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PM's words send stocks soaring

Dhaka, Nov 17 (bdnews24.com) — A day after prime minister Sheikh Hasina met stock market stakeholders, turnover at the premier bourse topped Tk 4.16 billion, exceeding Wednesday's turnover by Tk 2.85 billion with most issues marking a healthy rise.

The benchmark general index gained 179.4 points or 3.6 percent to end at 5166.96 Thursday. Gainers heavily outnumbered losers by 238 to 16 while only one issue ended at the previous day's price.

The DSE benchmark index shot up 150.94 points or 3.02 percent to 5138.5 points after the first six minutes of trading on the last trading day of the week.

The index, however, lost slightly but started gaining again to stand at 5182.15 points with a gain of 194.59 points or 3.90 percent at 12:02pm. It rose 249.39 points or five percent to 5236.95 points at 1:03pm.

Since news of the meeting got out on Tuesday, stocks soared in Wednesday's trading.

The DGEN spiked 338.23 points or 7.27 percent to 4987.56 points at the close of the second last day of the week's trading.

The key index had plummeted 559 points from the start of the week's trading. It lost 341 points on Sunday and Monday, and on Tuesday, it shed 228.20 points or 4.67 percent to 4649.32 points at close.

It was decided at the Wednesday night's meeting that no question would be asked about 'undisclosed income' invested in the stock market, and a decision to announce short-, medium- and long-term plans in a day or two.

The meet followed a massive fall in stock prices for three consecutive days after the nine-day Eid recess and a series of street protests by small investors.

The high-profile meeting decided that there will be short-, medium- and long-term plans announced "in a day or two" to rescue the small investors

"The prime minister has said everything that's needed will be done for the stock market," Arif Khan, an SEC member, said.

Battered share prices soared on the two bourses on Wednesday buoyed by the news of the brainstorming, however.

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Anika Devi received her Bachelor’s degree in Media, Culture and Communication from New York University in 2012. She began freelancing for Business Solutions BD in 2010 and joined the team as a staff writer three years later. She currently serves as the assistant editor.
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