Stocks roared back on Monday, a day after sharp fall, as negative sentiments dampened by post-budget announcement subdued significantly.
Investors went for buying spree pinning on hope that further market-recovery measures might come from authorities before the general election.
The benchmark DSE General Index, DGEN, ended at 4,267 with a rise of 133 points or 3.3% - highest single-day gain in 15 weeks.
The new benchmark DSEX surged 124 points or 3.2% to 4,007 and the blue chip index DS30 advanced about 53 points or 3.7% to 1,497 points.
The Chittagong Stock Exchange (CSE) Selective Categories Index, CSCX, gained 251 points to 7,892 points.
Total turnover on DSE stood at Tk4.8bn, an increase of nearly 10% from previous session’s value of Tk4.3bn.
Investors sentiment boosted by the hope of more bail out measures from the authorities before election, said a fund manager. He said the market is yet to come out from its herding behaviour – a sign of putting investment at risk.
“After a disappointing start of the week, market made a comeback over turnaround expectations supported by a natural correction,” said IDLC Investments in its daily market analysis.
“With prices cooling off a bit over last two sessions, fresh positioning increased Monday as lucrative prices lured in investors,” it said.
Moreover, investors remained watchful over DSE election starting yesterday afternoon. The significant movement was observed among the scrips with 93 out of 286 traded stocks rising more than 5% each.
Lanka Bangla Securities said investors seemed to be agile in terms of acquiring shares that are perceived to generate value in the longer term.
Top twenty traded companies occupied about 49% of the total turnover of yesterday’s trading session. Top ten traded companies also delivered strong return. Some of them are trading at their historical highs.
The gainers took a strong lead over the losers as out of 286 issues traded, 273 advanced, nine declined and four remained unchanged in the primer bourse.
All the sectors ended in green. Among the major sectors, NBFIs gained 4.56%, the biggest gainer, followed by fuel and power which moved 3.92% up.
Telecommunications rose 3.8%, pharmaceuticals gained 2.8% and banks 1.58%.
Fuel and power sector also contributed the highest sectoral turnover accounting for 16.2% of the total market turnover.
Four issues from the power sector featured in the top ten most traded stocks.
Unique Hotel and Resorts Ltd was the most traded stock of the day with shares worth Tk309m changing hands, followed by Bangladesh Submarine Cable Company Ltd, Meghna Petroleum, Titas Gas and United Airways.
Unique Hotel and Resorts was also the day’s highest gainer, posting a rise of 10% while National Life Insurance being the day’s worst loser, plunging 26% following price adjustment after its record date.