Ten firms grab one-third of DSE weekly turnover

The ten most-traded firms grabbed one-third of the turnover on the Dhaka Stock Exchange (DSE) in the outgoing week, with Fu-Wang Food dominating the chart for the fourth week in a row.

Fu-Wang Food, a small-cap company, continued to dominate the turnover chart as a section of investors chased its stock anticipating quick-buck.

The company's stock price saw an astounding 60 per cent increase in the past three weeks riding on the rumour that the price will rise further.

Such an unusual price movement prompted the prime bourse to serve a show-cause notice to the company authority, enquiring about the reasons behind that.

The company returned a knee-jerk response last week, saying there was no undisclosed price-sensitive information.

Fu-Wang Food took off from the floor on July 2 this year. The company's stock closed at Tk 41.30 on Thursday, gaining 1.72 per cent further during the week.

According to the DSE data, some 57.38 million Fu-Wang Food shares were traded during the week, generating a turnover of Tk 2.40 billion, which was 9.15 per cent of the week's total turnover.

The total turnover of the week stood at Tk 26.23 billion, up from Tk 22.28 billion in the week before.

Fu-Wang Food reported only Tk 3.32 million profits for January-March 2023 as against Tk 2.21 million for the same quarter a year before.

The company failed to declare any dividend for FY21 and FY22. It paid 1.65 per cent cash dividend in 2020.

Despite a lack of business growth, a company exhibits a rally in the stock market when a certain group of people influence the price while others join the rally not to miss out on the opportunity to make quick-buck, market operators said.

Eastern Insurance came second on the turnover chart, with shares worth Tk 1.07 billion changing hands. The general insurer's stock rose 3.79 per cent to close at Tk 63.20 on Thursday.

Crystal Insurance clinched the third spot, with shares worth Tk 824 million changing hands. The insurer's stock closed at Tk 72.50, soaring 16.75 per cent, becoming the fifth highest weekly gainer.

Sea Pearl Beach Resorts emerged as the fourth, with shares worth Tk 700 million changing hands during the week. The company's share price dropped 8.85 per cent further to close at Tk 165.80 on Thursday.

Rupali Life Insurance notched the fifth spot, with shares worth Tk 598 million changing hands. The life insurer's stock closed at Tk 112.10, shedding 1.75 per cent over the previous week.

The turnover of Khan Brother PP Woven Bag Industries was Tk 592 million. The company's share price shed 12.01 per cent to close at Tk 24.90 on Thursday, becoming the week's worst lower.

Gemini Sea Food featured a turnover of Tk 588 million. The company's share closed at Tk 790 on Thursday, gaining 1.32 per cent.

The turnover of Continental Insurance was Tk 569 million. The company's stock rose 5.14 per cent to close at Tk 49.10 on Thursday.

Miracle Industries featured a turnover of Tk 501 million. The company's share closed at Tk 48.70, soaring 19.07 per cent, becoming the fourth top weekly gainer.

Unique Hotel & Resorts also made its way to the week's top turnover chart, with shares worth Tk 500 million changing hands. The company's share rose 8.55 per cent to close at Tk 69.80 on Thursday.

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