Dhaka stocks regain in heavily fluctuating mkt

Dhaka stocks regained in the heavily fluctuating market Monday as investors availed lower prices, after a three-day fall.

The market flipped between gain and loss in early trading as it lost 16 points within first twenty minutes and then recovered well in the next forty-five minutes gaining 42 points, before finishing in the positive zone.

The benchmark index DSE General Index (DGEN) gained 17.25 points or 0.40 per cent to close at 4329.49.

The broader DSE All Shares Price Index (DSI) moved up 15.17 points or 0.42 per cent to 3591.40 while the DSE-20 blue chip index added 5.34 points or 0.21 per cent to finish 2516.92.

"The investors bought shares availing lower prices, sending the market into the positive territory," said Fazlur Rahman, deputy managing director of AB Bank Ltd.

The market declined for the three-day straight sessions with biggest single-day fall in five months, making share prices within the grip of investors, he added.

"Rise in stock prices was needed to boost the investors' confidence which eroded for many reasons," said Fazlur Rahman.

Gainers took a strong lead over the losers as out of 235 issues traded, 155 advanced, 77 declined and three remained unchanged.

Shares worth Tk 6.38 billion --- lowest in three months --- were traded on the day, a decline of 15 per cent over the last session.

Most of the institutional investors remained inactive because of their year-end accounts closure, causing turnover to decline sharply, said a merchant banker.

Grameenphone, the most weighted issue in DSE, edged 0.41 per cent higher to Tk 170.80, reversing form its third consecutive-session losing streak.

The banking sector declined marginally and the non-banking financial institutions (NBFIs) sector advanced 1.92 per cent.

The mutual funds fell further 1.52 per cent while the pharmaceutical sector ended lower marginally. Energy sector gained 0.82 per cent while cement and tannery finished higher.

General and life insurers gained 0.54 per cent and 0.90 per cent respectively.

Beximco Ltd, the flagship company of leading industrial conglomerate Beximco Group, continued to retain top turnover position with shares worth Tk 541.46 million traded.

It was followed by Jamuna Oil, Lanka Bangla Finance, AB Bank, Beximco Pharma, Social Islami Bank Ltd (SIBL), Maksons Spinning, Titas Gas, Meghna Petroleum and Shahjalal Bank.

Alltex, Metro Spinning, GQ Ball Pen, Dacca Dyeing, BIFC, Jamuna Oil, Maksons Spinning, Desh Garments and BD Welding were the leading gainers.

The day's major losers were Alpha Tobacco, Savar Refractories, Gemini Sea Food, Sonali Aansh, ICB AMCL 1st Mutual Fund (MF), ICB 1st NRB MF, Grameen One MF and Grameen Scheme Two MF.

Dhaka stocks plunge to steepest single day fall in five months

Dhaka stocks nose-dived Sunday with the benchmark index witnessing steepest single-day fall in five months as anxiety gripped investors over conflicting signals from the authorities.

The main DSE General Index (DGEN) plummeted 81.34 points or 1.85 per cent --- the biggest fall since July 5 --- to close at 4312.24.

The broader DSE All Shares Price Index (DSI) lost 65.80 points or 1.80 per cent to 3576.22 while the DSE-20 blue chip index moved down 37.30 points or 1.46 per cent to 2511.57.

Analysts fell short of describing the fall as a panic sale, but they said the plunge was the compound effect of a series of confusions created by the regulator, the stock exchanges and the government.

"It was an embedded discomfort waiting to explode," Yawer Sayeed, the country's leading stock analyst and the chief executive of Aims Bangladesh fund, said.

The uneasiness became evident minutes after the trading began and continued through rest of the session with 199 issues bleeding red out of the 235 issues traded. Only 34 shares made marginal gain.

Sayeed said the investors have been perplexed by the series of conflicting decisions on securities, new listing, margin rules, mutual funds by the regulators and the government.

"I would say the fall was due to compound effect of the uncertainty being created in the market," said Salahuddin Ahmed Khan, former chief executive of the DSE and a professor of finance at Dhaka University.

"Investors are not sure how they would react to these developments. But I think it would be short-lived. Fundamentals of the market is still sound," he said.

Shares worth Tk 7.48 billion were traded on the day, a decrease of 10.4 per cent over the last session. It was the first time turnover fell below Tk 8.0 billion in three weeks.

A broker said some retail investors reacted negatively to the Securities and Exchange Commission (SEC)'s new criteria on credit facilities for mutual funds.

