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Hopes for short-term rally push stocks up

Star business Report
The benchmark general index of the Dhaka Stock Exchange yesterday crossed 4,400 points after a break of two months, as investors went on a buying spree in anticipation of a short-term rally.
DSEX, the market gauge of the DSE, closed the day at 4,407.83 points, after gaining 16.55 points or0.37 percent.
The market remained in the grip of the bulls for the third consecutive trading session, breaking through the level of 4,440 points, LankaBangla Securities said in its regular market analysis. "Gurrently, declining inter-bank rate and increasing investment in government savings instruments are stemming the private sector investment, indicating lower demand for credit."
The market remained upbeat as possible increase in private sector credit growth is supposed to facilitate the corporate profitability of listed companies, the stockbroker said.
Investors remained buoyant over power sector for the third straight days and pushed it to be the top gaining sector, said IDLC Investments in its daily market analysis. Turnover, the most important indicator of the market, declined 4.10 percent to Tk 517 crore, compared to the previous day.
Of the 290 issues that traded on the DSE floor, 167 advanced, 85 declined and 38 remained unchanged. Atotal of 1.16 lakh trades were executed with 11.03 crore shares and mutual fond units changing hands on the Dhaka bourse.
All the major sectors ended in the black except banks and telecoms, which lost 0.02 percent and 0.79 percent.
Pharma gained 1.19 percent, power 1.18 percent and non-bank financial institutions 0.01 percent.
Golden Son saw the highest liquidity with 30.47 lakh shares worth Tk 21 crore changing hands followed by Meghna Petroleum, LankaBangla Finance, Summit Purbanchol Power Company and BD Building.
Paramount Textile was the day's highest gainer, posting a rise of 6.37 percent, while Modern Dyeing and Screen Printing was the worst loser, slumping by 7.60 percent.
The Chittagong Stock Exchange also closed marginally higher, as its selective categories index, CSCX, gained 47.50 points to close the day at 8,663.44 points.
Gainers beat losers 106 to 94, with 25 issues remaining unchanged at the port city bourse that traded 1.33 crore shares and mutual fund units with Tk 53 crore in turnover.