Stocks on record-breaking rally on better third quarter results

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FE Report
Dhaka stocks set a new mark for the second consecutive day Sunday with the benchmark index closing in on 3400 mark, as investors sentiment was buoyed by healthy third quarter reports by some top companies.
The DSE General Index (DGEN) surged 27.75 points or 0.82 per cent to close 3392.02, led by non-banking financial institutions, multinationals, Beximco Group, cement and pharmaceutical issues -- some of whom have announced hefty third quarter profits in recent days.
The new mark beat 3364.26 set on Thursday when the market closed for the weekend. On Sunday, the market opened with flying start as the investors were buffetted by stronger earnings reports of the third quarter ended on September 30.
The broader DSE All Shares Price Index (DSI) ended at 2836.028 with a gain of 19.76 points or 0.70 per cent while the DSE-20 blue chip index moved up 43.62 points or 1.94 per cent to 2296.85.
However, majority of share prices went down as out of 232 issues traded, 88 gained and 144 declined.
Dealers said the underlying sentiment in the market was strong despite some credit tightening measures by the securities regulator, which last week ordered the banks to suspend lending to risky shares.
"Investors took the index to a new high thanks mainly to the third quarter results," said Dr Md Zahirul Islam,
chairman of Prilink Securities Limited, adding a number of leasing farms, banks and cement companies have reported healthy profits.
The companies include Jamuna Bank, Shahjalal Bank, NCC Bank, United Insurance, Union Capital, BIFC, Phoenix Leasing, Uttara Finance and Confidence Cement, according to the dealers.
"The investors have been heartened by better outlooks from the companies," Islam added.
Mutual funds continued to decline after the Securities and Exchange Commission (SEC) ordered credit-freeze to the sector early last week.
Banks and insurance finished mixed while engineering, IT and textile nudged lower on profit taking.
Transaction of volume almost remained unchanged compared to the previous session. Turnover stood at Tk 9.8 billion, down from Thursday's Tk 10.0 billion.
Beximco, the flagship company of the industrial conglomerate Beximco Group, was the top turnover leader with shares worth Tk 1.07 billion being traded.
Bextex, Beximco Pharma, Summit Alliance Port Ltd, Jamuna Oil, DESCO Summit Power, BATBC, Aftab Automobiles and Navana CNG were the other notable turnover leaders.
Uttara Finance was the largest gainer registering a rise of 12.48 per cent as the company reported that it made a net profit of Tk 345.24 million in the third quarter this year.
Other leading gainers were Dutch Bangla Bank, Libra Infusion, Confidence Cement, Singer BD, GlaxosmithKline, BATBC, Summit Alliance Port Ltd, Beger Paintings Bangladesh Ltd and Beximco Pharma.
Usmania Glass, ICB AMCL 2nd Mutual Fund, CMC Kamal, EHL, Aziz Pipes, 1st BSRS and Renwick Jajneswar were the major losers.