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Stocks surge on policy measures

Post biggest single-day gain in two weeks

Star Business Report
Stocks on Dhaka Stock Exchange (DSE) surged more than 2 percent yesterday as investors regained confidence following a number of recent policy measures.
The DSEX, the benchmark index of the premier bourse, rose 104.91 points, or 2.05 percent to 5,335.70, notching the highest single-day gain since May 6.
"The government's support to the market has boosted the confidence of general investors," said the managing director of a brokerage house.
But the turnover of the market is still low, he said, adding that had the money market not faced any liquidity crunch, there would have been more trading following the policy support.
Before yesterday’s rise, the stock market had shed more than 700 points
in the last three months, prompting the Bangladesh Securities and Exchange Commission to come up with some policy decisions to halt the slump.
The regulator has increased the number of shares to be set aside for general investors in case of initial public offerings, extended the lock-in period and toughened the rules on placement share issuance. Finance Minister AHM Mustafa Kamal has assured investors that there would definitely be something for the capital market in the budget to be unveiled next month.
On its part, the central bank has decided to re-allocate a revolving fund ofTk 856 crore to the market and broadened the scheduled banks' investment scope through redefining their exposure.
Yesterday, turnover rose 52.59 percent to Tk 443.55 crore. Sonar Bangla Insurance was the top gainer adding 10 percent while Savar Refractories was the worst loser shedding 5.94 percent.
Fortune Shoes dominated the turnover chart with 50.99 lakh shares worth Tk 19.53 crore changing hands, followed by IFIC Bank, Exim Bank, SK Trims and Uttara Bank.
Chittagong stocks also rose with the bourse's benchmark index, the CSCX, advancing 184.22 points, or 1.90 percent, to finish at 9,871.38.
Gainers beat losers as 179 securities advanced, 34 declined and 22 finished unchanged on Chittagong Stock Exchange.
The port city bourse traded 1.90 crore shares and mutual fund units worth Tk 32.34 crore.