Stocks rise though blue-chip index slides

The Bangladesh stock market rose for a third consecutive day yesterday despite a drop of the blue-chip index.

The DSEX, the benchmark index of Dhaka Stock Exchange (DSE), rose 51 points, or 0.78 per cent, to 7,063. However, DS-30, the blue-chip index, fell 5 points to 2,638.

The overall market continued to remain in the green thanks to a positive hype prevailing among general investors, according to market analysts.

Investors rearranged their portfolios based on listed companies' recently disclosed financial performances, he said. Reckitt Benckiser (Bangladesh) Ltd stocks rose riding on its declaration of higher profits. The multinational company logged Tk 20 crore in profits in the July-September period of the current year, up from Tk 16 crore in the same period the previous year.

The company has informed of its board deciding to upgrade a waste water treatment plant at a factory located in Chattogram in compliance with environmental regulations.

In this regard, the board approved a capital expenditure budget of Tk 15.88 crore for an effluent treatment plant (ETP) upgradation project, which will be completed by the end of 2022.

Meanwhile, profits of Walton Hi-tech Industries Ltd fell to Tk 281 crore whereas it was Tk 405 crore in the previous year's corresponding period.

The local electric and electronics product manufacturer informed that Bangladesh Hi-Tech Park Authority had declared Walton Hi-Tech Industries Limited to be a private hi-tech park.

According to the declaration, the company will enjoy tax benefits that come with the title, which will create a positive impact on the company's profitability.

Apart from these two, earnings per share (EPS) of Pubali Bank Limited, AB Bank Limited, Peoples Insurance Company Limited, and Jamuna Bank Limited rose to Tk 2.72, Tk 0.13, Tk 0.89 and Tk 1.23 respectively in the same period.

Eastern Bank Limited's EPS increased to Tk 1.65 while that of Shahjalal Islami Bank Limited to Tk 0.73.

However, the EPS of Brac Bank Limited and IDLC Finance Limited fell to Tk 1.02 and Tk 1.41 respectively.

Stock investors are hoping for the market index to bounce back, so they bought more shares than what they sold yesterday, said a merchant banker.

As a result, investors' participation also rose in the market, he added.

Turnover increased to Tk 1,724 crore, up from Tk 1,497 crore a day earlier.

At the DSE, 238 stocks advanced, 112 declined and 25 remained unchanged.

Hamid Fabrics Limited topped the gainers' list, rising 67 per cent, followed by Malek Spinning Mills Limited, Argon Denims Limited, Tosrifa Industries Limited and HR Textile Mills Limited.

Stocks of Beximco Ltd were traded the most, worth Tk 174 crore, followed by IFIC Bank Limited, Malek Spinning Mills Limited, Orion Pharma Limited and Saif Powertec Ltd.

Oimex Electrode limited shed the most, dropping 11 per cent, followed by Khulna Printing & Packaging Limited, Stylecraft Ltd, Alltex Industry Limited and Savar Refractories Limited.

The Chattogram bourse also rose yesterday. The CASPI, the main index of Chittagong Stock Exchange (CSE), rose 217 points, or 1.06 per cent, to 20,670.

Among 298 stocks to undergo trade, 196 rose, 82 fell and 20 remained unchanged.