Finance minister's remark spurs stock prices

The finance minister's latest remark that the stock market would make a turn around when the new budget implementation begins, encouraged investors to be active on Thursday.
Finance minister AHM Mustafa Kamal Wednesday said when the laundered money will return home, a portion of it will be invested in stocks and in various trades and industries.
The daily trade turnover on Dhaka Stock Exchange (DSE) surpassed Tk 10 billion-mark after one-month on the day, as the bargain hunters put fresh bets on lucrative stocks.
Turnover, the crucial indicator of the market, amounted to Tk 10.46 billion, which was 11 per cent higher than the previous day's tally, also the highest transaction since May 11.
Along with increasing turnover, DSEX, the prime index of the DSE, went up by 51.22 points or 0.80 per cent to settle above 6,400-mark to 6,425.
The core index added over 64 points in the past two days. Before that the DSEX lost 123 points in four consecutive days.
Market operators said the optimistic investors continued their buying binge on major sector stocks as their shares became lucrative following the recent price erosion.
The stock market came out from the prolonged bearish vibe as investors took advantage of the recent low and engaged in bargain hunting in selective sectors, said a merchant banker.
The expiry of the special facility to whiten the black money this month might bring some fresh funds in the market, he said.
"Stocks extended rally since investors took advantage of low-priced scrip at lucrative prices since some of the stocks got investors' attention due to the budgetary incentives," said EBL Securities.
The stockbroker noted that the market is showing signs of reversing declining trend, backed by supportive fiscal policy measures, including tax cuts for export-oriented businesses and other sector-specific advantages for listed companies.
"The investors put fresh bets on sector-wise issues as they found some stocks at lucrative prices," said International Leasing Securities, in its regular market analysis.
Two other indices also closed higher with the DSE 30 Index, comprising blue chips, rising 26 points to finish at 2,327 and the DSE Shariah Index (DSES) jumped 13.65 points to close at 1,403.
Major sectors witnessed price appreciation with pharma generating the highest return of 1.20 per cent, followed by financial institutions 1.10 per cent, food 0.80 per cent, cement 0.70 per cent, power 0.50 per cent, banking 0.20 per cent and telecom 0.20 per cent.
Gainers took a strong lead over the losers, as out of 381 issued traded, 198 advanced, 135 declined and 48 remained unchanged on the DSE trading floor.
Beximco topped the turnover list with shares worth Tk 699 million changing hands, closely followed by Shinepukur Ceramics (Tk 523 million), RAK Ceramics (Tk 360 million), IPDC Finance (Tk 358 million) and Monno Fabrics (Tk 351 million).
Newly listed Meghna Insurance was the day's top gainer, posting a 9.65 per cent gain while Standard Ceramic Industries was the worst loser, shedding 1.97 per cent.
The Chittagong Stock Exchange (CSE) also closed higher with the CSE All Share Price Index - CASPI -rising 125 points to settle at 18,898 and the Selective Categories Index - CSCX - rose 75 points to close at 11,330.

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