Mutual funds lead bull-run

The Dhaka market saw a bull-run yesterday, as a verdict date
announcement on a mutual fund case triggered the investment sector
price jump. The High Court on Thursday announced that it would give
the verdict on the mutual fund case on November 4. With the bull-run,
the benchmark index of the premier bourse reached a new height of 3
,356 points, surpassing the previous highest of 3 ,326. 08 points on
October 20. The DSE General Index yesterday rose by 38.57 points, or
1.16 percent. The investment sector or mutual funds and non- banking
financial institutions (NBFIs) pulled the market up, operators said.
"On mutual fund verdict announcement, operators will be able to
announce dividends, pending for the last two years due to a legal
bar," said a DSE broker. All of the mutual funds gained more than 5
percent. The HC in August last year stayed the dividend declarations
by all mutual fund managers until disposal of a writ petition filed
with the HC challenging the modifications of mutual fund rules by
the Securities and Exchange Commission. The HC also stayed the stock
market regulator's ban on the issuance of bonus shares or rights
issues for closed-end mutual funds. The broader index of the Dhaka
Stock Exchange, DSE All Share Price Index, also gained 29.7 points,
or 1.06 percent to 2 , 813.77. Advancers beat losers 120 to 112
with four securities remained unchanged. A total of 6 ,99 , 37 ,958
shares and mutual fund units worth Tk 1 , 184.77 crore were traded on
the prime bourse. Titas Gas topped the turnover leaders with 15 , 21
,000 shares worth Tk 110.45 crore being traded. Grameen Mutual
Fund One, which advanced 20 percent, was the largest gainer, while
Al-Haj Textile, which declined 13.74 percent, was the biggest
loser. Chittagong stocks also posted rise yesterday. The CSE
Selective Categories Index gained 56.01 points, or 0.77 percent to 7
, 249.84. The CSE All Share Price Index increased 83.09 points, or
0.72 percent to 11 , 558.03. A total of 1 ,09 ,98 ,421 shares worth
Tk 114.98 crore changed hands on the Chittagong Stock Exchange. Of
the traded securities, 93 advanced, 74 declined and two remained
unchanged. AIMS 1 st Mutual Fund was the biggest gainer, rising 19.94
percent, while Niloy Cement was the largest loser, declining 19.44
percent. Bextex topped the turnover leaders with 11 ,78 , 800 shares
worth Tk 10.56 crore being traded on the port city bourse.