Stocks
Stocks Inch up in the Essential Week
Amid mixed macroeconomic updates, profit-booking pressure in some overbought stocks kept pushing the indices down last week, while the continuation of investors’ appetite for some selective trendy stocks helped indices offset those.
DSEX, the broad-based index of the Dhaka Stock Exchange (DSE), closed the week 0.75pc higher at 6,564, which had a 0.7pc correction in the previous week.
The core index crossed the 6,600-mark and the single-day turnover hit a record high of Tk2,800 crore on Tuesday, but couldn’t hold the upbeat momentum as investors took a cautious stance, influenced by the gloomy earnings forecast of the major companies amid the macroeconomic adversities, EBL Securities wrote in its weekly market commentary.
The country’s foreign currency reserves dropped below $37 billion last week as the Bangladesh Bank (BB) was selling dollars to banks.
Stockbrokers, however, observed investors’ cautious optimism amid the trend that import payment pressures were easing last month due to lower fuel and capital machinery procurement.
LankaBangla Securities wrote citing the central bank, Bangladesh’s import bills fell to $5.38 billion in August from $6.79 billion a month ago. Fuel oil and capital machinery contributed more than 65% to the $1.41 billion import fall in August.
Also, a reported slowdown in apparel exports in the first 18 days of September increased investors’ caution, while remittance inflow still remains a source of hope.
Investors were busy with forecasting the upcoming earnings and following two declining sessions, the demand for oversold mid-cap stocks increased on Thursday, reflecting the increased tendency of portfolio rebalancing – booking profits to shift to other stocks.
With more trading activity, the average daily turnover on the DSE notably increased by 43pc to Tk2,022 crore last week.
Investors were most active in the pharmaceuticals and chemical sector which contributed to nearly one-fourth of the week’s turnover in the DSE, followed by miscellaneous and engineering sectors.
Travel and leisure generated the highest return last week as the sector’s total market capitalization increased by 20.5pc while following the recent gains jute sector faced the sharpest 13pc correction.
Only 86 advancing scrips, mostly mid-cap ones, offset the decline of 166 while the price of 134 scrips remained unchanged at the DSE.
In the Chittagong Stock Exchange, the broad-based index CSCX increased by 1.07pc to 11,596 last week, while CSE30, the blue-chip index of the port city bourse, inched down by 0.05% to 13,505.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
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