Power sector takes market to record high

Dhaka,  Thu,  24 August 2017
Published : 23 Nov 2016, 22:01:43

Power sector takes market to record high

FE Report

Dhaka Stock Exchange (DSE) witnessed the highest turnover in last five years on Tuesday, mainly riding on the turnover of block board, featured solely by Khulna Power Company Limited (KPCL).

The key index on Dhaka bourse also featured a moderate rise. At the end of the session, DSE broad index - DSEX - rose 0.31 per cent or 15.14 points to close at 4,765.35 points.

The turnover stood at above Tk 14.78 billion, which is 125 per cent higher than that of the previous session.

According to International Leasing Securities, the premier bourse settled in higher note amidst increased participation from the investors.

"Favorable macro-economic indicators as well as sound capital market development attracted the cheerful investors to take position on sector-specific stocks."

It also said buoyancy in the last hour of the session from several large-cap issues, mostly from fuel & power, bank and textile sectors, has contributed sharply to the upswing in the benchmark index.

DSE continued to see strong buying interest, as promising market fundamentals and cues of institutional buying prompted investors to hold on buying spree, said a market review of LankaBangla Securities.

Of the total turnover, above Tk 8.28 billion or 56 per cent came from block transaction, featured by KPCL. Except the turnover of KPCL, turnover of the premier bourse stood at above Tk 6.49 billion, while turnover of the previous session was above Tk 6.55 billion.  

The transaction of 127,469,456 KPCL shares was executed through one trade.   

According to DSE information, United Enterprises & Co Ltd, one of the corporate sponsors of KPCL, has expressed intention to sell its entire holding of 127,469,456 shares of the company at prevailing market price through the stock exchanges within the next 30 working days.

United Enterprises has sold its shares at a negotiated price of Tk 65.00 each in cash consideration to Shajahanullah Power Generation Company Limited through block market facility of the trading system, subject to compliance of relevant provisions of Listing Regulations 2015.

The trade and volume were 5.31 per cent and 63.53 per cent up respectively.

Among the major sectors based on market capitalization, general insurance advanced 2.4 per cent, textile 1.4 per cent, and miscellaneous 1.1 per cent.

Among the losing sectors, IT and cement declined 1.2 per cent and 0.4 per cent respectively.

The investors' activities were mostly centered on fuel & power, which contributed to 60.0 per cent of the market turnover, followed by bank 6.3 per cent, and textile 5.9 per cent.

Editor : A.H.M Moazzem Hossain
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