Stocks return to the black

Stocks returned to the black yesterday breaking a four-day losing streak as investors regained some confidence.
The benchmark General Index (DGEN) of Dhaka Stock Exchange closed at 5,222.25 points, after gaining 65.72 points or 1.27 percent.
“The market reverted back to an upbeat mood as investors regained some of their confidence,” said Green Delta LR Holdings in its market analysis.
The central bank warned the government against its relentless borrowing from banks, saying that this could eventually lead to a similar financial crisis as Europe, it said.
The prime index of the DSE began to leap ahead as investors were participative during the trade hour and profit booking occurred in the last hour. The gauge dampened few points, but closed positive eventually.
Turnover declined 0.5 percent compared with the previous day. A total of 1.11 lakh trades were executed, generating a turnover of Tk 405.58 crore where 8.08 crore shares were traded.
Of the total 259 issues traded on the DSE: 227 advanced, 28 declined and four remained unchanged.
Among the major sectors, telecommunication was the biggest gainer that advanced 2.23 percent.
The non-bank financial institutions advanced 1.85 percent, while pharmaceuticals, banks and power advanced more than 0.5 percent each.
RN Spinning Mills was the turnover leader with 38.82 lakh shares worth Tk 31.41 crore changed hands as the Securities and Exchange Commission approved its right offers on Tuesday.
National Housing and Finance rose 9.36 percent to become the biggest gainer of the day. Modern Dying and Screen Printing slumped 2.28 percent to become the worst loser.
The Chittagong Stock Exchange also gained yesterday as the Selective Categories Index went up 94.59 points or 1 percent, to end the day at 9,544.52.
Gainers beat losers 146 to 35 with 11 securities remaining unchanged on the port city bourse. More than 91.35 crore shares and mutual fund units traded with a value of Tk 43.78 crore.