Stocks rise despite falling blue chip index
The Bangladesh stock market rose for a third day in a row yesterday despite a drop in the blue chip index.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 51 points, or 0.78%, to 7,063. However, the DS-30, the blue chip index, lost 5 points at 2,638.
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The overall market continued to stay in the green thanks to positive hype prevailing among general investors, according to market analysts.
Investors reorganized their portfolios based on the recently disclosed financial performance of listed companies, he said. Shares of Reckitt Benckiser (Bangladesh) Ltd rose thanks to its higher profit statement. The multinational company recorded Tk 20 crore in profit in the July-September period of the current year, compared to Tk 16 crore in the same period the previous year.
The company announced the decision of its board of directors to modernize a wastewater treatment plant in a plant located in Chattogram in compliance with environmental regulations.
In this regard, the council approved an investment budget of Tk 15.88 crore for an effluent treatment plant (ETP) modernization project, which will be completed by the end of 2022.
Meanwhile, Walton Hi-tech Industries Ltd’s profits fell to Tk 281 crore from Tk 405 crore in the corresponding period of the previous year.
The local manufacturer of electrical and electronic products informed that the Bangladesh Hi-Tech Park Authority has declared Walton Hi-Tech Industries Limited to be a private high-tech park.
According to the statement, the company will benefit from the tax advantages associated with the title, which will have a positive impact on the profitability of the company.
Apart from these two, the earnings per share (EPS) of Pubali Bank Limited, AB Bank Limited, Peoples Insurance Company Limited and Jamuna Bank Limited increased to Tk 2.72, Tk 0.13, Tk 0.89 and Tk 1 , 23 respectively during the same period.
The EPS of Eastern Bank Limited rose to 1.65 Tk while that of Shahjalal Islami Bank Limited rose to 0.73 Tk.
However, the EPS of Brac Bank Limited and IDLC Finance Limited fell to 1.02 Tk and 1.41 Tk respectively.
Stock investors are hoping the stock index will rebound, so they bought more stocks than they sold yesterday, an investment banker said.
As a result, investor participation has also increased in the market, he added.
Sales increased to Tk 1,724 crore from Tk 1,497 crore a day earlier.
In the EHR, 238 stocks rose, 112 fell and 25 remained unchanged.
Hamid Fabrics Limited tops the list with a 67% increase, followed by Malek Spinning Mills Limited, Argon Denims Limited, Tosrifa Industries Limited and HR Textile Mills Limited.
Beximco Ltd shares were the most traded, worth Tk 174 crore, followed by IFIC Bank Limited, Malek Spinning Mills Limited, Orion Pharma Limited and Saif Powertec Ltd.
Oimex Electrode limited lost the most, with an 11% drop, followed by Khulna Printing & Packaging Limited, Stylecraft Ltd, Alltex Industry Limited and Savar Refractories Limited.
The Chattogram scholarship also rose yesterday. CASPI, the main index of the Chittagong Stock Exchange (CSE), rose 217 points, or 1.06 percent, to 20,670.
Of the 298 stocks to trade, 196 rose, 82 declined and 20 remained unchanged.