The SEC Thursday directed merchant banks not to disburse credit to their clients against the mutual funds that trade 7.5 per cent higher than their latest disclosed NAV (net asset value) based on market price.

Some bank-owned brokerage houses also sold off shares en masse to adjust their year-end credit status, in the process dragging the market down, said a banker on condition of anonymity.

Grameenphone, the most weighted issue in DSE, went down for the third consecutive session as it lost 0.58 per cent to close at Tk 170.10 per share.

The banking issues were down by 3.02 per cent as all banks, except state-owned Rupali Bank, ended in the red.

The non-banking financial institutions (NBFIs) lost 2.61 per cent while mutual funds had the highest fall of 4.92 per cent following the latest SEC order on mutual funds

Pharmaceutical sector edged 0.25 per cent lower. Other sectors such as energy, cement, tannery and insurance also declined.

Beximco Ltd, the flag ship company of leading industrial conglomerate Beximco Group, topped the turnover list with shares worth Tk 703.75 million traded.

It was followed by AB Bank, Social Investment Bank Ltd (SIBL), Shahjalal Bank , NCC Bank, Summit Power, Titas Gas, BATBC, Southeast Bank and City Bank.

Pragati Insurance, 1st Prime Finance Mutual Fund, BIFC, 6th ICB, BD Welding, AIMS 1st Mutual Fund, BD Computer, Grameen One Mutual Fund and ICB AMCL 1st Mutual Fund were the leading losers.

The day's major gainers were Berger Paints Ltd, Aftab Automobiles, Reckitt Benckiser, Jamuna Oil, Renata, Mercantile Insurance, IBBLPBOND, Bangas and First ICB.

SEC restricts loan to cos having PE ratio above 75

The Securities and Exchange Commission (SEC) Wednesday restricted loan facilities to the companies whose price-earning (PE) ratio was above 75 with immediate effect, putting a lid on overvalued stocks.

The fresh directive will not be applicable for mutual funds, paper shares, poor performing Z-category companies, and newly shifted category and listed companies, meaning that as per previous directive the loan margin suspension will remain in force.

The commission also withdrew the ban on credit facilities of 28 companies.

The decision came at the 'commission meeting' with SEC Chairman Ziaul Haq Khondker in the chair.

"The companies having PE ratio over 75 will not be considered marginable securities ," said Mansur Alam, member of the commission.

There are 37 companies having PE ratio of over 75, including Legacy Footwear, Ambee Pharma, Rangpur Foundry, BangladeshPlantation, Islami Insurance BD. Ltd, BD Autocars, BDCOM Online Ltd, Summit Alliance Port Limited, Dacca Dyeing and Manufacturing Company, Bangas, Janata Insurance, Gulf Foods, Alltex Industries, Miracle Industries, 1st BSRS, In Tech Online Ltd, Purabi General Insurance, Meghna Cement, Beximco Synthetics, Desh Garments, Daffodil Computers, Monno Ceramic, Eastern Lubricants, Lafarge Surma Cement, Modern Dyeing, Kay and Que, BD Welding Electrodes, GQ Ball Pen, BSC, Aramit Cement, Bangla Process, Fine Foods and Anlima Yarn, according to the Dhaka Stock Exchange (DSE).

Moin Al Kashem, a market expert, said, "It's a good move and the decision will ensure concentration on fundamentally strong shares."

On October 21, 2009 the SEC stopped providing or disbursing of any further margin loan or credit facilities against shares of 28 companies.

SEC redesigns margin loan criteria

Investors will not get credit against equity securities having PE (price-earnings) ratio over 75, in line with modified margin loans criteria.

With the latest modification, 33 equity securities, as of yesterday's PE ratio, will not be considered marginable securities.

A marginable security means a stock that can be purchased on margin loans provided by brokerage houses and merchant banks.

The margin loan criteria were modified yesterday at a meeting of the Securities and Exchange Commission, chaired by the commission's Chairman Ziaul Haque Khondker.

The commission generalised the margin loan facilities instead of fixing the criteria for selected securities, said a senior SEC official.

On October 21, the SEC directed merchant banks, brokers and dealers to suspend margin loans against shares of 28 companies, whose PE ratio had gone over 100. From now, these 28 companies will be governed by the new criteria.

