Dhaka stocks rise for second session

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FE Report
Dhaka stocks continued to rise for the second session in a row Tuesday, defying the warnings of bourses and experts of possible massive price correction.
The benchmark DSE General Index (DGEN) gained 0.90 per cent or 66.62 points to close at 7463.05, which was only 17 points short of the all-time-high.
In two-day's rally, it added 179 points, almost recovering from Sunday's loss of 196 points, which was the biggest single-day decline in the history of the bourse.
The broader All Shares Price Index (DSI) rose 0.84 per cent or 51.83 points to 6202.67. The DSE-20 Index, comprising blue chips, was up by 1.05 per cent or 46.09 points to 4420.52.
Investors with fresh fund ran after non-banking financial institutions, fuel and power, and telecommunications stocks.
Most of the major sectors gained ground. NBFIs gained 2.64 per cent, fuel and power 1.23 per cent, and telecommunications 2.26 per cent.
"Investors with substantial fresh fund chased a few shares, which pulled the market up," said Akter H Sannamat, managing director of Prime Finance and Investment Ltd.
"Most of the investors, particularly retailers, have the tendency to make quick gain. They should change this attitude and look for long-term investment instead of short-term."
"The remedy to cool down the overheated market is to increase supply of good shares immediately," he added.
Out of the 246 securities traded, 132 gained, 103 advanced and 11 remained unchanged. The bourse saw higher trading activity, as the turnover increased by 30 per cent to Tk 20.18 billion.
Summit Power, the country's first and the largest private power producer, topped the turnover list with shares worth Tk 1.16 billion changing hands.