Dhaka stocks see spectacular rise

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FE Report
Dhaka stocks rose sharply Tuesday with the benchmark index witnessing the largest single-day rise in a month. The development prompted expectations that the decisions which had chipped away at the investors' confidence might be reviewed.
The benchmark index, DSE General Index (DGEN), ended at 4408.95 with a gain of 79.46 points or 1.83 per cent --- the largest single-day rise for the first time in a month.
It was lifted by a rally in share prices of mutual funds, Grameenphone and financials.
The broader DSE All Shares Price Index (DSI) gained 65.14 points or 1.01 per cent to 3656.54, while the DSE-20 blue chip index closed 27.55 points or 1.09 per cent higher to 2544.47.
Analysts and brokers said the compound-effect of a series of confusions created by the authorities subsided prompting anticipation that some decisions might be reviewed.
The market in the last two sessions recovered around 100 points from 119 points lost in the previous two to three sessions.
"Uncertainty created by a string of confusions was on the wane anticipating that some positive steps might come from the authorities soon," said Akter H Sannamat, managing director of the Prime Finance and Investment Ltd.
The upbeat mood appeared minutes after the trading started and continued through the rest of the session with 199 issues advanced out of the 235 issues traded. Only 35 shares went slightly down and one remained unchanged.
The turnover figure remained almost unchanged as it stood at Tk 6.34 billion, down only 1.0 per cent over the previous session.
Grameenphone, a sought-after issue in DSE now, edged 3.45 per cent higher to Tk 176.70.
Mutual funds got back the rhythm since the securities regulator's curbing loans in the sector about two month back as it gained 7.18 per cent.
The banking also roared back gaining 1.63 per cent with Jamuna Bank and Dutch Bangla Bank finishing the highest gainer.