A PE ratio is a company's current share price compared to its earnings per share. In general, a high PE ratio reflects that investors expect higher earnings in future or a strong chance that they will be able to make a capital gain. In other words, share value will increase and the investor is free to sell at a rate higher than he paid for it.

Restrictions on margin loans against investment securities or mutual funds, equity securities being traded under Z category and paper shares will remain in force as before.

On October 26, the SEC further ordered the merchant banks, portfolio managers, brokers and dealers to stop margin loans against mutual funds until further notice.

In the same month, the market watchdog said Z category shares and companies, which will fail to submit their annual reports within the stipulated time, would no longer be considered marginable securities.

Face value of new issues to be fixed at Tk 100

The government has recently decided that the face value of shares of the existing listed companies will remain unchanged while uniformity in the face value will be maintained for the newly listed companies to avoid any price distortion or confusion, sources said.

A meeting held at the Ministry of Finance with finance minister MA Muhith in the chair early last month decided to keep the face value of all upcoming new issues at Tk 100 in line with that of most listed issues.

However, the face value of the existing listed companies having different denomination will remain unchanged, it was also decided.

"The decision taken in the meeting and the parliamentary standing committee's recommendation made on November 25 are the same,' ANH Mostafa Kamal, the committee chairman, told the FE Saturday.

"The committee simply suggested a uniform face value and uniform lot only for the upcoming issues so that investors do not misread," he said.

However, he said it is not mandatory for the existing listed issues to have uniform face value. They can change their face value by taking permission from the High Court or through resolution adopted at their Annual General Meetings, he said.

A recent debate over such uniformity in face value created confusion among investors.

On November 11 last, the Securities and Exchange Commission (SEC) consultative body recommended that the regulator should set Tk 10 as the face value of all listed shares.

This committee also proposed giving a one-year period to fix the face value of all shares. But the Commission later backtracked on such recommendation.

"This indecisive attitude had given rise to confusion among the investors," Salahuddin Ahmed Khan, professor of economics department of the Dhaka University, said.

"Everything should be decided by the securities regulator taking public interest into account first," Khan, a former chief executive officer of the Dhaka Stock Exchange (DSE), said.

On uniformity in the face value of upcoming issues, he said, "It will help remove confusion about face value.

"But everything should be done in accordance with the securities rules and regulations," he said.

A broker at the Dhaka Stock Exchange (DSE) said retail investors are usually interested in shares with lower face value. "With the initiative, the investors will be able to make comparison between stocks easily," he said.

The investors often compare the prices of one stock with another without knowing the actual face value. For this, stock prices, even of weak companies, often go up abnormally, which affects the market ultimately, he said.

The Dhaka Stock Exchange has 198 securities with face value of Tk 100, 63 with Tk 10, two with Tk 1,000 and one with Tk 1.0.

GP emerges as new market mover

Grameenphone (GP) has been the new market mover since its November 16 debut on bourses.

The first and lone listed telecom company can impact the market capitalisation if its share price goes up or down, the price indices are set in line with this.

Before GP stepped in, banking, fuel and power sectors besides non-bank financial institutions had been on the forefront.

On November 24, GP alone led the market to finish in the black offsetting the fall in banking sector, considered a prime mover. On the day, shares of the mobile operator advanced 3.74 percent or 90 points, which was enough to cover a 2.54 percent fall in the banking sector.

Market observers point to the company's capital and share base for being a market mover. It joined the stock market as the largest-ever issue having 135 crore ordinary shares of Tk 10 each.

The company, however, floated 13 crore shares to general public and institutions before joining the market. For the public the offer price was Tk 70, including Tk 60 as premium, while the price was Tk 74 for institutions, including Tk 64 as premium.

“Entry of GP was a milestone for Bangladesh capital market. And the company as telecom sector accounts for a huge portion of the total market capitalisation, which many other sectors with a number of companies do not,” Arif Khan, deputy managing director of IDLC Finance, told The Daily Star.

He also pointed out: “If GP share prices fall or up by Tk 1 on a single trading day, the indices will decline or increase by 4 points.”

He however said it does not send any bad signal for the market. “Rather inclusion of a largest corporate body like GP will have a positive impact. It will encourage other big companies to be listed on the market.”

As of last Thursday, GP's market capitalisation was Tk 23,441.21 crore, or 12.5 percent of the total market capitalisation of Tk 1,86,488.19 crore. The banking sector's market capitalisation was Tk 40,640.57 crore, or around 22 percent of the total market capitalisation.

