BB fund allocation move drives stocks for 4th day

Dhaka stocks advanced for the fourth straight trading session on Thursday riding on the Bangladesh Bank’s announcement to allot funds to the stock market for implementing
the refinancing scheme for the affected investors.
DSEX, the benchmark general index of the Dhaka Stock Exchange, gained 0.59 per cent, or 22.92 points, to finish at 3,878.07 points.
The DSEX has now gained 194.08 points in the last four trading sessions after losing 219.41 points in the earlier three.
While the turnover of the bourse advanced to Tk 466.76 crore from the earlier trading session’s Tk 433.03 crore.
Market operators said that like the earlier three trading sessions the BB’s decision regarding the refinancing scheme kept the market afloat.
The BB’s latest circular that relaxed some rules of provisioning against loans also had a positive impact on the stock market, they said.
The policy makers should be more careful while making decisions as each and every single policy has an impact on the capital market. Political stability is also needed for the stability of the stock market, they observed.
The market on the day gained 74.61 points within the first ten minutes of trading, but afterwards it started to lose points as a number of investors went for sell-offs, they said.
The market, however, remained positive as a large number of investors were active on the trading floor to buy shares, they said.
The old benchmark general index of the bourse, DGEN, gained 0.44 per cent, or 18.02 points, to finish at 4,100.51 points.
The DGEN have now gained 205.49 points in the last four trading sessions after losing 201.75 points in the earlier three.
The blue chip index of the bourse, DS30, advanced by 0.37 per cent, or 5.35 points, to close at 1,426.74 points.
The DS30 have now gained 68.15 points in the last four sessions after declining 61.77 points in the earlier three.
‘Investors have been quite optimistic over last few sessions, hoping a capital market supportive budget ahead. The optimism got further supports from recent refinancing proposal from the central bank as well as outcomes of parliamentary committee meeting, pushing DGEN over 4000 last session,’ IDLC Investments said in its daily market commentary.
‘The advancement continued further today, primarily over actions of Bangladesh bank. Investors greeted positively as the central bank declared approval of Tk 900 crore funds for capital market improvement. Alongside, sentiment hopped up further over Bangladesh Bank’s latest circular regarding relaxation of some provisioning rules for banks,’ it also said.
Of the 285 shares and mutual funds traded on the day, 172 advanced, 93 declined and 20 remained unchanged.
United Airways led the turnover chart as its shares worth Tk 23.66 crore changed hands on the day.
Delta Spinners gained the most on Thursday as its share prices went up by 9.60 per cent, while Sinobangla Industries lost the most, shedding 5.16 per cent.

-With New Age input

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