Dhaka stocks flat as turnover falls

Turnover on the Dhaka Stock Exchange continued to fall as Tk 530 crore worth of shares were traded in the premier bourse yesterday, down 14.2 percent from the previous day.

The amount was less than half of the turnover of Tk 1,092 crore recorded on October 11.

Merchant bankers and stockbrokers said many investors were inactive and adopted the wait-and-see approach.

As a result, the market ended flat with the DSEX—the benchmark index—advancing by 6.47 points to 6,025.

Of the traded issues, 155 advanced, 141 declined and 35 closed unchanged.

Among the major sectors, non-bank financial institutions, food and allied, engineering, fuel and power and pharmaceuticals and chemicals posted positive returns. Banks and telecoms fell.

Aamra Networks was the most traded share with a turnover of Tk 17.55 crore. Wata Chemicals was the highest gainer posting 10 percent return.

Meanwhile, Quasem Drycells Ltd announced 18 percent stock dividend for the year that ended on June 30, 2017.

The company also announced its business expansion plan to establish a line to manufacture food and beverage can and expand capacity of its existing battery manufacturing plant this fiscal year. The company has also taken a decision to rename itself "Quasem Industries Limited" from "Quasem Drycells Limited”.