Dhaka, Bangladesh (BBN) - The state-owned Titas Gas witnessed the highest market participation last week on Dhaka Stock Exchange (DSE) that ended on Thursday.
Some 23.86 million shares worth nearly BDT 1.30 billion of Titas Gas changed hands during the week on the prime bourse.
The fuel and power Sector Company’s share closed at BDT 53.9 on Thursday, losing 15.12 per cent over the previous week.
“Lower than expected dividend recommendation and disappointing third quarter earnings declaration on Wednesday, frustrated the investors most,” said an analyst adding that as the frustrated investors released their holdings of Titas, even in the lower prices, which contributed to higher turnover.
As per un-audited third quarter financial reports published on Wednesday, the company’s earning per share (EPS) for July-September, 2015 was Tk 1.57 as against Tk 2.37 for July-September, 2014.
“Fuel and power sector took a major hit, plunging 5.7 percent last week as the sector dominant issue Titas Gas experienced huge erosion after its poor first quarter earnings disclosure,” said IDLC Investments, in an analysis .
On Tuesday, the board of directors of Titas Gas has recommended 15 percent cash dividend for the year ended on June 30, 2015. The company disbursed 38 percent cash dividend for the year ended on June 30, 2014.
The company was listed on the Dhaka bourse in 2008 and the company belongs to the category of ‘A’.
The company’s paid-up capital is BDT 9,892 million and authorized capital is BDT 20,000 million while the total number of securities is 989,221,831.
Of the total shares, 75 percent is held by government, 16 percent institutional investors while rest 9 percent is owned by public, according to DSE website information.
It was followed by IFAD Autos of BDT 894 million, Square Pharma of BDT 449 million, Saif Powertec of BDT 438 million, United Airways of BDT 411 million, KDS Accessories of BDT 407 million changed hands.
Quasem Drycells also came to the top ten turnover list with share of BDT 366 million changing hands followed by Lafarge Surma of BDT 351 million, Beximco Pharma of BDT 345 million and Beximco worth BDT 298 million changed hands during the week.
BBN/SSR/AD