Six low-performing stocks that are priced below their face values topped the gainers' list in the Dhaka bourse yesterday.
A rumour that the low-priced stocks will see a rise in the next few trading days paid off for RN Spinning Mills, Fareast Finance, Familytex, Peoples Leasing, Alltex Industries and Dacca Dyeing, market insiders said.
“The price of the six that belong to the bottom level may increase to some extent. But it cannot happen for all cheap shares at a time,” said a top official of a merchant bank requesting anonymity. “This is not a good sign. Investors should be careful about the rumour.” The benchmark index of Dhaka Stock Exchange— DSEX—rose 15.68 points or 0.29 percent to close the day at 5,361.11 yesterday.
Turnover, one of the major indicators, stood at Tk 679.59 crore, down by Tk 4 crore from the previous day.
Dragon Sweater was the top traded stock with 1.27 crore shares worth Tk 33.32 crore changing hands. Among the major sectors, banks rose 1.3 percent, non-bank financial institutions 0.4 percent and engineering 0.2 percent yesterday while energy and pharmaceuticals lost 0.2 percent and 0.3 percent respectively.
RN Spinning Mills was the day's best performer with a 10 percent gain while ML Dyeing was the biggest loser, shedding 9.92 percent. Gainers outnumbered losers by 176 to 131, while 33 securities remained unchanged. The key index of the port city bourse also rose by 25.23 points or 0.25 percent finishing the day at 9,945.87.
The port city bourse traded 1.34 crore shares and mutual fund units worth Tk 29.77 crore.