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 Stocks bounce back

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AuthorMessage
topu

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Posts : 78
Join date : 2010-05-30

PostSubject: Stocks bounce back   Wed Jun 09, 2010 7:07 am

Star Business Report

Dhaka stocks returned to the black with a jump in the indices after the prime bourse reiterated its appeal for not imposing tax on individual investors' capital gains.

Benchmark index of the Dhaka Stock Exchange -- DSE General Index (DGEN) -- jumped up 109.06 points, or 1.79 percent to 6,176.49.

The bourse's appeal helped restore investor confidence. They got panic Monday on newspaper reports about a possible tax imposition on capital gains from the next fiscal year, market insiders say.

On the day, the DSE executive board through a press briefing expressed its fear that such tax on individual investors would affect the market badly. And in fact, it experienced a big jolt.

Yesterday the market was in a positive mood throughout the entire session. The DGEN gained 80 points within the first fifteen minutes of trade.

It lost the momentum slightly in the next twenty-five minutes, but picked up the pace in the next forty minutes and continued the trend for the rest of the session.

All the sectors were back in the black.

The advancers outnumbered the losers 193 to 45 with nine securities remaining unchanged.

The total turnover however came down around 15 percent to Tk 1,364.79 crore on a transaction of 3,71,27,525 shares and mutual fund units.

Titas Gas, the state-run energy company, topped the turnover leaders with 9,14,100 shares worth Tk 84.36 crore being traded on the floor.

Chittagong stocks also bounced back heavily with the CSE Selective Categories Index went up by 231.55 points, or 2.02 percent to 11,678.17.

The Chittagong Stock Exchange traded 46,65,418 shares.

Of the traded issues, 145 advanced, 32 declined and 10 remained unchanged on the port city bourse.

Summit Power topped the turnover leaders with 97,060 shares worth Tk 13.76 crore being traded.
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