Dhaka, Oct 25 (bdnews24.com)?After two hours of trading on the third working day of the week, the Dhaka Stock Exchange has started showing signs of upward movement. The general index gained 61.63 points or 1.13 percent to stand at 5535.25 points around 1.35 pm on Tuesday. Shares worth a total of Tk 2.22 billion had changed hands by that time with prices of 183 issues rising, 45 declining, and 9 remaining unchanged.
Following an initial series of fluctuations in the first hour, the general index reached the day's highest, 5556 points, at around 1pm.
On Sunday, Bangladesh Association of Banks chief Nazrul Islam Mazumder assured investors that the market would not fall as they have entered the game after declaring the formation of a Market Stabilisation Fund.
Boosted apparently by a decision of banks to pump in billions to salvage the plummeting market, Sunday's turnover hit the Tk 6 billion mark.
However on Monday, the Dhaka stocks dipped again with the general index falling by around 181 points or 3.19 percent to close at 5473.61 points.
On Oct 18, the turnover plummeted to Tk 2.1 billion, the level where it was nine months back. The lowest turnover recorded before that was on Jan 25 with Tk 2.06 billion.
Two days later, a platform of top bank executives, Association of Bankers, Bangladesh, said that they would start investing in the capital market from Sunday to prop up the ailing market.
The announcements came after weeks of discussions on the issue as ministers, regulators and stock brokers sought to end protests by small investors over the past weeks. The investors have been calling for measures to prop up prices after indices hit the lows on consecutive trading days early last week.
On Dec 5 last year, the DSE general index reached a record 8918 points. Unrest began in the market the following day, and December and January saw free fall.
Following the budget in June when the government allowed undisclosed income into the market, the bourses saw a month of improvement. However, the fluctuations returned by the end of July.
bdnews24.com/rn/tk/1337h
Source: bdnews24.com
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