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Stocks soar on political hope

Star Business Report
Dhaka stocks jumped yesterday with the largest single day gain in four months, triggered by the apparent change in political situation that to some extent has removed the uncertainty about the upcoming national election.
The investors, who remained cautious for a long time and were following a wait-and-see policy, have started taking their positions in securities on the hope that the election will be held with the participation by all major parties, market insiders said.
Along with other issues, the national election was a major one among the investors' mind and an uncertainty led them to remain very cautious in investing, said Sheikh Mortuza Ahmed, head of merchant banking and investment division of Prime Bank.
“Today's [yesterday's] price movement indicates that the uncertainty has been removed from the investors' mind and they are now taking positions on securities with a positive mood on the hope that the election date will be re-announced by the Election Commission,” he said.
However the Election Commission in yesterday afternoon announced fresh schedules for the parliamentary and upazila elections setting December 29 for the general polls and January 22 for upazila elections.
Mortuza also hoped that after hajj, Eid ul Azha
and the financial institutions' yearend bookclosures the market will get back its full rhythm.
The benchmark index of Dhaka Stock Exchange, DSE General Index, jumped yesterday by more than 100 points, or 3.86 percent, the largest single day gain since July 25 this year. Along with the general index, which closed at 2,716.80 points, DSE All Share Price Index also went up by 82.01 points, or 3.79 percent to 2,244.01 points.
“It's a psychological impact of the changed political scenario, which is bringing back confidence among the investors,” said Salahuddin Ahmed Khan, DSEchief executive officer.
It is also appeared that participation of the investors especially the individuals were increasing, he said.
Majority of the securities traded up on the premier bourse. Of the 224 traded issues, 173
advanced. 43 declined and eight remained unchanged.
A total of 1,51,46,459 shares worth Tk 269.74 crore changed hands on the DSE. Market capitalisation rose toTk 99,643.16 crore from the previous day'sTk95,909.86 crore.
Uttara Bank topped the turnover leaders with 83,720 traded shares worth Tk 27.78 crore. The other turnover leaders were Beximco Pharma, National Bank, Titas Gas, AB Bank, Brae Bank, Grameen Mutual Fund One: Scheme Two, Beximco Ltd, Islami Bank Bangladesh and Dutch-BanglaBank.
Chittagong stocks also jumped yesterday. The CSE Selective Categories Index went up by 212.19 points, or 4.02 percent to 5,480.19 points, while the CSE All Share Price Index shot up by 302.04 points, or 3.73 percent to 8,390.41 points.
A total of 36,83,893 shares worth Tk 45.21 crore changed hands on Chittagong Stock Exchange. Of the 125 securities traded on the port city bourse, 95 advanced, 26 declined and four remained unchanged.
Beximco Pharma topped the turnover leaders on the CSE with 3,28,550 traded shares worth Tk 4.67 crore. The other turnover leaders were Beximco Ltd, AB Bank, Grameen Mutual Fund One: Scheme Two, Uttara Bank, Brae Bank. National Bank, Titas Gas, Trust Bank and AIMS 1st Mutual Fund.