Stocks witnessed sharp gain yesterday, shrugging off prolonged political turbulence.
The market opened higher and the momentum continued till close of the session, as few investors who remained sidelines were attracted by the market’s fourth consecutive rally in the previous sessions.
After gaining marginally in the last four sessions, the benchmark index DSEX gained 74 points or 1.6% to close at 4,786.
The Shariah index DSES moved up 20 points or 1.9% to 1,140. The comprising blue chips DS30 closed at 1,788, rising more than 38 points or 2%.
Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, ended at 8,884 with a rally of 140 points.
Total turnover at the Dhaka Stock Exchange reached nearly Tk300 crore, which was the highest in the last 18 sessions and was 11.7% higher over previous session. The trade was dominated by energy and engineering issues which accounted for more than 34% of the total turnover.
All the major sectors closed in green. Cement and Power posted high returns gaining 2.63% and 2.15% respectively.
Telecommunication also posted decent gain of 1.9% and textile 1.55%. In the financial sectors, banks and non-banking financial institutions advanced by 0.6% and 0.9% respectively.
Pharmaceuticals reckoned positive return of 0.9% and food & allied went up by 0.4%. Out of 307 issues traded, 236 advanced, 39 declined and 32 remained unchanged.
IDLC Investments said despite no virtual improvement in political scenario, market experienced a sharp takeoff, as investors were concerned whether they were missing any lucrative opportunity.
It said the idea got interpreted into abrupt curiosity to scrips that got steeply corrected in recent downturn.
However, it said the sudden hike was not matched in terms of activities. Lanka Bangla Securities said stocks of Motijheel street spotted six winning streaks in a row with gradual increase in market participation.
“Market might have reacted positively to the news of falling NPL in banking sector,” it said.
Banks’ default loans dropped 12.45% in the last quarter of 2014 after rising in the three previous quarters, according to the central bank.
Mobil Jamuna Limited Bangladesh topped the turnover list with shares with Tk14.3 crore changing hands, followed by IFAD Autos, Lafarge Surma Cement, Square Pharmaceutical and Grameenphone.
