Dhaka stocks continue to rally in shaky market

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FE Report
Dhaka stocks continued to rally in the fluctuating market Monday despite investors booked profit on heavyweight banking issues
The market sharply gained 30 points in the morning and then went down steeply soon, losing about 25 points on profit taking in banking stocks.
Afterwards, the market crawled its way up once again as it went through patches of ups and downs throughout the middle session of trading.
The benchmark DSE General Index (DGEN) closed at 5645.29 with a gain of 19.13 points or 0.34 per cent, lifted by fuel and power, telecommunications and leasing issues.
The broader All Shares Price Index (DSI) rose 12.19 points or 0.26 per cent to 4642.18 while DSE-20 Index comprising blue chips was down by 4.55 points or 0.15 per cent to 3010.73.
Turnover stood at Tk 12.98 billion, down 14 per cent over the previous session. Out of 246 issues traded, 120 closed positive, 119 negative and seven remained unchanged.
Banking issues, which make up one-fourth of Dhaka stocks' market capitalisation, declined 0.86 per cent on profit taking, reversing from its winning run over the week.
Telecommunications - which accounts for one-fifth of the total market - broke its losing trend as Grameenphone, lone listed company in this sector, gained 0.49 per cent to Tk 329.60.
Leasing sector, known as non-banking financial institutions (NBFIs), edged 1.04 per cent higher, followed by pharmaceuticals 0.87 per cent and cement 0.27 per cent.
Fuel and power sector continued to rise, up by 1.13 per cent as the big players advanced.
General insurers finished 0.63 per cent higher despite most of the companies went down. The sector gained riding on Pragati Insurance that advanced 12.33 per cent. Life insurance sector lost 1.33 per cent on price correction.
Mutual funds fell 2.14 per cent mainly as heavyweight Grameen One Scheme Two lost more than 10 per cent following lower-than-expected dividend declaration.
The fund was the largest loser, down 11.71 per cent as its trustee declared 11.50 per cent cash dividend for the year 2008-2009.
Significant share activities were seen in Summit Power, making it top turnover leader with shares worth Tk 984.70 million changing hands after the company declared its face value will be fixed at Tk 10 instead of existing Tk 100.
Its share prices also rose 4.13 per cent to Tk 1253.75 as it posted impressive first quarter (January-March) profit after tax of Tk 261.39 million against Tk 128.14 million a year earlier.
Beximco Ltd came in second after retaining top position in six straight session. Its shares worth Tk 849.65 million were traded.
The two were followed by EXIM Bank, DESCO, Lanka Bangla Finance, Premier Bank, Social Islami Bank, Titas Gas and Beximco Pharma.
The day's top gainers were Rahima Food, Pragati Insurance, Anlima Yarn, Dulamia Cotton, Desh Garments, AMCL (PRAN), Rahim Textile and Dhaka Insurance.
Other major losers included Alpha Tobacco, Rupali Bank, Aramit, Bangas, Sonar Bangla Insurance and Chittagong Vegetable.