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Tuesday, 12 October 2010

Stocks back on steady climb

News Source:  http://bit.ly/cA0NJp


Stocks climbed back up yesterday after the previous day's big fall.
Benchmark index of the Dhaka Stock Exchange -- DSE General Index (DGEN) -- jumped up 103 points, or 1.42 percent to 7,396, while the key index of the Chittagong Stock Exchange -- CSE Selective Categories Index -- went up 175 points, or 1.28 to 13,884.
Stockbrokers said the share prices of the companies affected by Sunday's blow marked a rise.
Besides, they said, absence of any instruction from the regulator on loan adjustment following a win over a legal battle gave investors an impression that it might go slow on the issue.
The Supreme Court on Sunday stayed a High Court order that halted a Securities and Exchange Commission's directive for merchant banks and stockbrokers to follow a net asset value (NAV) based calculation for credit disbursement and loan maintenance.
SEC says the market situation is now under its close watch and any initiatives hinges on how the market moves.
All the sectors but banks advanced yesterday. Bank stocks fell slightly. Advancers beat losers 189 to 49, with seven securities remaining unchanged.
Among the big gainers, telecom rose 4.09 percent, general insurance 3.73 percent, non-banking financial institutions 3.09 percent. Life insurance, cement and fuel and power also advanced more than 2 percent.
Total turnover, however, slipped 33 percent to Tk 1,564 crore on the prime bourse on a transaction of more than 8.59 crore shares and mutual fund units.
Premier Bank topped the turnover list of the DSE with 10.80 lakh shares worth Tk 66.80 crore being traded on the floor.
On the port city bourse, gainers beat losers 120 to 59, with six securities remaining unchanged. The CSE traded more than 1.05 crore shares and mutual fund units with a turnover of Tk 156 crore.
The United Commercial Bank topped the turnover leaders on the CSE with 77 thousands shares worth Tk 11.42 crore being traded on the board.

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