Stocks rebound strongly riding on GP

Dhaka,  Thu,  24 August 2017
Published : 13 Jul 2017, 17:22:16
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Stocks rebound strongly riding on GP

FE Online Report
Stocks rebounded strongly on Thursday, after facing a major correction in the previous day, as investors showed their buying appetite on some large-cap issues, especially GrameenPhone.

GrameenPhone (GP), the lone listed mobile phone company in the country’s capital market, soared nearly 5.0 per cent to close at Tk 365.10 each following its interim dividend declaration on the day.

The board of directors of the largest market cap listed company in the country’s capital market has recommended 105 per cent interim cash dividend for the year that will end on December 31, 2017.

After witnessing volatility in the first hour of trading, the remaining three hours of the session went up steadily and finally closed more than 44 points higher.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 44 points or 0.76 per cent to settle at 5,835, which was the highest level of DSEX since its inception on January 27, 2013.

Along with core index, the total market capitalisation of the DSE also rose to an all-time high of over Tk 3918 billion on the day, surpassing the previous high of Tk 3,893 billion recorded on Tuesday.

The two other indices also closed higher. The DS30 index, comprising blue chips advanced nearly 15 points or 0.70 per cent to finish at 2,131. The DSE Shariah Index (DSES) rose 10 points or 0.78 per cent to close at 1,327.

Turnover, the important indicator of the market, also rose to Tk 10.09 billion, which was 10 per cent higher than the previous day’s Tk 9.14 billion.

The gainers took a strong lead over the losers as 330 issues traded, 210 closed higher, 70 closed lower and 50 remained unchanged on the DSE trading floor.

GrameenPhone emerged as turnover leader with about 1.82 million shares of Tk 656 million changing hands, followed by Keya Cosmetics, IFAD Autos, United Power and Generation Next Fashions.

Fu-Wang Food was the day’s highest gainer, posting a 9.73 per cent rise, while Agrani Insurance was the worst loser, plunging 4.24 per cent.

The port city bourse, the Chittagong Stock Exchange (CSE), also rebounded strongly with its Selective Categories Index - CSCX – gaining 88 points to settle at 10,939 points.

Gainers beat losers as 166 issues closed higher, 58 closed lower and 25 remained unchanged on the CSE.

The port city bourse traded 22.80 million shares and mutual fund units’ worth Tk 543 million in turnover.

 
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