Black money move keeps up market tempo

Stocks gained for a fourth day as the government has recently given a green light to undisclosed money to be invested in the market.
“The government decision will help increase the tempo of industrialisation and exports as well as establish its Vision 2021,” said Shakil Rizvi, president of Dhaka Stock Exchange, in a press briefing.
The benchmark index, DGEN, the yardstick of Dhaka Stock Exchange, rose 78 points or 1.30 percent to 6,117.
The port city’s selective categories index, CSCX, clocked up 118 points or 1.09 percent to close at 10,974.
Turnover on the premier bourse increased the most in two and a half months. It stood at Tk 954 crore, up from Tk 937 crore the previous day.
The market started the day on a negative note and declined 20 points in the first five minutes of trading.
Rizvi said the government should take necessary steps to offload shares of state-owned profitable companies and some foreign companies to adjust the demand and supply of shares in the market.
The government can consider ‘green-field’ companies — the organisations that have a good future and are able to give healthy dividends — to list them on the market, said Rizvi.
“We request the opposition political party not to use the stockmarket as an element of politics as it is an economic instrument of the country,” Titu said.
Rashid said the liquidity flow will surely increase in the stockmarket due to undisclosed money, and the banking channel will also get some credit.
Some big institutional investors are inactive in the market for which the government should bring some market-friendly policies for them, he added.
Grameenphone, which represents the telecoms sector, gained 5.88 percent. GP topped the turnover chart with 23.75 lakh shares worth Tk 38.15. It also was the second biggest gainer of the day.
The banks gained 1.04 percent, non-bank financial institutions 1.18 percent, pharmaceuticals 1.71 percent and fuel and power 1.75 percent.
EBL NBR Mutual Fund was the biggest gainer of the day, posting 6.06 percent rise, while Samata Leather Complex was the worst loser, plummeting 6.26 percent.

-With The Daily Star input

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