Stocks rise after 2-day fall

Dhaka stocks gained on Tuesday after a two-day fall as investors went for buying sector-specific scrips amid expectations of better financial results.
DSEX, the key index of Dhaka Stock Exchange, advanced by 0.34 per cent, or 20.30 points, to close at 5,924.53 points on Tuesday after losing 45.77 points in the previous two sessions.
The market finished positive on the day as investors went for buying shares after two days of profit taking, market operators said.
Average share prices of the bank sector rebounded by 1.3 per cent after a decline in the previous two sessions.
Share prices of general insurance, telecommunication and textile sectors advanced by 2.3 per cent, 1.4 per cent and 0.4 per cent respectively.
Market operators said many investors were taking position on sector-specific scrips before the announcement of financial results by a number of companies.
They said investors also reacted to the financial disclosures already made by a number of companies that impacted the market trend on the day.
Share prices of Grameenphone surged for the second day, by 1.47 per cent on Tuesday, as the company reported a profit growth of 28 per cent to post earnings per share at Tk 26.04 for the year ended on December 30, 2018.
The board of directors of the mobile operator recommended 155 per cent final cash dividend along with interim cash dividend of 125 per cent.
The surge in the GP share prices moved the index upward by 13 points.
On the other hand, share prices of ACI plummeted by 6.94 per cent or Tk 23.5 to settle at Tk 315.00 as the profit of the company slumped by 94.30 per cent in July-December, 2018 compared with that in the same period of the previous year.
The company blamed currency devaluation, interest rate increase, decrease in share of profit from joint ventures and associates, purchase rate variance due to international price hike and high income tax expenses for their significant profit fall.
Average share prices of energy, non-bank financial institutions and pharmaceutical sectors dropped by 1.0 per cent, 0.6 per cent and 0.2 per cent respectively.
Besides, a section of investors were waiting for Bangladesh Bank’s monetary policy declaration today for the second half (January-June) of the financial year of 2018-2019.
‘The core index displayed volatility throughout the session as investors opted for taking fresh position over sector-specific stocks ahead of year-end dividend declarations and BB’s monetary policy statement for the second half of FY 2018-2019 ,’ said EBL Securities in its daily market commentary.
The turnover on DSE declined to Tk 945.85 crore on Tuesday compared with that of Tk 1,009.54 crore in the previous trading session.
Of the 336 companies and mutual funds traded on Tuesday, 159 declined, 151 advanced and 37 remained unchanged.
DSE blue-chip index DS30, however, dropped by 0.02 per cent, or 0.47 points, to close at 2,046.29 points.
Shariah index DSES added 0.16 per cent, or 2.17 points, to finish at 1,331.62 points.
Eastern Housing led the turnover leaders for the second day with its shares worth Tk 34.98 crore changing hands on Tuesday.
Source: http://www.newagebd.net

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