FE Report

Dhaka stocks recovered from early loss to extend their rally for the fourth consecutive session Tuesday on gains by Grameenphone, pharmaceuticals and insurers pushing the benchmark index above 5600-mark.

The market opened with bearish mood as the benchmark index shed 35 points on initial loss of Grameenphone shares. It, however, rebounded ending broadly higher at the end of the day.

The benchmark DSE General (DGEN) index finished 50.32 points or 0.90 per cent higher to 5552.85.

The broader All-share Price Index (DSI) moved up 37.33 points or 0.81 per cent to end at 4593.62, while DSE 20 blue chip shares rose by 33.33 points or 1.06 per cent to 3167.60.

Grameenphone -- the most weighted share -- edged 2.99 per cent higher to end at Tk 319.60 on its healthy earnings as it shrugged off suspension of fund-netting facilities by Securities and Exchange Commission, effective from Thursday, to stem its share price hike.

The phone company rallied on the news that its un-audited quarterly accounts for the 4th quarter ended on 31st December 2009 (October to December) showed net profit after tax at Tk 8,444.36 million with basic EPS of Tk 6.44 as against Tk. 2,603.78 million and Tk. 2.14 for the same period of the previous year.

Debutant RN Spinning Mills, acrylic and synthetic yarn manufacturer, posted a rise of 414.50 per cent to Tk 514.50 on its face value of Tk 100. It rose highest at Tk 520.

Decliners took a modest lead over the rising stocks as out of 244 issues traded, 111 ended in the positive territory, 127 sustained losses and six remained unchanged.

The daily turnover, however, increased to Tk 12.95 billion, up by seven per cent over the previous session's Tk 12.07 billion on the back of huge share trading of Grameenphone.

The banking sector saw another dizzy session as it closed 0.02 per cent down. Leasing sector declined by 1.49 per cent.

The pharmaceuticals sector gained 1.43 per cent while energy sector continued to shed for the fifth consecutive session. The cement sector ended 1.32 down. The mutual funds lost 1.81 per cent, reversing from the previous day's gain. General and life insurers advanced 2.09 per cent and 0.46 per cent respectively.

All the subsidiaries of the Beximco group went up after decline in the previous day.

Grameenphone topped the turnover list with shares worth Tk 1.79 billion changing hands, which is the highest ever turnover by a company in DSE. It accounted for nearly 14 per cent of the total turnover.

It was followed by Beximco Limited, Bextex, City Bank, AB Bank, Premier Bank, Lanka Bangla Finance, BATBC, Prime Bank and NCC Bank.

Other prominent gainers included Peoples Insurance, Maksons Spinning, Fu-Wang Food, City Bank, Rangpur Foundry, BATBC, BSC and Purabi General Insurance.

Monno Stafflers, Second ICB, Jute Spinning, TBL, BD Autocars, Grameen Scheme Two Mutual Fund, Bay Leasing, 4th ICB and Dhaka Fisheries were the top losers.