FE Report
Dhaka stocks lost one per cent Tuesday, as heavyweight Grameenphone declined nearly six per cent on its lower-than-expected first quarter earnings.
The benchmark DSE General Index (DGEN) seesawed in early trading and closed at 5,534.65 with a drop of 59.14 points or 1.05 per cent.
The broader All Shares Price Index (DSI) was down by 45.37 points or 0.96 per cent to 4,548.62 while DSE-20 Index comprising blue chips rose 4.88 points or 0.16 per cent to 3,032.56.
Grameenphone (GP) - the country's telecom giant and one-fifth of the market capitalisation - fell 5.71 per cent to Tk 294 after it posted net profit of Tk 3,157.32 million with earning per share (EPS) Tk 2.34 in first quarter as against Tk 2,282.68 million with EPS Tk 1.88 in the same period a year earlier.
"GP's earnings did not meet investors' expectations that led to a sell-off of its shares, sending the market in the negative terrain," said Argus Research, a wing of Race AMC in its daily market commentary.
GP's first quarter EPS should have been more than Tk 3.0, if we'd taken into account its EPS of 2009 which was Tk 12.80, said a stockbroker.
Banking sector - one-fourth of the market cap - ended 1.26 per cent lower, also contributing to the market's fall.
Among the banks, NCC Bank dropped 2.57 per cent, followed by National Bank 2.51 per cent and Pubali Bank 2.30 per cent.
Leasing or non-banking financial institutions rose 2.52 per cent, fuel and power 1.10 per cent and Engineering 1.35 per cent.
Turnover decreased 5.17 per cent to Tk 14.80 billion. Out of 247 issues traded, 110 gained, 133 declined and four remained unchanged.
Beximco topped turnover leaders with shares worth Tk 775.76 million changing hands.
Grameenphone pulls down DSE
FE Team | Published: May 05, 2010 00:00:00 | Updated: February 01, 2018 00:00:00
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