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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.
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