DSE ends lacklustre trading as top cos return to black

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FE Report
Dhaka stocks ended a lacklustre trading for the last four consecutive sessions Tuesday as banks and non-banking financial institutions returned to winning streak and energy issues made significant gains.
The benchmark Dhaka Stock Exchange General Index (DGEN) finished at 3039.64, an addition of 32.20 points or 1.07 per cent, as the gainers took a strong lead over losers.
The market made rapid gain in the first hour and the upbeat mood continued throughout the day despite slight price correction in non-banking financial institution (NBFI) sector in around mid session.
The highlight of the day was the return of large companies to the gaining streak while firms with smaller market cap also shined, sending the market into the positive territory.
The banks, which have been struggling over the last few sessions, returned to the black as majority of financial institutions rose with the state-owned Rupali Bank scoring the highest 5.4 per cent.
Mutual funds ended mixed while insurance companies declined on profit taking. Other sectors ended positive.
The broader All Shares Price Index (DSI) added 29.50 points or 1.16 per cent to end at 2557.21. The DSE-20 comprising blue chips gained 23.91 points or 1.10 per cent to close at 2183.20.
Out of the 240 issues traded, 158 advanced, 74 declined and eight remained unchanged.
"Rally by the companies with good fundamentals has brought an end to four-day of slugging trading," said a top fund manager.
Investors preferred better stocks, which is a good sign for the health of the market, he added.
Turnover stood at Tk 7.10 billion, an increase of 6.4 per cent from the previous session's Tk 6.68 billion, on the back of huge share trading of Titas Gas.
The state-run natural gas distribution company's share prices rose 2.19 per cent to close at Tk 674.25, making it top turnover leader after nearly a month with stocks worth Tk 264.38 million exchanging hands.
Bextex, the textile arm of leading conglomerate Beximco Group, ended a close second with shares worth Tk 246.72 million traded. It was followed by LankaBangla Finance Tk 166.78 million, Jamuna Oil Tk 164.17 million and S Alam Cold Rolled Steels Tk 144.17 million.
Most of smaller firms gained with Hakkani Pulp and Paper posting an increase of 18.23 per cent, followed by Modern Dyeing 13.34 per cent, Rahima Food 13.14 per cent and Dulamia Cotton 11.62 per cent.
In the pharmaceutical sector, most of the large companies declined, except the country's second largest drug maker, Beximco Pharma, which gained 0.6 per cent and Glaxo SmithKline with 3.8 per cent.
Jute Spinners, Niloy Cement, Monno Stafflers, Bengal Biscuit and Kohinoor Chemicals were the other major losers on the day.