Dhaka stocks rose on Monday breaking a five-day losing streak on bargain hunting.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1.29 per cent, or 52.41 points, to close at 4,092.28 points.
Turnover of the bourse increased to Tk 239.08 crore on the day from that of Tk 203.54 crore a day before.
Market operators said a section of investors became active in the market to buy shares at lower prices after the five-day fall.
They said investors expected the market would turn around from that level for a while as the government institutions usually became active to keep the market afloat.
Moreover, the Securities and Exchange Commission’s decision to follow up Tk 1,200 crore stock market investment plans by four banks also made some investors hopeful.
‘We see that when the index is about to fall below 4,000-point mark, the state-owned financial institutions become active to keep the market afloat and the index recovers some ground,’ said a stockbroker.
He said there was no major reason for the market to rise on Monday except the fall in share prices in the previous five sessions when the DGEN lost 245 points.
Investors remained sceptical about the market as the institutional investment declined in last few months amid liquidity crisis, he said.
‘Moreover, some legal complexities over shareholding by directors have kept the market volatile for a long period of time,’ he said.
Among the major sectors, power gained the most by 2.18 per cent on Monday, followed by non-bank financial institutions that gained 1.56 per cent.
Pharmaceuticals gained 0.98 per cent, banks by 0.69 per cent and telecommunications gained 0.07 per cent on the day.
Of the 269 issues traded, 203 advanced, 41 declined and 25 remained unchanged.
RN Spinning topped the list of turnover leaders with its shares worth Tk 17.91 crore changing hands.
The other turnover leaders were Bangladesh Submarine Cable Company, Grameenphone, Unique Hotel, Keya Cosmetics, Titas Gas, Saiham Cotton Mills, United Airways, Square Pharmaceuticals and Meghna Petroleum.
-With New Age input
