Bloomberg News

Bangladesh Stocks Rally; DSE General Index Up Most in 4 Months

October 13, 2011

Oct. 13 (Bloomberg) -- Bangladesh’s benchmark stock index rose the most in four months on speculation recent losses that drove down the gauge to near a five-month low was excessive.

The Dhaka Stock Exchange’s General Index jumped 208.74, or 3.9 percent, to 5,568.36, the most since June 13. The measure rose for a second day after closing on Oct. 11 at its lowest level since May 25. The gauge has tumbled 33 percent this year, set for its worst annual drop since a 67 percent plunge in 1997.

“It’s a great buying opportunity as prices are low,” said Saiful Islam, vice chairman at BRAC EPL Investment Ltd. in Dhaka. “The market was in freefall over the past few days.”

Today’s gain helped the DSE General Index cut its losses for the month to 5.8 percent. The gauge retreated 4.9 percent last month and 3.8 percent in August.

--Editor: Ravil Shirodkar

To contact the reporter on this story: Shikhar Balwani in Mumbai at sbalwani@bloomberg.net; Arun Devnath in Dhaka at adevnath@bloomberg.net

To contact the editor responsible for this story: Shiyin Chen at schen37@bloomberg.net


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