Fu-Wang Food tops turnover chart for fifth week

The ten most-traded firms accounted for about 31 per cent of weekly turnover on the Dhaka Stock Exchange (DSE), with Fu-Wang Food dominating the chart for the fifth week in a row.
Fu-Wang Food --- a small-cap company --- continued to dominate the turnover chart as investors opted for profit-booking on its shares after a recent price surge.
The company's stock price saw an astounding 60 per cent increase in the past three weeks which prompted investors to book profit on its shares.
However, due to selling pressure, its stock price plunged 17.70 per cent to close at Tk 34, becoming the week's second top loser.
According to the DSE data, some 56.26 million Fu-Wang Food shares were traded during the week, generating a turnover of Tk 2.10 billion, which was 7.35 per cent of the week's total turnover.
The total turnover of the week stood at Tk 28.64 billion, up from Tk 26.23 billion in the week before.
Fu-Wang Food reported only Tk 3.32 million profit for January-March 2023 as against Tk 2.21 million for the same quarter a year before.
The company failed to declare any dividend for FY21 and FY22. It paid 1.65 per cent cash dividend in 2020.
Despite a lack of business growth, it exhibits a rally in the stock market as a certain group of people influence the price, while others join the rally not to miss out on the opportunity to make quick-buck, market operators said.
Meghna Life Insurance came second on the turnover chart, with shares worth Tk 844 million changing hands. The life insurer's stock rose 13.71 per cent to close at Tk 84.60 on Thursday.
Continental Insurance clinched the third spot, with shares worth Tk 838 million changing hands. The general insurer's stock closed at Tk 53.80, rising 9.57 per cent.
Miracle Industries emerged as the fourth, with shares worth Tk 807 million changing hands during the week. The company's share price rose 11.30 per cent to close at Tk 54.20 on Thursday.
Paramount Insurance notched the fifth spot, with shares worth Tk 710 million changing hands. The insurer's stock closed at Tk 68.30, soaring 29.85 per cent, becoming the second highest weekly gainer.
The turnover of Gemini Sea Food was Tk 703 million. The company's share price shed 0.58 per cent to close at Tk 785.40 on Thursday.
Rupali Life Insurance featured a turnover of Tk 701 million. The life insurer's share closed at Tk 790 on Thursday, gaining 1.32 per cent.
The turnover of Eastern Housing was Tk 681 million. The lone listed realtor's stock dropped 0.20 per cent to close at Tk 98.50 on Thursday.
Eastern Insurance featured a turnover of Tk 676 million. The company's share closed at Tk 69.60, soaring 10.13 per cent.
Sea Pearl Beach Resorts also made its way to the week's top turnover chart, with shares worth Tk 669 million changing hands. The company's share rose 2.47 per cent to close at Tk 169.90 on Thursday.

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