Dhaka stocks plunged on Thursday as the fall in shares prices of Grameenphone and the state-owned entities had a negative impact on the market.
The benchmark general index of the Dhaka Stock Exchange, DSEX, dipped 1.41 per cent, or 60.51 points, to close at 4,223.61 points while the old key index of the bourse, DGEN, lost 3.90 per cent, or 185.65 points, to finish at 4,568.46 points on the day.
The DSEX and DGEN have now lost 72.22 points and 206.74 points in the last three sessions respectively after gaining 89.23 and 171.75 points in the earlier two.
Market operators said the investors, dejected seeing the half-yearly financial report disclosed on the day, had sold a huge number of GP shares.
The report said the profit of GP had declined to Tk 310.38 crore in January-June this year, a sharp contrast to the Tk 966.73 crore profit the telecom operator had made in the same period last year.
Grameenphone occupies 3.66 per cent of the market’s shares owned by the 231 companies under the DGEN, which is 0.73 per cent on the new index DSEX formulated on the basis of free float method.
The price of Grameenphone shares declined to Tk 193.1 each from the previous session’s close price of Tk 232.5.
On the other hand, fall in shares prices of the state-owned entities following a media report that the government had asked the SoEs to offload shares in the capital market made the investors apprehensive, said the operators.
Prices of shares of SoEs like Bangladesh Submarine Cable Company, Padma Oil, Jamunal Oil, Titas Gas and Meghna Petroleum declined significantly on the day.
DS30, the blue chip index of the DSE, finished at 1,598.68 points on the day, shedding 2.56 per cent or 42.01 points.
The turnover of the bourse declined to Tk 852.01 crore from the earlier trading session’s Tk 986.78 crore.
Of the 285 shares and mutual funds traded on the day, 163 advanced, 103 declined and 19 remained unchanged.
‘Heavy shed-offs of large cap stocks put the bourse into red zone in today’s [Thursday] session. Over earning drop in its half-yearly declaration, GP made a heavy disappointment amid investors. The resultant 16.95 per cent price decline in this scrip made it top looser and also took toll on the bourse,’ IDLC Investments said in its daily market commentary.
Meghna Petroleum led the day’s turnover chart with its shares worth Tk 81.53 crore changing hands.
Family Tex gained the most on the day as the price of its shares increased by 10 per cent, while GP lost the most, 16.94 per cent.
-With New Age input
