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Stocks surge as investors inject funds into market

Star Business Report
Shares on the Dhaka Stock Exchange yesterday surged 2.99 percent, the highest in two months, spurred by optimism among investors.
Most of the issues closed positive with turnover rising 44.5 percent to Tk 526 crore, the highest in four months, compared to the previous day.
After a vacation of 11 days, DGEN, the benchmark General Index of DSE, started the week at 4,383.41 points, aftergaining 127.09 points.
"Investors' active participation aimed at improving the scenarios will bring back stability to the market,” said Rakibur Rahman, president of DSE.
Institutional investors should follow a long-term investment policy as foreign institutional investors became active in making investments, Rahman said.
He said everyone should go for long-term investment. “I have no sympathyfortraders.”
People who make short-term investment in the market are known as traders, while investors are believed to be making longterm investments.
Foul talk about the market should be stopped for safeguarding the interest of the market and the economy, he added.
Investors went on a buying spree anticipating a bull-run as institutional investors became active in injecting fresh funds into the market, analysts said.
Long-term investments of institutional investors will be helpful in restoring and gaining the confidence of the small investors, they said.
Economic indicators suggest a favourable environment for making long-term investments in the
market, the analysts said.
Thanks to the new base year of 2005-06 taking effect this fiscal year, inflation in July, which stood at 8.03 percent with the old base year of1995-96, fell to 5.21 percent.
"It seems that the positive sentiment generated just before the Eid vacation was carried forward which is evident in the higher participation of investors," IDLC Investments said in its daily market commentary.
Alongside high hopes and positive expectations, a short-term rally further helped the market regain some confidence, said the
merchant bank.
"The first trading day after the Eid vacation was full of optimism as the prime index of the DSE had a good run on the day,” Green Delta LR Holdings said.
Of the 271 issues that traded on the DSE floor, 243 advanced, 24 declined and four remained unchanged.
A total of 1.27 lakh trades were executed with 10.93 crore shares and mutual fund units changed hands on the Dhaka bourse.
Most of the major sectors gained in prices during the day's upward trend. Engineering rose 5.77 percent, followed by power 5.50 percent, non-bank financial institutions 4.81 percent, non-life insurance 4.19 percent and textile 4.11 percent.
Meghna Petroleum featured in the top traded stocks chart with 16.33 lakh shares worth Tk 39.09 crore changing hands.
Unique Hotel and Resorts and Jamuna Oil were the next popular stocks of the day.
Bangladesh Submarine Cable Company was the biggest gainer of the day, posting a 9.95 percent rise. The Sixth ICB Mutual Fund lost 10 percent as the worst loser.