Windfall profit for Summit Alliance stock holders on debut trading

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FE Report
Dhaka stocks inched down Thursday for the second straight sessions on price correction amid higher turnover.
All the market barometers -- the benchmark DSE (Dhaka Stock Exchange) General Index (DGEN), All Shares Price Index (DSI) and DSE-20 comprising blue chips -- slid 7.42 points, 9.0 points and 30.15 points to close at 2918.55, 2417.68 and 2470.40 respectively.
Shares of the Summit Alliance Port Limited (SAPL), in its debut-trading day, posted unusual rise of 779.25 per cent to finish at Tk 879.25 per share. Stocks of Tk 100 each opened with Tk 600 per share and climbed as high as Tk 1074.00 a share.
The SAPL, the top gainer, emerged as one of the five top turnover leaders with 0.233 million shares worth Tk 214.30 million traded on the day.
As per the unaudited half yearly accounts till June 30 this year, the company reported net profit of Tk 60.56 million with diluted EPS (earning per share) of Tk 12.11 (based on post-IPO paid-up capital).
The market moved to the red on profit taking on the day, according to the stockbrokers.
"However, the debutant Summit Alliance Port, however, rescued the main index DGEN to some extent from sliding further because of profit taking and helped hit the second highest record of daily turnover of Tk 5.64 billion," a broker said.
Majority of shares fell on the day. Of the total 239 issues traded, 154 declined, 82 advanced and three remained unchanged.
The DSE hit second highest turnover of Tk 5.64 billion on the day against Tk 5.11 billion of the previous day while the market capitalisation marginally declined to Tk 1.016 trillion against the previous day's Tk 1.018 trillion.
Power sector dominated the market on the day while other sectors, including IT, pharmaceuticals and most of the financial institutions dropped.
Titas Gas was the top turnover leader with shares worth Tk 642.63 million traded, followed by Beximco Pharma Tk 579.89 million, Desco Tk 392.16 million and Beximco Limited Tk 352.16 million changing hands.
Other turnover leaders were Square Pharma, Summit Power, BD Online and Power Grid.
Stock prices of the Golden Son had the second biggest gain of 17.09 per cent, followed by Maq Paper 15.09 per cent, Maq Enterprise 14.54 per cent, Desco 12.48 per cent, M Hossain Garments 11.36 per cent and Daffodil Computers 8.83 per cent.
Top losers were Metalex Corporation, Safko Spinning, Dulamia Cotton, BD Online, Shinepukur, Confidence Cement, Beximco Textiles, Gulf Foods, Bionic Food and Beximco Limited.
The DSE urged its members to trade, in case of general clients' sale for Summit Alliance Port Limited, only one market lot for each client's account. Any trade beyond the market lot may invoke 100 per cent penalty, according to the DSE website.