Stocks soar with rising turnover

Dhaka stocks soared on Tuesday with rising turnover due to increased participation of investors anticipating that the capital market regulator might relax some provisioning rules for merchant banks and brokers against their capital market investment. The benchmark general index of Dhaka Stock Exchange, DSEX, finished at 4,310.72 points, adding 2.68 per cent or 112.79 points. DS30, the blue-chip index of the bourse, advanced by 1.74 per cent, or 25.87 points, to close at 1,505.47 points on the day.
Of the 286 shares and mutual funds that changed hands on the day, 247 advanced, 29 declined and 10 remained unchanged.
The turnover of the bourse increased to Tk 541.53 crore from Tk 347.85 crore in the previous trading session.
Investors increased their participation on the trading floor due to some media reports that Bangladesh Securities and Exchange Commission might raise timeframe for merchant banks and brokerage houses by another year to keep provisioning against their unrealised losses in the capital market, made investors optimistic, market operators said.
They also said that increase in foreign investment in the capital market during October and November also attracted investors amid countrywide blockade enforced by the opposition allies.
The chief election commissioner Kazi Rakibuddin Ahmad on Monday had said that the EC would do everything to accommodate all political parties in the polls and everything is possible if the consensus was made finally which also made investors optimistic that the political situation might improve, they said.
‘Market advanced for the second consecutive session by staggering 122.41 points, surpassing recent decline of around 300 points,’ IDLC Investments said in its daily market commentary.
‘As recent developments pushed forward some ease up in political front, market sentiment perceived this as a sign for some breathing space, at least for a few days,’ it said.
‘Logically, a better perceived outlook and accordingly motivated investors boosted participation to Tk 500 crore level on Tuesday,’ IDLC said.
Banking sector gained the most on the day adding 3.99 per cent making an important contribution to the sharp increase of index.
Delta Life Insurance led the turnover chart as its shares worth Tk 60.93 crore changed hands on Tuesday.

-With New Age input

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