Dhaka stocks surge on WB loan hope

August 30, 2012

Dhaka stocks surged on Wednesday after a two-day fall amid optimism that complexities over the World Bank’s $1.2 billion loan for the Padma bridge project would end soon.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 3.76 per cent, or 161.56 points, to close the day at 4,453.43 points.
The DGEN hit its two-month high on Wednesday after it shed 91.53 points in the previous two sessions. The DGEN was at 4,572.87 points on July 2.
Turnover of the bourse hit a fresh four-month high at Tk 703.97 crore from that of Tk 580.96 crore in the day before.
The DSE recorded the previous highest turnover at Tk 755.27 crore on April 25.
A prolonged downtrend at the market had pushed the DSE turnover to as low as Tk 115.70 crore on July 9 which was the lowest since December 17 of 2008 when the turnover was Tk 109.03 crore.
The turnover of the bourse swelled to over Tk 3,200 crore on December 5 in 2010 before the market crashed in 2011.
Market operators said investors became optimistic about the market on Wednesday after finance minister Abul Maal Abdul Muhith early on the day expressed hope about getting the Padma bridge loan from the WB.
Of the 272 issues traded on Wednesday, 245 advanced, 18 declined and nine remained unchanged.

Courtesy of New Age

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