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Heavy buying spurs stocks

Star Business Report
Stocks gained yesterday with high turnover, spurred byheavy buyinginto the market.
The benchmark General Index, DGEN, the yardstick of Dhaka Stock Exchange, closed at 4,625.99 points, after gaining 1.82 percent or82.54 points.
The DGEN gained about 130 points within the first five minutes of trading and then declined steadily through the rest of the session.
“The market continued its momentum as the investors continued to buy shares optimistically,” LankaBangla Securities said in its daily commentary.
The newly elected president of the Dhaka bourse is expected to work for improving the investment atmosphere of the market, it said. Rakibur Rahman was elected president of DSEonThursday.
The increased turnover indicates that bullish buying outperformed the profittaking sellers, the stockbroker said.
The fuel and power sector continue to lead the market rally in terms of gain and turnover leadership, a stockbroker said.
The banking sector had relatively lukewarm response to the market's upward movement, he said.
“Key attraction and momentum was in the fuel and power sector. The govern-
ment-owned fuel and power distribution companies were at the centre of attraction,” said a merchant banker.
Investors were actively participating in trading, he said.
Turnover increased by 8.9 percent, compared to the previous day. A total of 1.14 lakh trades were executed, generating a turnover of Tk 404 crore with 8.50 crore shares and mutual fund units changing hands on Dhaka bourse.
Prices of 226 issues advanced, 26 declined and five remained unchanged.
All sectors gained yesterday except food and allied, which lost mainly as British American Tobacco Bangladesh Companyretraced2.34 percent.
Among the major sectors, telecoms advanced 3.66 percent, followed by nonbank financial institutions 2.67 percent and power 2.10 percent. Pharmaceuticals and banks gained 1.64 percent and 1.46 percent respectively.
The Selective Categories Index of the Chittagong Stock Exchange advanced 2.06 percent or 172.37 points, to end the day at8,556.76.
Advancers beat losers 158 to 19 with nine securities remaining unchanged on the port city bourse that traded 1.14 crore shares and mutual fund units with Tk 46.46 crore in turnover.