Higher profits give a fillip to cement stocks
Star Business Report
Star Business Report
Thanks to a hike in cement prices, all the cement manufacturers witnessed higher profits in the January-March quarter of the current year.
This higher profit booking ultimately boosted the stocks of cement companies.
However, the DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 17 points, or 0.29 per cent, to 5,990 yesterday. Among all sectors, cement rose the highest with a 6.26 per cent jump. Mutual funds dropped the most, falling 1.84 per cent, followed by textile and bank. Announcement of higher earnings by listed cement makers is the main reason for the stock price rise, said Richard D Rozario, managing director of Global Securities. When investors see higher earnings in a certain sector, they get inspired to buy its shares, he added.
Turnover, another important indicator of the market, fell 19.21 per cent to Tk 1,736 crore.
At the DSE, 102 stocks advanced, 203 fell and 54 remained unchanged.
Confidence Cement topped the gainers list that rose 9.97 per cent followed by Dutch-Bangla Bank, MI Cement, Rahima Food Corporation, and Premier Cement.
Beximco became the top traded stock with shares worth Tk 125 crore changing hands followed by Confidence Cement, LafargeHolcim Bangladesh, Dutch-Bangla Bank and IFAD Autos.
Union Capital shed the most that lost 12.65 per cent followed by First Finance, Pragati Life Insurance, Rupali Life Insurance and Sunlife Insurance.
Chittagong Stock Exchange also fell.
The CASPI, the general index of the port city bourse, dropped 19 points, or 0.11 per cent, to 17,359.
Confidence Group condoles death of its director Shah Muhammed Hasan
Sun Online Desk
27th February, 2021 06:30:53
Confidence Group has condoled the death of its director Mr Shah Muhammed Hasan and has sought eternal peace for the departed soul.
Mr. Hasan passed away last night (26th February 2021) around 9:00 PM at Evercare Hospital, Dhaka due to complications in the lungs.
Mr. Hasan’s Namaj-e-Janazah (funeral prayer) was held at 8:30 AM today (27th February 2021) at Naval Graveyard, Banani. His burial will take place today at his village home in Cumilla.
In a condolence message the Group said, “It is a great loss for the Confidence Group and our country. Mr. Hasan joined Confidence Group in 1992 as a Sponsor Director of Confidence Cement Ltd. and has been a director ever since. In the meantime, he also began serving as a Director for Prime Insurance Company Ltd. Apart from Confidence Cement Ltd, He is also a Director of Confidence Infrastructure Ltd., Confidence Batteries L
Govt to facilitate adaptation to 4th industrial revolution: PM’s adviser Star Business Desk Star Business Desk
Bangladeshis are very enterprising and the government will facilitate entrepreneurs and new generation leaders to adapt to the 4th and 5th industrial revolution and take the country forward, said Salman F Rahman recently.
The prime minister s private industry and investment adviser was virtually addressing as chief guest the closing ceremony of a two-day workshop titled Visionary Leadership for Growth, Strategy & Governance at Chattogram starting last Friday.
It was part of a Future of Business Leadership programme organised by the Institute of Business Administration (IBA) at the University of Dhaka, The Chittagong Chamber of Commerce & Industry (CCCI), Bangladesh Center of Excellence (BCE) and Citibank NA Bangladesh, says a press release.