BATBC, GP rescue stocks

The Dhaka Stock Exchange yesterday avoided a massive fall thanks to a positive movement of two heavyweight multinational stocks -- British American Tobacco Bangladesh Company (BATBC) and Telenor's Grameenphone.

According to the DSE, 261 companies, which accounted for more than 75 percent of the 345 issues traded yesterday, declined on the day. Their decline, however, could not hit hard the main index as it fell only 8.38 points.

BATBC's shares rose 16.47 percent, or Tk 650.5, riding on the cigarette maker's announcement of 700 percent dividend for the year that ended on December 31, 2018. The dividend included 200 percent stock dividend, the first stock dividend after 26 years.

Grameenphone's shares rose Tk 10.3, or 2.69 percent, to close at Tk 395.20.

According to an index analyst, BATBC added 62.41 points alone to the DSEX and Grameenphone 22.27 points. If the two shares remained unchanged yesterday, the index would have fallen by 93 points.

Turnover, one of the important indicators of the market, rose 22.71 percent to Tk 621.99 crore, with 11.31 crore shares and mutual fund units changing hands on the DSE.

BATBC dominated the turnover chart with 1.59 lakh shares worth Tk 75.36 crore traded, followed by Monno Ceramics, United Power Generation, Dutch-Bangla Bank, and Bangladesh Submarine Cables.

Monno Ceramics was the worst loser, shedding 8.72 percent. Chittagong stocks also fell with the bourse's benchmark index, CSCX, giving up 26.22 points, or 0.24 percent, to finish the day at 10,556.75. Loser beat gainers as 197 securities declined and 44 advanced, while 20 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 47.17 lakh shares and mutual fund units worth Tk 19.10 crore.