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Stocks break losing streak

Star Business Report
Dhaka and Chittagong stocks returned to the black yesterday as investors went for fresh buying to enjoy the low prices, following government intervention to stabilise the market.
DGEN, the key index of the Dhaka Stock Exchange, closed at 5,359 points, after gaining 66 points or 1.25 percent. The DGEN lost 4 percent on Tuesday, which was the highest fall since June 12 when the benchmark index dropped 5.23 percent.
A high official of the securities regulator requested large institutional investors to buy shares, saying that the government will give some incentives for doing so. The move would help investors get back some lost confidence, the official added.
He said the large and institutional investors make hefty profits when the bourses gain from a bearish trend, while the small investors have no buying power -- they just observe market movement.
He also said the government is anxious about stabilising the market as it affects the image of the government.
SEC Chairman Prof M Khairul Hossain assured investors at 2:00pm that they would come up with some incentives for the investors, such as tax rebate facilities and cuts to tax at source on brokerage commission by half to 0.05 percent by National Board of Revenue, to stabilise the bourses.
The aggrieved investors, under the banner of Bangladesh Capital Market Investors Unity Council, went on a hunger strike in front of the DSE building at 11:00am.
Many investors from different brokerage houses demanded that trading at the bourses be stopped as the DGEN went down by 2.9 percent within the first thirty minutes of the start of the day.
The movement of vehicles from Shapla Chatter of Motijheel to the Ittefaq intersection came to a halt after investor demonstration in front of the DSE building at 12:00pm.
The agitated investors alleged
that major market players and gamblers have a hand in the continuous market fall and they urged the government to take steps to stabilise the situation. The flow of traffic resumed at 4:15pm.
Akter H Sannamat, a market analyst and chartered accountant, said the market got rational support from the institutional investors and state owned institutions.
This support should continue for a long-time to bring back investors' confidence, he added.
He also said the regulator has fulfilled all kinds of demands placed by the stakeholders, which indicates that the regulator is serious about stabilising the market.
Turnover on the premier bourse stood atTk313 crore — 6.6 percent lower than the day before.
The Chittagong Stock Exchange also gained with the Selective Categories Index, CSCX, closing at 9,622 points after adding 66 points or 0.7 percent.