Stocks defy shutdown

Stocks gained yesterday riding on investors' buying spree despite the 48-hour countrywide shutdown enforced by the Jamaat-e-Islami.
The shutdown which was called in protest against the High Court verdict cancelling the Jamaat registration with the Election Commission will continue until 6:00am Thursday.
The free-float based index, DSEX, closed the day at 3,979.35 points, after surging 62.51 points or 1.59 percent.
“Stronger price performance by top traded companies helped pull the market up further,” LankaBangla Securities said in its daily market analysis.
Ongoing political uncertainty seems to affect the investors' sentiment very little. Overall turnover has spiked by 99.15 percent, as investors poured their money into equities, the stockbroker said.
As inflation is stabilising and the call money rate is going down, equities should appear more attractive in the long run, it added.
“Lucrative prices pumped up demand throughout the session and turned market dimension on Tuesday. Resultantly, the bourse retained its position in green zone,” IDLC Investments said in its daily market analysis.
Despite a 99.15 per cent rise in turnover, activity maintained a lethargic trend as Q2 declarations passed by and investors observed political situation ahead of imminent national elections, said the merchant bank.
Said to be the most important indicator of the market, turnover gained 99.15 percent to Tk 323 crore.
A total of 0.79 lakh trades were executed with 6.1 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 286 issues that traded on the DSE floor, 228 advanced, 36 declined and 22 remained unchanged.
Among the major sectors, power increased the most with 2.90 percent, followed by non-bank financial institutions 2.60 percent, banks 0.88 percent, pharma 0.86 percent and telecoms 0.62 percent.
Padma Oil featured in the most-traded stocks chart with 7.81 lakh shares worth Tk 28.11 crore changing hands.
Eastern Housing Ltd was the day's highest gainer positing a rise of 9.95 percent, while Samata Leather was the worst loser, losing 4.42 percent.