DSE indices drop on profit taking

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FE Report
Indices on the Dhaka Stock Exchange (DSE) dropped on profit taking although the total market capitalisation maintained growth Thursday, the last trading session of the week.
On the day, the total turnover declined to Tk 1.698 billion from Tk 1.956 billion on the previous day. The total market capitalisation increased to Tk 493.492 billion from Tk 490.651 billion on the previous day.
Market operators said the stock prices on the DSE continued to rally for two consecutive days and now the investors are selling the issues for profit taking.
Recently the market has been gaining momentum because of investors' confidence and hopes of floatation of shares by big companies under telecommunications, state-owned enterprises including oil and gas sectors.
DSE General Index (DGEN), All Shares Price (DSI) and DSE-20 Index (DS20) declined by 16.175 points, 14.165 points and 3.176 points to close at 2204.126, 1807.319 and 1879.565 respectively.
Out of 217 traded issues prices of 82 gained 117 declined and 18 remained unchanged.
BRAC Bank was the turnover leader with a volume of Tk 169.813 million, followed by Desco with Tk 104.256 million, Power Grid with Tk 94.608 million, Summit Power with Tk 83.116 million, AIMS with Tk 66.341 million, Grameen One with Tk 61.983 million, Prime Bank with Tk 51.528 million, UCBL with Tk 48.315 million, Shahjalal Bank with Tk 47.566 million and AB Bank with Tk 43.982 million.
Prices of BRAC Bank gained by 2.62 per cent to close at Tk 790.75 per share, AIMS by 4.16 per cent to Tk 5.50, Grameen One by 3.43 per cent to Tk 54.20, UCBL by 1.87 per cent to Tk 2833.00 and Social Investment Bank Limited by 14.73 per cent to Tk 2262.25.
Prices of Desco declined by 1.54 per cent to Tk 970.75, Power Grid by 2.02 per cent to Tk 591.75, Summit Power by 1.13 per cent to Tk 1024.00, Prime Bank by 1.92 per cent to Tk 727.75, Shahjalal Bank by 1.40 per cent to Tk 245.25 and AB Bank by 1.31 per cent to Tk 1751.00.
Summit Power Company Limited has informed that it has received a letter of intent from Power Cell of Power Division under Ministry of Power, Energy & Mineral Resources, for establishing a 33 Megawatt (MW) and a 11 MW gas fired small Power Plants, one at Maona, Gazipur and the other at Ullapara, Sirajgonj on build, own and operate (BOO) basis, the DSE sources said.
However, the company did not inform the cost of the project and source of financing, the DSE sources added.
The board of directors of Bangladesh Service (BDSERVICE) has recommended cash dividend at 10 per cent and stock dividend at 5.0 per cent for the year 2006. There will be no price limit on the trading of the shares of the company on July 15 following its corporate declaration, DSE online service said
As per un-audited half yearly accounts of Modern Cement Company Limited as on December 31, 2006 it has reported net loss of Tk. 8.01 million with Earning Per Share (EPS) of Tk. 0.46 as against last year's half yearly net profit of Tk. 0.63 million and EPS of Tk. 0.04, DSE sources said.
In response to the query of the DSE Prime Life Insurance Limited and Dynamic Textile Limited said there was no undisclosed price sensitive information for the recent unusual price hike.
Dynamic Textile further informed that lay-off has been declared in the factory of the company and is not in operation now, DSE sources said.
Islamic Finance and Investment Limited has requested the concerned shareholders to collect their dividend warrants for the year 2006 from July 15 to 23 during office hours from the Share Department at the Company's Registered Office at Chand Mansion (3rd floor), 66, Dilkusha C. A. Dhaka-1000.
Al Arafah Bank has further informed that Bangladesh Bank has allowed the Bank for disbursement of remaining 20 per cent stock dividend in addition to 15 per cent disbursed earlier for the year 2006.