Telecom posts highest gain of 7.10pc

Dhaka,  Thu,  20 July 2017
Published : 14 Jul 2017, 21:43:32
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Sector-wise analysis

Telecom posts highest gain of 7.10pc

Telecom posts highest gain of 7.10pc
FE Report


Major sectors performed well last week that ended Thursday as optimistic investors continued their buying binge on large-cap issues amid positive expectation on pending earnings and dividend declarations.

Of the 19 sectors listed on the prime bourse, except corporate bonds, debenture and treasury bonds, the market cap of 17 sectors closed higher while only two sectors faced mild correction, according to weekly analysis of the DSE and the LankaBangla Securities.

Brokers said the investors continued to take position on large-cap stocks like telecommunication, bank, food & allied, engineering, IT and textile sectors amid optimism.

The telecom sector posted the highest gain of 7.10 per cent, followed by bank 2.8 per cent, food & allied 2.69 per cent, IT 2.43 per cent, textile 1.32 per cent and engineering 1.13 per cent.

Insurance also witnessed a 2.40 per cent gain, followed by mutual fund with 1.55 per cent, travel & leisure 1.41 per cent,  jute 0.69 per cent, ceramics 0.65 per cent, tannery 0.60 per cent, paper & printing 0.47 per cent, fuel & power 0.20 per cent, pharmaceuticals 0.07 per cent and miscellaneous 0.02 per cent.

The heavyweight telecom sector, which comprised two issues - Grameenphone (GP) and Bangladesh Submarine Cable Company (BSCCL), posted the highest gain of 7.10 per cent.

GP, the largest market cap listed company in the country's capital market, soared 7.30 per cent to close at Tk 365.10 each on Thursday at DSE, following the news of its robust earnings growth and interim dividend declaration.

GP's net profit soared 55.7 per cent year-on-year to Tk 7.90 billion in the second quarter (Q2) for April-June period of this year on the back of higher revenue and operating efficiency.

The board of directors of the lone listed mobile company has recommended 105 per cent interim cash dividend for the year that will be ended on December 31, 2017.

On the other hand, the share price of BSCCL also rose 1.10 per cent to close at Tk 119.20 each on Thursday, the last session of the week.

The heavyweight bank sector also posted a 2.80 per cent gain as prices of 25 banks closed higher, out of 30 listed banks.

Of the banks, Islami Bank witnessed the highest return, posting a 12.8 per cent gain, followed by Mercantile Bank with 9.50 per cent, AB Bank 6.70 per cent, NCC Bank 6.60 per cent, ICB Islami Bank 5.50 per cent, ONE Bank 5.10 per cent, Exim Bank 4.80 per cent, Trust Bank 4.50 per cent and Eastern Bank 4.30 per cent.

Food & allied sector also witnessed 2.68 per cent gain as prices of 10 issues appreciated, out of 18.

Among the food & allied issues, Fu-Wang Food was the week's highest gainer, posting a 18.10 per cent gain, followed by Rahima Food with 9.50 per cent, Fine Food 6.10 per cent, Beach Hatchery 5.90 per cent, BATBC 3.20 per cent, Bangas 1.50 per cent and Olympic Industries 1.10 per cent.

Cement sector also gained 1.98 per cent as prices of five issues of the sector advanced, out of seven.

Of the cement issues, Confidence Cement posted the highest gain of 4.40 per cent, Lafarge Surma Cement with 2.80 per cent, MI Cement 2.10 per cent, Meghna Cement 1.20 per cent and Premier Cement 1.0 per cent.

Meanwhile, non-bank financial institutions and services & real estate lost 1.17 per cent and 0.11 per cent respectively.

The non-bank financial institutions lost 1.17 per cent andand services & real estate lost 1.17 per cent and 0.11 per cent respectively.

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