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Govt moves cheer up stocks

Star Business Report
Stocks gained sharply with cheerful trading of the investors as the general index gained 3.89 percent following initiatives taken by the securities regulator to boost investors' confidence.
DGEN, benchmark general index of Dhaka Stock Exchange, closed the week at 5,568 points, after adding208 points.
Taking advantage of the low share prices, the institutional investors went for heavy buying, said a market analyst.
The buying pressures from the institutional investors should continue to stabilise the market for the long run as the central bank also wants a vibrant capital market, the analyst said.
M Khairul Hossain, chairman of Securities and Exchange Commission, sat with Prime Minister Sheikh Hasina and Finance Minister AMA Muhith on Tuesday to discuss the market situation, following a 4 percent plunge in the key index.
The SEC chief informed the government of the measures it took to improve the situation.
Hossain also sat with the National Board of Revenue on Wednesday. He requested the
NBR authorities to reduce tax at source on brokerage commission by half to 0.05 percent.
The government doubled the ratio to 0.1 percent from this
fiscal year.
“The NBR agreed to reduce the tax at source on brokerage commission," he said.
He assured that the investment of undisclosed money in stocks would be allowed and no one would question its sources.
SEC also requested the NBR to withdraw the 10 percent tax on mutual funds, which was also imposed from this fiscal year.
The central bank would not force commercial banks to increase their capital market exposure to raise liquidity in the ailing stockmarket, Bangladesh Bank officials told the stock market regulator.
The initiatives and assurance from the regulator and central
bank have had positive impacts on the investors, said a market insider.
Small investors had lost their buying power because of the recent bearish trend in the market, he said.
It looks like the investors regained some confidence as government high-ups and the SEC are now in a positive mood, to stabilise the bourses, said Prof Salahuddin Ahmed Khan, who teaches finance at Dhaka University.
Investors are now hopeful following the latest measures taken by SEC, including the tax rebate facilities by the tax administrator, said Khan, also a former chief executive of the DSE.
He also said the gain should continue for a week to let the market stabilise.
Participation of the institutional investors should also be ensured to increase turnover value, he added.
In another development, some investors under the banner of 'Bangladesh Capital Market Investors' Unity Council,' a platform of retail investors, formed a human chain in front of the DSE building in Motijheel. They demanded a stable market.
They also staged a token hunger strike and threatened to go on a fast-unto-death programme from Sunday unless the promised steps are implemented.
Turnover on the premier bourse stood at Tk 364 crore, which is 16.3 percent higher than the previous day.
The Chittagong Stock Exchange also gained with the Selective Categories Index, CSCX, closing at 9,955 points after adding333 points.