Stocks rose sharply yesterday riding on large cap shares after remaining dull throughout last week.
The market was on a happy note in early trading that continued till the closing.
The benchmark DSEX jumped 99 points or 2% to close at 4,868, after losses over the last couple of sessions.
The Shariah index DSES rose 25 points or over 2% to 1,132. The comprising blue chips DS30 ended at 1,799, soaring 39 points or 2%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, closed at 9,160 with a rally of over 324 points.
Trading activities also improved as turnover at the Dhaka Stock Exchange stood at Tk341 crore, which was 47% higher over the previous session.
Steep rally in two large cap sectors—telecommunication and banks that rallied 6% and 2% respectively – put such positive movement of the overall market.
Notably, all the bank scrips settled in positive territory after remaining unimpressive for long time, gaining while the sector captured the highest turnover.
All other sectors also advanced with cement surging 2.8%, power 2.7%, non-banking financial institutions 1.3% and pharmaceuticals 1% respectively.
Food and allied was marginally down on profit booking.
Out of 299 issues traded, 253 advanced, 34 lost and 12 remained unchanged.
LankaBangla Securities said the investors started to feel the market to be at an oversold territory.
“The largest capitalised Grameenphone led the broad market rally. Moreover, banking sector was 2.2% up, which made investors bullish about the market. The day went green, backed by buying spree on large capitalised stocks.”
IDLC Investments said with lucrative prices and expectation on the year-end disclosures, the first session of December was upbeat.
“Since DSEX lost 403.8 points during November, price level of most of the fundamentally sound scrips came to hand, luring general investors as well as some institutional investors, putting an upward pressure on overall market sentiment.”
AB Bank was the most liquid stock with turnover of Tk15.6 crore, followed by Grameenphone which made Tk13.5 crore worth of turnover.
