Dhaka stocks drop slightly

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FE Report
Dhaka stocks dropped slightly Sunday, as banking and telecom shares lost on the government's decision to set a standard face value for all forthcoming listed companies, dealers said.
The benchmark DGEN ended at 4383.30 with a fall of 27.16 points or 0.61 per cent. The broader DSE All Shares Price Index slid 18.42 points or 0.50 per cent to 3652.98 while the DSE-20 blue chip index moved down 32.19 points or 1.25 per cent to 2526.79.
Dealers said investors sold banking shares after the finance ministry's decision to fix the face value of all upcoming issues at Tk 100 per share - a move that would reduce chances for price distortion in the market.
"The news on the face value fixation pulled the banking issues down and sent the market into the negative territory," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
The banking sector, the market's bellwether, ended lower for the third consecutive session, posting a loss of 2.48 per cent. However, City bank, which has recently rolled out an ambitious expansion plan, gained 4.60 per cent.
Turnover grew marginally to Tk 10.53 billion, an increase of 3.6 per cent over the previous session.
Grameenphone, the largest mobile phone operator which accounts for some 12 per cent of the DSE market capitalization, lost 1.04 per cent to close at Tk 171.80. It was the fourth consecutive loss by the country's top private firm.
Non-banking financial institutions (NBFIs), pharmaceuticals and tannery sectors marginally nudged higher while mutual funds ended mixed.
Energy sector was also marginally up as most of the companies gained heavily to offset losses incurred by the big three - Power Grid, DESCO and Titas Gas.
Most of the companies in the cement sector went up with the sector posting a hefty growth of 4.48 per cent.
Majority of general and life insurers lost and all subsidiaries of the Beximco group except its top exporter Shinepukur Ceramics fell.
State-owned petroleum distribution company Jamuna Oil was the top turnover leader with shares worth Tk 489.94 million changing hands.
Beximco Ltd, City Bank, Padma Oil, AB Bank, Metro Spinning, Lanka Bangla Finance, Lafarge Surma Cement, Social Investment Bank Ltd (SIBL and Metro Spinning were the other top turnover leaders.
The leading gainers were PLFSL, Dafodil Computers, Metro Spinning, Hakkani Pulp and Paper, Sinobangla, Intech, Legacy Foot Wear, Agnai System Ltd and Berger Paintings Ltd.
Bank Asia, Bangas, Exim Bank, Dhaka Bank, Southeast Bank, BSC, Mutual Trust Bank, Pragti Insurance and BGIC were the prime losers.