Berger glows in grim market

The shares of Berger Paints yesterday soared 42.20 percent to Tk 2,915.10 after its board of directors announced stock dividend for the first time in history.

The board announced 200 percent cash and 100 percent stock dividend for the year that ended on March 31.

“For a long time, stock dividend was a request from our general investors. This time, we met their request,” said Rupali Chowdhury, managing director of Berger Paints, adding that there is no plan to invest.

Following the announcement, Berger Paints stock soared to Tk 3,690 and then settled at Tk 2,915.10. It dominated the turnover chart with its transactions of 67,612 shares worth Tk 19.64 crore.

The country's premier bourse did not have the same stroke of luck: it fell again after bouncing back the previous day from a 13-day losing streak.

DSEX, the benchmark index of the Dhaka Stock Exchange, fell 21.39 points, or 0.39 percent, to close at 5,391.89 points.

“The capital market witnessed a downbeat session amid lacklustre trading,” said EBL Securities in its daily market analysis. Turnover, another important indicator of the market, declined 22 percent to Tk 438.41 crore, with 10.97 crore shares and mutual fund units changing hands on the DSE. Of the traded issues, 100 advanced, 179 declined and 53 closed unchanged on the premier bourse.

Coming second on the turnover chart was Intraco Refuelling Station, which was followed by BSRM, Al-Arafah Islami Bank and United Power Generation.

Berger Paints was the day's best performer, followed by Queen South Textile, Legacy Footwear, Advent Pharma and Shepherd Industries.

Dhaka Bank was the day's biggest loser, shedding 12.19 percent, followed by First Security Islami Bank, Eastern Cables and Modern Dyeing.

Among the major sectors, banks lost 0.77 percent, pharmaceuticals 0.67 percent and engineering 0.50 percent. Conversely, fuel and power gained 0.50 percent and general insurance 0.14 percent.

Chittagong stocks also declined yesterday, with the bourse's benchmark index, CSCX, shedding 29.30 points, or 0.31 percent, to finish the day at 10,064.12 points.

Losers beat gainers as 101 stocks declined and 83 advanced, while 40 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 63.92 lakh shares and mutual fund units worth Tk 25.40 crore in turnover.