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Daily Business News All Daily Business News
03 Apr 2014
Stocks rally for 3rd day amid increased turnover

Dhaka stocks advanced for the third trading session on Wednesday with an increased turnover as investors were expecting a quick release of the fund for the small-scale investors who were affected by the stock market crash. Market operators said investors were hoping that liquidity supply would increase once the fund is released. The key index of the Dhaka Stock Exchange, DSEX, advanced to 4,595.80 points, adding 1.52 per cent or 68.86 points.

The turnover of the bourse increased to Tk 500.39 crore from Tk 315.29 crore in the previous trading session. A recent move by the Bangladesh Securities and Exchange Commission to remove a condition on releasing loans from the government refinance scheme for the affected investors made investors optimistic, market operators said. Turnover of the bourse crossed Tk 500-crore mark for the first time on Wednesday after March 9 when it was Tk 510.64 crore.

Bangladesh Bank on August 26, 2013 released Tk 300 crore to the Investment Corporation of Bangladesh as the first tranche of the Tk 900-crore refinance scheme, but no fund is disbursed yet to the affected investors due to a condition which sought personal guarantee of the directors of merchant banks and brokers against the refinance loans. The BSEC on Monday relaxed a section of the margin rules for another six month, allowing investors who lost more than 150 of their portfolio value to trade shares. The move also encouraged investors, market operators said. Investors were suffering from shakiness for last couple of months as institutional investors remained on the sideline following some BB directives.

The DSEX had declined by 216.88 points in the last five weeks, while it had lost 326 points from its all-time high of 4,845.08 points reached on February 6. On Wednesday, DS30, the blue-chip index of the bourse, finished at 1,646.50 points, adding 1.73 per cent or 28 points. The Shariah index of the DSE, DSES, advanced by 1.42 per cent, or 14.11 points, to finish at 1,001.70 points. Of the 296 shares and mutual funds traded, 207 advanced, 75 declined and 14 remained unchanged. ‘As positivity persisted, DSEX touched 4,600-point level after 11 sessions and finally closed slightly below at 4,596 points. Meanwhile, today’s [Wednesday] rally was supported by ongoing dominance from large capitalised company shares,’ IDLC Investments said in its daily market commentary.

Lafarge Surma Cement led the turnover leaders with its shares worth Tk 31.45 crore changing hands. Grameenphone, Padma Oil, Square Pharmaceuticals, Eastern Housing, Mercantile Bank, Usmania Glass, BSC, Delta Spinners and Familytex were among the other turnover leaders. Share prices of Golden Son gained the most with a 9.96-per cent increase, while Hakkani Pulp lost the most, shedding 7.83 per cent.

Source :: The New Age