Stocks cheery for fourth day

Share prices on the Dhaka Stock Exchange soared for the fourth day yesterday as investor confidence is riding high on hopes of a market-friendly budget for 2013-14.
DSEX, the benchmark general index of Dhaka Stock Exchange, closed the day at 3,878.07 points, after surging 22.92 points or 0.59 percent.
“Investors have been quite optimistic over the last few sessions, hoping for a capital market supportive budget ahead,” IDLC Investments said in its market commentary.
Optimism soared further from a recent refinancing proposal from the central bank as well as the outcome of a parliamentary committee meeting, the investment banker said. The committee hinted at a continuation to investing black money in the market at a 10 percent flat tax rate in the upcoming budget.
Investors positively greeted the central bank's move to approve Tk 900 crore for capital market improvements, it said.
“Boosted by positive expectations, investors further continued taking a fresh position in the market. Meanwhile, cautious investors were realising profits after significant gains in recent momentum.”
Turnover rose 7.79 percent from the previous day to Tk 466 crore.
Around 1.21 lakh trades were executed with 13.57 crore shares and mutual fund units changing hands on the Dhaka bourse.