Stocks rise on market fund news

September 30, 2011

Stocks gained yesterday as investors used early losses as a buying opportunity following stakeholders’ move to form a market stabilisation fund.
Stakeholders have decided to form a ‘market stabilisation fund’ to help recipients of margin loans and the lenders as they face difficulty while adjusting their loans when the market goes through a bad spell.
The benchmark General Index, DGEN, the yardstick of Dhaka Stock Exchange, rose 59 points, or 1.01 percent, to 5,910.
The prime index rose rapidly within the first 40 minutes gaining more than 70 points. The index continued to move ahead, hovering on the greener side and eventually closing positive all right.
Experts believe that as the erratic movement of the index continued to baffle the investors and they did not participate as expected, said Green Delta Securities.
Turnover on the DSE floor stood at Tk 361 crore, which was 13.2 percent lower from the previous day. More than 3.83 crore shares and mutual fund units changed hands on the floor.
All major sectors went up: banks 0.46 percent, non-bank financial institutionas1.91 percent, telecoms 0.37 percent, pharmaceuticals 1.08 percent and power 0.96 percent.
The Chittagong Stock Exchange also gained yesterday with the Selective Categories Index, CSCX, closing at 10,679, after gaining 65 points or 0.62 percent.

-With The Daily Star input

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