Stocks defy warning

Stocks continued to rise for a second day, as telecom, non-bank financial institutions and energy companies led yesterday's rally.
The DSE General Index, the benchmark index of the prime bourse, gained 66 points, or 0.9 percent, to 7,463. The CSE Selective Categories Index, the key index of Chittagong Stock
Exchange, rose 149 points, or 1.07 percent, to 14,033.
With the gain of the last couple of days, the market recovered the losses it counted two days ago following a warning of a 'disaster' from both the bourses.
But it is apparent that investors, who went for panic sales on Sunday, are defying the warnings.
Besides, stockbrokers said, the Securities and Exchange Commission is yet to give direction on loan adjustment time following a win over a legal battle on share credit.
The investors are anticipating a go-slow attitude from the regulator on credit adjustment issue.
The Supreme Court on Sunday stayed a High Court order that halted an SEC directive for merchant banks and stockbrokers to follow a net asset value based calculation for credit disbursement and loan maintenance.