Stocks gain on regulatory move after fall

Dhaka stocks gained on Sunday after a sharp fall in the previous session as a section of investors went for bargain hunting amid a regulatory move to keep the market stable ahead of the national election, market operators said.
DSEX, the key index of Dhaka Stock Exchange, added 0.48 per cent, or 26.06 points, to close at 5,368 points on Sunday after losing 47.96 points in the previous session.
After a brief gain at the beginning, the market witnessed selling pressure for a couple of hours but rebounded in late trading as a section of investors went for bargain hunting.
Capital market intermediaries on Thursday afternoon met with the market regulator Bangladesh Securities and Exchange Commission to discuss the current situation of the stocks market and ways for overcoming the problems.
Leaders of Bangladesh Merchant Bankers Association and DSE Brokers Association and senior officials of Investment Corporation of Bangladesh and DSE were present in the meeting.
The regulator assured the stakeholders that it would take necessary measures to regain the confidence of investors on the market.
Market operators said the assurance played a vital role in Sunday’s rally.
Investors focused mainly on the energy sector that gained 2.11 per cent on the day, they said.
Besides, textile, bank and telecommunication advanced by 1.4 per cent, 0.63 per cent and 0.61 per cent respectively.
The DSEX shed more than 4 per cent or 231 points in the month of September amid the rising political tensions surrounding the political activities ahead of the national election due by January next year, market operators said.
The average share prices of non-bank financial institution and food sectors shed 0.56 per cent, 0.34 per cent respectively on Sunday.
The share price of Stylecraft Limited continued surging as it gained another 5 per cent on Sunday to settle at Tk 4,106.80 despite the fact that the shares of the company was sent to the spot market after BSEC detected unusual trading.
The turnover on DSE, however, declined to Tk 516.42 crore on Sunday compared with that of Tk 525.33 crore in the previous trading session.
Of the 335 companies and mutual funds traded on Sunday, 187 advanced, 95 declined, and 54 remained unchanged.
DS30, the blue-chip index of DSE, gained 0.25 per cent, or 4.87 points, to close at 1,889.70 points.
Shariah index DSES increased by 0.73 per cent, or 9.05 points, to finish at 1,239.07 points.
United Power Generation Company led the turnover chart with its shares worth Tk 44.93 crore changing hands.
Khulna Power Company, IFAD Autos, Monno Ceramics, Active Fine Chemicals, BBS Cables, Intech Limited, Confidence 
Cement, Shasha Denims and SK Trims Industries were the other turnover leaders.
Al-Haj Textile Mills gained the most on the day with a 9.98-per cent increase in its share prices, while Intech Limited was the worst loser, shedding 9.47 per cent.
Source: http://www.newagebd.net

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