Stocks ride high on optimism

Stocks saw a 54.6 percent rise in turnover yesterday, spurred by news that the market watchdog designed a bailout package to stabilise the market.
The General Index of Dhaka Stock Exchange rose 274.23 points, or 5.15 percent, to 5,596.96. The single-day gain was the highest in five days.
The gauge soared more than 7 percent on November 16 after Prime Minister Sheikh Hasina stepped in to rescue the market.
A total of 187,204 trades were executed yesterday with 11.91 crore shares and mutual fund units worth Tk 802 crore changing hands. Turnover was the highest in 14 weeks.
Investors regained confidence in trading as the market continued to rise from November 16 following meetings between stakeholders and the prime minister and the finance minister, said analysts.
The market became buoyant after the National Board of Revenue asked people to invest undisclosed money in stocks, without fear.
If anybody invests undisclosed money in stocks, the NBR will not raise any question about the source of the funds.
The decisions came after the indices plunged over the past week leading to streets protests and then intervention from the prime minister.
Ahsanaul Islam, senior vice president of DSE, said: “Now that the government put in all efforts to stabilise the market, we have to act rationally.”