Norway's telecom giant Telenor owns GP's 55.80 percent stakes, while local Grameen Telecom owns 34.20 percent and the rest 10 percent is held by general public and institutions.

GP is the most profitable mobile phone operator in the country, with its revenue expecting to hit billion dollars mark by the year-end.

GP offsets banks' fall

Star Business Report

Dhaka stocks continued to gain yesterday for the fourth consecutive day, as the telecommunication sector advanced offsetting the fall in banking shares.

DSE General Index, the benchmark index of Dhaka Stock Exchange, rose 18.86 points, or 0.44 percent to 4,292.77.

The telecommunication sector gained heavily as Grameenphone (GP) shares advanced 3.74 percent.

The banking sector went down after gaining for six straight sessions. The whole sector went down by 2.54 percent.

Among the biggest losers, Mercantile Bank, Standard Bank and Trust Bank declined by more than 5 percent each, while Pubali Bank and Rupali Bank were the only banks that traded in safe.

Although the market was up from the previous day's close, it lost the gaining streak on profit taking, especially in the banking sector shares, said an analysis of BRAC-EPL, an investment firm.

The broader DSE All Share Price Index increased 12.51 points, or 0.35 percent, to 3,559.16.

The non-bank financial institutions finished mixed with the whole sector marginally up by 0.2 percent.

Most of the mutual funds, pharmaceuticals and energy and power sector shares also finished high.

Advancers beat losers 140 to 93. Four securities however remained unchanged. A total of 2,88,90,798 shares and mutual fund units worth Tk 882.25 crore were traded on the prime bourse.

Beximco topped the turnover leaders with 23,13,000 shares worth Tk 70.22 crore being traded.

Dulamia Cotton was the largest gainer that rose 16.59 percent, while Purabi General Insurance was the largest loser declining 9.2 percent on the DSE.

Chittagong stocks also marked a slight rise yesterday. The CSE Selective Categories Index increased 28.56 points, or 0.35 percent, to 8,081.71. The CSE All Share Price Index gained 35.33 points, or 0.28 percent, to 12,518.53.

A total of 39,30,598 shares and mutual fund units worth Tk 77.23 crore changed hands on the port city bourse. Of the traded securities, 93 advanced, 63 declined and three remained unchanged.

Grameenphone topped the turnover leaders with 4,06,000 shares worth Tk 7.04 crore being traded on Chittagong Stock Exchange.

Dhaka stocks hit new mark on financials, gen insurers

Dhaka stocks soared to a new height Sunday as the investors snapped up financials in droves ahead of the Eid-ul-Azha festival in anticipation of year-end good returns, dealers said.

The benchmark DSE General Index (DGEN) added 58.33 points or 1.40 per cent to close at 4203.08, its highest ever mark since

Tuesday when it ended at 4149.82.

Other indices also made new marks with the broader All Shares Price Index (DSI) gaining 51.44 points or 1.49 per cent to 3487.80 while DSE-20 Index (DS20) comprising blue chips finishing at 2402.59, up 38.04 points or 1.60 per cent.

Analysts said investors banked on financials and general insurers amid growing optimism about the health of the country's banking system and the insurance industry.

The banking sector alone gained 3.48 per cent as a number of banks rose more than five per cent each including City Bank which spiked 13.88 per cent and Pubali Bank which grew 10.37 per cent. The two were the day's leading gainers.

"Rally by banking issues led the market to a record high," said Abdul Awal, managing director of the Multi Securities and Investment Ltd.

Financials continued to shine as investors renewed faith in the banking companies ahead of their year-end account closing, he said.

Another analyst said most of the banking issues - the bellwether of the DSE --- have been trading below expectations for long, which made them attractive to investors in recent days.

Grameenphone, which now accounts for more than 12 per cent of the market, rose 1.03 per cent to close at Tk 165.70. Its transaction, however, dropped sharply to 12th position.

Investors traded in high spirits before the next week's four-day Eid-ul-Azha holiday, boosting total turnover to Tk 9.44 billion, up 9.51 per cent over the previous session.

The market was skewed towards gainers as out of 236 issues traded, 178 gained, 63 ended into negative and five remained unchanged.

Social Investment Bank Ltd (SIBL) was the top turnover leader for the second straight session with shares worth Tk 406.44 million changing hands.

Dhaka shares rebound sharply on SC verdict

stocks rebounded sharply on Thursday after the Supreme Court's verdict that upheld death sentences to convicted Sheikh Mujib killers lifted up investors' mood.

