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 Exchange DSE, Bourse on the third working day of the week, November 28, ended with price Index & turnover drops. This information is known from DSE sources.
297 crore 20 lakh shares were traded on this day. 179 crore 14 lakh less trading was done in DSE today compared to the previous workday, 27 November, Shares worth Tk 369 crores 96 lakh shares were traded last time, Monday. From the DSE website, the lowest trade was done on 17 August, which was around 299 crore taka, which means after 70 working days the stock market hit its lowest today.
The benchmark DSEX lost 6.62 points or 6,202 The Shariah-based index DSES dropped 0.72 points or 1,346, and the blue-chip index DS30 decreased by 1.98 points or 2,099.
Of the issues traded, 17 advanced, 134 declined and 139 remained unchanged.
Ambee Pharmaceuticals PLC ranked top gainer on DSE, the share price increased by Tk 53.60 paisa or 6.83 percent. On this day, the share was last traded at Tk 838.40 paisa.
Bd. Thai Aluminium Limited ranked top loser on the DSE, the share price dropped by Tk 1.40 paisa or 7.73 percent. On this day, the share was last traded at Tk 16.70 paisa.
DSE topped on trade is Central Pharmaceuticals Limited 15 crore 96 lakh takas of shares of the company have been traded.
A total of 52 companies’ shares were traded in the Block on the Dhaka Stock Exchange, 60 lakh 14 thousand 277 shares of the companies were traded. The financial value of which is 29 crore 84 lakh taka.
One of the Listed companies, Ring Shine Textiles Limited has recommended no Dividend for the year ended June 30, 2023.
In terms of financial performance, The Company has further informed EPS loss of Tk. 2.53 for the year ended June 30, 2023. The Company has also reported NAV per share loss of Tk. 4.97 paisa.
The Annual General Meeting (AGM) of the company will be taking place on January 20, through the digital platform. The record date for this has been fixed at December 17.
One of the listed companies, Bd. Thai Aluminium Limited discloses its financial reports for the first quarter, (July-September 23).
The company’s diluted earnings per share (EPS) loss of Tk 0.19 paisa in Q1 of the current financial year (July-September 23). EPS loss of Tk 0.12 paisa during the same period last year. NAV per share was of Tk. 27.66 paisa as of September 30, 2023.
