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Stocks bounce back strongly

Staff Correspondent
Stock prices bounced back yesterday, pushing the key index of Dhaka Stock Exchange (DSE) up by nine percent, the strongest rally since January last year.
The general index of DSE stood at 3,945 points at the close of the day's trading, recouping 329 of670 points that it had lost over the last four days.
The index or share prices have not seen a nine percent rise since January 11 of last year when it jumped by 15 percent on a single day's trading.
Experts see the turnaround as a result of the central bank's sudden move on
lessening lending and deposit rates.
Besides, they said, the parliamentary discussion on the stock market on Tuesday also induced the rise in share prices.
The seriousness of lawmakers of the Awami League-led alliance about stabilising the market helped investors regain confidence, the experts said, adding that the investors went on a buying spree yesterday as they thought that the central bank might reduce the interest rate on deposits.
On Monday, treasury bench member Tofail Ahmed, on a point of order, initiated the discussion in parliament on the present state of the share market. Lawmakers Rashed Khan Menon, Hasanul Haque Inu, Khan Tipu Sultan and Fazlul Azim participated in the discussion.
They came down hard on the government over its failure to stabilise the stock market and demanded the immediate arrest of those whom a probe body had held responsible for the market crash.
It may be recalled that after the crash in January last year, the government formed a probe body headed by Krishi Bank Chairman Khondkar Ibrahim Khaled.
“Police action on investors cannot bring stability in the capital market," Menon said in parliament, adding that the share market issue is tarnishing the country's image in international forums.
Ahmed Rashid, a director of DSE, said, “Share prices increased as the investors got back some confidence following the discussion in parliament
The assumption that the interest rate on deposits would be reduced also revived market confidence, he added.
The central bank has verbally asked commercial banks to limit their lending rate and deposit rate to 15.5 percent and 12.5 percent respectively, said Green Delta LR Holdings in its daily market analysis.
“The sellers decided to hold on to shares when they came to know about the decision, said LankaBangla Securities in its daily market analysis.
The market closed with a relatively low volume and turnover indicating long term buyers have decided to follow the go slowpolicy, it said.
DSE yesterday witnessed no one losing as all the 261 securities traded advanced. A total of 180 issues hit their upper band in prices and touched the circuit breaker, which does not allow the price of a stock to go up or down by a certain limit for the day.
The turnover, however, declined by 9.8 percent to Tk 191 crore compared to that of the previous day.