The investors snapped up Grameenphone and banking shares in a hectic afternoon trading when news came that the country's highest court rejected the appeals of the ex-army officers, paving the way for their execution within months.

The DSE general index (DGEN) shot up 66.96 points or 1.64 per cent to end at 4144.74 as most of the banks gained and the country's largest mobile phone operator rose nearly six per cent.

"With this verdict, the investors have heaved a sigh of relief. The judgment has removed a long-standing irritation in our national polity, resulting in a bullish mood among investors," stock expert Yawar Sayeed said.

The GP shares, which made debut on Monday, dragged the market down in the first hours but it sharply recovered in the afternoon as investors betted on the company's strong fundamentals.

Grameenphone, also the country's largest mobile phone operator, closed the day at Tk 164.00, or 5.5 per cent higher than the previous day, after opening at Tk 158, which is 2.3 times more than its reference price.

"Rally in stock prices of financials and GP has sent the market into positive territory, especially after the verdict" said Ahmed Rashid, a leading stock broker and a former senior vice president of the DSE.

"However, GP's volume of trade was lower than the previous trading sessions. This is because most of the investors who won shares in the IPO lottery are yet to go for sale on hopes that the price will rise further," said Rashid.

The broader All Shares Price Index (DSI) gained 52.97 points or 1.56 per cent to 3436.36 while DSE-20 Index (DS20) comprising blue chips finished at 2364.55 with a rise of 28.28 points or 1.21 per cent.

Majority of stock prices increased as out of 227 issues traded, 164 went into the positive territory, 61 ended into the negative and two remained unchanged.

The day's volume of transaction remained almost unchanged as it stood at Tk 8.62 billion, an increase of 5.50 per cent over the previous session's Tk 8.17 billion.

Social Investment Bank Ltd (SIBL) topped the turnover list, dislodging GP that ruled trading for three consecutive days after its debut.

Shares of SIBL worth Tk 389.84 million changed hands, followed by AB Bank Tk 359.25 million, Titas Gas Tk 276.57 million, GP Tk 256.33 million, Beximco Tk 244.07 million and Premier Bank Tk 221.82 million.

The banking issues continued to climb up following an array of good third quarter results. The sector, considered the bellwether of the market, advanced 2.04 per cent.

Most of the non-banking financial institutions (NBFIs), mutual funds, pharmaceuticals and energy issues nudged higher.

Cement sector was the big losers on profit taking by investors.

All general insurance companies, except one, edged higher while life insurance companies ended the session mixed. All Beximco subsidiaries except Shinepukur advanced.

Saiham Textile was the largest gainer, posting a rise of 17.17 per cent as the company's share trading resumed after a single day suspension due to book-closure.

Other leading gainers were Prime Textile, Savar Refractories, First Lease International, All Textile, Islamic Finance and Midas Finance.

Zeal Bangla, Gemini Sea Food, CMC Kamal, Metro Spinning, Mithun Knitting, Samorita Hospital, Tallu Spinning and Jamuna Oil were the major losers.

GP pulls down DSE index

The benchmark index of the Dhaka Stock Exchange (DSE) saw a five-month biggest decline Wednesday, led by heavyweight Grameenphone (GP) shares that fell 7.53 per cent.

The market started with negative activity as it slid steeply, losing 30 points in the first twenty minutes. However, it recovered five points in the next ten minutes before falling steadily until close of the trade.

The benchmark DSE General Index (DGEN) tumbled 72.04 points or 1.73 per cent to close at 4077.77, its single-day sharpest fall since July 5 this year when it lost 103 points.

Gain in banking issues failed to prevent the DGEN from falling as most of the sectors also edged lower.

The broader All Shares Price Index (DSI) lost 54.66 points or 1.58 per cent to close at 3383.38 while DSE-20 Index (DS20) comprising blue chips finished at 2336.27 with a fractional gain of 0.88 points or 0.03 per cent.

Erosion in share price of GP, the market's largest contributor to market capitalisation, pulled the market down throughout the session, according to stockbrokers.

GP shares were traded at the lowest values since the beginning of its trade in DSE Monday last. However, its volume of trade was the highest for the day.

Stock prices of the GP closed at Tk 158.20, down 7.53 per cent from the previous day's close at Tk 171.10. However, its highest and lowest trading prices were Tk 170.20 and Tk 158.00 respectively.

