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Weekly stock market review

BD Autocars' share price jumps 222pc in one month

FE Report | Published: June 30, 2018 10:33:10 | Updated: July 02, 2018 10:55:22


The share price of Bangladesh Autocars is soaring without any price sensitive information (PSI) as it surged further by 42 per cent last week.

Bangladesh Autocars dominated the week's gainer chart for the three consecutive weeks and its share price skyrocketed by 222 per cent within a month.

The company's share price was at Tk 113.90 on May 30. It reached Tk 367 on Thursday, the last trading session of the week.

Following the recent 'abnormal' price hike, the Dhaka Stock Exchange (DSE) served a show-cause notice on the company.

However, the company said that there was no undisclosed price-sensitive information behind the recent unusual hike in its share price.

Bangladesh Autocars is engaged in CNG conversion and CNG refuelling.

In nine months from July 2017-March 2018, its earnings per share (EPS) stood at Tk 0.830 against Tk 0.346 for the previous corresponding period.

However, trading in the local stock market in the last week of the outgoing fiscal year ended lower on Thursday.

The DSE benchmark index DSEX lost 251 points or 4.44 per cent in Fiscal Year (FY) 2017-18.

Market operators said investors sold shares to book profit ahead of the year-end, leaving the market into a spin.

Sale of shares mostly in the telecommunication, banking, power and food & allied sectors contributed to the fall in price indices, they said.

Accordingly, the heavyweight telecommunication sector posted the highest loss of 3.50 per cent.

It was followed by the banking sector with 1.72 per cent, power with 1.32 per cent and the food & allied sector 0.98 per cent.

The week featured five trading sessions as usual. Of them, two sessions saw a positive trend while the three other sessions saw a downward trend.

Week-on-week, the DSEX went down by 36.30 points or 0.67 per cent to settle at 5,405.

The DS30 index, comprising blue chips, also fell 21.86 points to close at 1,960.

But, the DSE Shariah index saw a fractional gain of 0.34 points to end at 1,264.

The Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index - CASPI -losing 228 points to settle at 16,558.

The Selective Categories Index - CSCX - also fell 163 points to close at 10,009.

The total turnover on the DSE rose to Tk 35.42 billion, registering an increase of 33 per cent from Tk 26.57 billion in the previous week, as last week saw five sessions instead of the previous week's four.

The daily turnover averaged Tk 7.08 billion. It was 6.63 per cent higher than the previous week's average of Tk 6.64 billion.

According to the International Leasing Securities, investors booked profit on stocks in the telecom, bank, fuel & power sectors, leaving the market into a spin.

The stockbroker, however, said the bargain hunters took position with different stocks at a lucrative price level, anticipating optimistic year-end earnings and dividend declaration.

The engineering sector dominated the turnover chart, grabbing 18 per cent of the week's total transactions.

It was followed by the textile sector with 16 per cent and pharmaceuticals 14 per cent.

The market capitalisation of the DSE also fell by 0.78 per cent.

It was Tk 3,877 billion on the opening day of the week. But it fell to Tk 3,847 billion on Thursday.

Of the traded issues, 196 closed lower, 126 higher and 20 issues remained unchanged on the DSE floor.

Ratanpur Steel Re-rolling Mills was the week's most traded stock with 17.61 million shares worth Tk 1.15 billion changing hands.

It was closely followed by Monno Ceramic with Tk 1.12 billion, Grameenphone with Tk 920 million, Paramount Textile Tk 896 million and Alif Industries Tk 851 million.

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