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Dhaka stocks cross 5,500-point mark

Staff Correspondent

Investors’ list for compensation by April 30

Dhaka stocks gained on Tuesday with the general index crossing 5,500-point mark after five month as the investors returned to a buying spree after price correction in the day before.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1.55 per cent, or 84.37 points, to close the day at 5,502.29 points.
On November 22, the DGEN was higher than Tuesday’s at 5,596.96 points.
The DGEN lost 46.23 points on Monday after it had gained 365 points in the previous four consecutive sessions.
The day’s turnover inched down to Tk 1,013.79 crore from that of Tk 1,120.76 crore on the day before.
Of the 264 issues traded on Tuesday, 169 advanced, 82 declined and 13 remained static.
Market operators said the steady rise of the index in the last five weeks made the investors confident enough to invest fresh money.
They said the new leadership of the Dhaka bourse is playing a key role to sustain the positive spirit among investors.
‘You see there are still issues like writ petition against the SEC rule of minimum shareholding and others which could have affected the market adversely. But because of a strong role played by the new DSE leaders investors continued to remain confident,’ said a stockbroker.
Financial stocks led Tuesday’s rally as bank stocks gained by 3.08 per cent and non-bank financial institutions by 4.70 per cent.
Pharmaceuticals also went up marginally by 0.20 per cent while power lost 0.85 per cent and telecommunication lost 0.38 per cent.
Grameenphone topped the turnover chart with shares worth Tk 43.44 crore changing hands. The other turnover leaders were Meghna Petroleum, Jamuna Oil, Titas Gas, Beximco Pharmaceuticals, LankaBangla Finance, Islami Bank, Uttara Finance and Square Pharmaceuticals.
Meanwhile, the head of the compensation committee MD Fayakuzzaman on Tuesday said that the list of affected investors of last year’s stock market crash, who will be entitled for compensation under a government package, will be finalised by 30th April.
‘We have extended the time of submitting the list to the Securities and Exchange Commission form 1st April to 30th April as many merchant banks and brokerage houses delayed providing information,’ he told reporters after a committee meeting at the conference room of the Investment Corporation of Bangladesh.
The committee at the same meeting decided that if an investor applies to an initial public offering under the special scheme quota he will not be allowed to apply for the same IPO in general quota.
‘So an investor can apply for an IPO once,’ he said.
On March 5, finance minister Abul Maal Abdul Muhith announced a 50 per cent waiver on last year’s margin loan interest and a 20 per cent quota in IPOs for the next two years for investors who have investment not more than Tk 10 lakh.
The compensation package came following an instruction from prime minister Sheikh Hasin for designing a package for the small-scale investors who suffered because of the 2011 stock plunge.

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