The market was skewed towards losers as out of 235 issues traded, 89 went into the negative territory, 145 ended into the positive and one remained unchanged.

The total turnover suffered as it stood at Tk 8.17 billion, down 11 per cent from the previous session's Tk 9.14 billion.

GP continued to retain the top position in the turnover list since its debut three days back with shares worth Tk 440.33 million changing hands.

It was followed by Titas Gas, Summit Alliance Port, Social Investment Bank, Jamuna Oil, AB Bank, Beximco, Padma Oil, Bextex and National Bank Limited.

Dhaka stocks finish almost flat as GP depreciates

Dhaka stocks finished nearly flat yesterday, led by price depreciation in Grameenphone shares on the second day of its trade.

Although 75 percent of issues or 175 securities traded up, the benchmark index of the premier bourse closed up only 1.7 points, or 0.04 percent.

“The market showed resilience against a fall in share prices of Grameenphone,” BRAC-EPL, an investment firm, said in an analysis.

Grameenphone, the leading mobile phone operator, made its trading debut on Monday as the largest issue in the history of Bangladesh capital market.

At the end of yesterday's trading session, Grameenphone shares depreciated 3.5 percent. As a sector, it lost more than 88 points.

Starting at Tk 176.10, each Grameenphone share rose as high as Tk 186 before closing at Tk 171.10.

The number of trades went down significantly (less than half) compared to the previous day. The value of trade however was still the highest for the day. A total of 28,32,800 Grameenphone shares worth Tk 49.88 crore traded on the Dhaka Stock Exchange.

Grameenphone joined the stock market with 135 crore ordinary shares of Tk 10 each. However, the offer price was Tk 70 per share, of which Tk 60 was premium. It raised Tk 486 crore through an initial public offering (IPO) and another Tk 486 crore through pre-IPO or private placement.

The market started high by gaining about 65 points within the first 20 minutes of trade. But the market lost momentum on profit-taking and a price fall in Grameenphone. It continued the losing trend for the rest of the session.

The total turnover however increased heavily yesterday, as investors are moving away from the 'wait-and-watch' approach. It increased by 24 percent to Tk 913.81 crore.

A total of 3,13,27,780 shares and mutual fund units traded on the DSE.

The banking sector continued the gaining momentum, as the sector advanced by 1.66 percent. All non-bank financial institutions also rose, with a number of companies gaining more than 5 percent.

Stocks end flat, turnover falls

Dhaka stocks ended flat Sunday with the turnover falling below Tk 7.0 billion (700 crore)-mark after seven weeks as the investors continued to take cautious stance ahead of Grameenphone debut due today (Monday).
The benchmark index started high, above the 3400-mark, but declined sharply by more than 50 points within the first half an hour of trade.
Then the market started to get back its rhythm riding on insurer and pharmaceutical issues but at the end of the day closed with a fractional gain.
The benchmark DSE General Index (DGEN) closed at 3383.23 with a fractional gain of 0.36 points or 0.01 per cent.
The broader DSE All Shares Price Index (DSI) shed 1.10 points or 0.03 per cent to 2832.25 while DSE-20 blue chips index lost 6.76 points or 0.29 per cent to 2278.49.
The turnover declined to Tk 6.95 billion, a decrease of 22 per cent over the previous session, its lowest since September 27 this year.
The turnover suffered heavily on the day as the investors took 'wait and see' policy ahead of the country's largest issue Grameenphone, dealers said.
Some investors remained idle Sunday to buy shares of the Grameenphone, they added.
Gainers took a strong lead over the losers as out of 228 issues traded, 126 advanced, 97 suffered losses and five remained unchanged.
After gaining good percentages during the last week, the banking sector went down with the overall sector falling by 2.51 per cent.
The majority of the non-banking financial institutions (NBFIs) edged lower while mutual funds got back its pulse after more than two weeks with the sector rising 4.01 per cent.
Energy sector ended mixed while all the companies of the Beximco group were up except Beximco Pharma.
Shares of the state-owned Padma Oil Company was the largest gainer following its impressive corporate declaration.
The company's board of directors has recommended 50 per cent cash dividend and 200 per cent stock dividend for the year 2008-2009.
Its share prices rose 42.78 per cent, making it also the top turnover leader with shares worth Tk 618.11 million changing hands.
It was followed by Jamuna Oil, Beximco, Bextex, Summit Alliance Port Ltd, DESCO, Uttara Finance and NCC Bank.