Some companies with low performance records made their way into the top gainers' list of the Dhaka Stock Exchange (DSE) yesterday, in contradiction to investors' hopes to see high-flyers following steps taken by the regulator.
The companies in question are Savar Refractories, Shyampur Sugar Mills and Familytex (BD).
Familytex (BD) is one of five companies whose board of directors were to be reformed, as decided by the Bangladesh Securities and Exchange Commission (BSEC) recently.
The remaining four are C&A Textile, United Airways, Al-haj Textile Mills, and Ring Shine Textiles.
The new boards would try to raise the performance, so investors see some hope in the horizon, said a stock broker.
But the investors should realise that the task is tough, so they should not invest blindly in these stocks without considering their potential, he said.
It is definitely a good step by the regulator, but the investors are misjudging the potentials, which is indicated by the way they are buying the stocks, said the broker.
The DSEX, the DSE's benchmark index, dropped 11.59 points, or 0.21 per cent, to 5,404.79 yesterday.
Turnover, an important indicator of the stock market, dropped 11.5 per cent, to Tk 660 crore.
A total of 102 stocks rose, 120 declined and 126 remained unchanged.
Anwar Galvanizing topped the gainers' list rising 9.99 per cent followed by GQ Ball Pen Industries, Zeal Bangla Sugar Mills, eGeneration, and Savar Refractories.
Beximco topped the turnover list with trade worth Tk 131 crore, followed by Robi Axiata, British American Tobacco Bangladesh, Summit Power, and LankaBangla Finance.
Prime Finance shed the most, dropping 6.08 per cent, followed by Beximco, LankaBangla Finance, Golden Son, and United Insurance Company.
The port city bourse also fell yesterday. The CASPI, the general index of the Chittagong Stock Exchange, was down 46.80 points, or 0.29 per cent, to 15,603.
Among 229 stocks to witness trade, 75 rose, 80 dropped, and 74 remained the same.