Rumour on UCB pulls share prices down
Friday, 30 November 2007
FE Report
A sharp decline Thursday in the share price of the United Commercial Bank (UCB), the day's top turnover leader, pulled down the stock market on the Dhaka Stock Exchange (DSE).
The UCB share price sharply dipped 11.34 per cent on a rumour that the bank would not declare any dividends in its pending annual general meetings (AGMs) scheduled to be held by the end of December, market sources said.
The share price of the Z-category company closed at Tk 5,147 against Tk 100, though the issue's highest price of the day was quoted at Tk 5,900.
Earlier, the UCB share price sharply gained on a speculation that the bank would declare lucrative dividends in its AGMs.
The UCB was the top turnover leader with its shares worth Tk 373.910 million traded on the day.
All the market barometers- All Shares Price Index (DSI), DSE-20 Index (DS20) and DSE General Index (DGEN)--shed 7.974 points, 2.547 points and 0.805 points to close at 2511.323, 2332.479 and 2971.111 respectively.
The total turnover rose to Tk 1.40 billion from the previous Tk 1.247 billion. The total market capitalisation also rose to Tk 736.17 billion.
Out of 220 traded issues, prices of 85 gained, 108 declined and 27 remained unchanged.
BOC was the second turnover leader with Tk 59.607 million shares traded.
Lafarge Surma Cement, Power Grid, BRAC Bank, IBBL Bond, LankaBangla Finance, Square Pharma, Islami Bank and Uttara Bank were the other issues on the list of the top ten turnover leaders.
Prices of IBBL Bond declined 2.64 per cent to Tk 1636.00, Islami Bank 0.42 per cent to Tk 6494.75 and Uttara Bank 1.30 per cent to Tk 4726.25.
On the other hand, BOC gained 2.73 per cent to Tk 301.00, Lafarge Surma Cement 2.25 per cent to Tk 486.50, Power Grid 0.68 per cent to Tk 694.75, BRAC Bank 0.54 per cent to Tk 1579.50, Lanka Bangla Finance 0.68 per cent to Tk 103.20 and Square Pharma 0.02 per cent to Tk 3320.00.
Two Z-category issues--Aziz Pipes and Renwick- hopped 16.77 per cent and 15.13 per cent respectively without any fundamental reasons, market operators said.
A sharp decline Thursday in the share price of the United Commercial Bank (UCB), the day's top turnover leader, pulled down the stock market on the Dhaka Stock Exchange (DSE).
The UCB share price sharply dipped 11.34 per cent on a rumour that the bank would not declare any dividends in its pending annual general meetings (AGMs) scheduled to be held by the end of December, market sources said.
The share price of the Z-category company closed at Tk 5,147 against Tk 100, though the issue's highest price of the day was quoted at Tk 5,900.
Earlier, the UCB share price sharply gained on a speculation that the bank would declare lucrative dividends in its AGMs.
The UCB was the top turnover leader with its shares worth Tk 373.910 million traded on the day.
All the market barometers- All Shares Price Index (DSI), DSE-20 Index (DS20) and DSE General Index (DGEN)--shed 7.974 points, 2.547 points and 0.805 points to close at 2511.323, 2332.479 and 2971.111 respectively.
The total turnover rose to Tk 1.40 billion from the previous Tk 1.247 billion. The total market capitalisation also rose to Tk 736.17 billion.
Out of 220 traded issues, prices of 85 gained, 108 declined and 27 remained unchanged.
BOC was the second turnover leader with Tk 59.607 million shares traded.
Lafarge Surma Cement, Power Grid, BRAC Bank, IBBL Bond, LankaBangla Finance, Square Pharma, Islami Bank and Uttara Bank were the other issues on the list of the top ten turnover leaders.
Prices of IBBL Bond declined 2.64 per cent to Tk 1636.00, Islami Bank 0.42 per cent to Tk 6494.75 and Uttara Bank 1.30 per cent to Tk 4726.25.
On the other hand, BOC gained 2.73 per cent to Tk 301.00, Lafarge Surma Cement 2.25 per cent to Tk 486.50, Power Grid 0.68 per cent to Tk 694.75, BRAC Bank 0.54 per cent to Tk 1579.50, Lanka Bangla Finance 0.68 per cent to Tk 103.20 and Square Pharma 0.02 per cent to Tk 3320.00.
Two Z-category issues--Aziz Pipes and Renwick- hopped 16.77 per cent and 15.13 per cent respectively without any fundamental reasons, market operators said.