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Padma bridge hope keeps stocks lively

Star Business Report
Stocks surged 4.48 percent last week -- the highest in two months — thanks to a buying spree fuelled by optimism about the funding of the Padma bridge project.
DGEN, the benchmark General Index of the Dhaka Stock Exchange, finished the week at 4,446.87 points, after gaining 190.55 points.
A beacon of hope for the World Bank's funding for the Padma bridge project lured investors to make fresh investment in the market, said analysts.
US Ambassador Dan W Mozena's comments on the funding issue acted as a catalyst to boost investor confidence, they said.
DGEN rose 3.76 percent on
Tuesday as Mozena said talks between the Bangladesh government and the World Bank on the Padma bridge funds would be successful.
The US envoy said the US, India and Japan have been working to persuade the WB to revive the loan sanctioning process.
The week witnessed five trading sessions -- two gained heavily by 288.64 points, while three lost 98.09 points.
"The market witnessed an increased turnover value last week, which signifies the bullish sentiment of the market participants," said LankaBangla Securities in its weekly analysis.
"The liquid money market and the desired outcome from the World Bank's negotiation mainly
facilitated this turnover-weighted rally," the stockbroker said.
Compared to the previous week, daily average turnover rose by 89.92 percent to Tk 645 crore. This was the highest in the last four months.
"The positive sentiment generated just before the Eid vacation was carried forward last week which was evident in the higher participation of the investors," said IDLC Investments.
"The market continued its uptrend after the Eid vacation with spontaneous participation, profit taking and investment reallocation," it said.
"A robust turnover lifted investor confidence while news on the funding issue of the Padma bridge created a spike throughout the
week," the merchant bank said.
Out of the 280 issues traded, 239 advanced, 32 declined and nine remained unchanged in the week.
Most of the major sectors gained in prices, led by engineering by 12.65 percent, ceramics by 8.90 percent, textile by 8.44 percent and non-life insurance by 8.40 percent, while telecom lost 3.99 percent.
Unique Hotel and Resorts featured in the top traded stocks' chart with 1.33 crore stocks worth Tk 156 crore changing hands on the Dhaka bourse.
Fine Foods, which advanced 24.19 percent based on its closing prices, was the biggest gainer of the week. Square Pharma lost 29.11 percent as the worst loser of the week.