before the market had closed at the positive zone on late buying pressure, trading on the bourse was slow and rough as investors were yet to get rid of Eid hangover on Sunday, market operators said.

Trading on the bourse was closed in August 9-17 for weekly and Eid holidays.

As the trading resumed, a section of investors went on buying shares in expectation that the market might improve after the Eid hangover is over.

Besides, they hoped that the listed companies, whose financial year ended in June, would start declaring better dividends and earnings results.

Average share prices of general insurance, pharmaceuticals, energy and engineering sectors advanced by 3.71 per cent, 0.99 per cent, 0.65 per cent and 0.58 per cent respectively.

Besides, share prices of most of the multinational companies advanced on the day that also supported the index to remain afloat on the day. The MNCs declared higher profits in April-June period compared with that period in the previous year.

EBL Securities in its daily market commentary said ‘As a result of quarterly earning declarations and ahead of June-closing companies’ dividend declaration, some investors may have rebalanced their portfolio today.’

On the other hand, the bank and non-bank financial sectors dropped by 0.64 per cent and 0.46 per cent respectively on the day.

Share prices of Grameenphone continued declining due to the prolonged tussle with the Bangladesh Telecommunication Regulatory Commission over audit claim of over Tk 13,000 crore.

The media reported that the commission moved to stop renewing the existing voice and data packages of Grameenphone over audit claim.

Therefore, the share prices of GP decreased by 0.2 per cent on the day and over 13 per cent in a month.

Share prices of Bangladesh Industrial Finance Company shot by 72 per cent to Tk 3.6 per share in the last seven consecutive sessions as investors, ignoring the company’s fragile state, continued buying shares of the company at low prices.

Out of the 353 scrips traded on Sunday, 184 advanced, 123 declined and 45 remained unchanged.

Turnover on the bourse dropped to Tk 323.70 crore on Sunday from Tk 410.56 crore in the previous session.

DS30, the blue-chip index of the DSE, gained 0.22 per cent, or 4.04 points, to close at 1,841.79 points.

DSE Shariah index DSES added 0.44 per cent, or 5.34 points, to close at 1,197.56 points.

Khulna Power Company led the turnover chart with its shares worth Tk 25.68 crore changing hands.

United Power Generation Company, Beacon Pharmaceuticals, Monno Ceramics, Coppertech Industries, Global Insurance, Doreen Power, Fortune Shoes and Bangladesh Submarine Cable Company were the other turnover leaders.

ACI Formula gained the most on the day with a 10-per cent increase in its share prices while VFS Thread dyeing was the worst loser, shedding 8.86 per cent.
Source: http://www.newagebd.net

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