Dhaka stocks rebounded Monday, breaking three consecutive session of losing streak with improving turnover value as investors went for buying amid fresh optimism.
Analysts said market sentiment was negative at the start of the session following news that World Bank representatives have postponed their visit to Bangladesh linked to Padma Bridge financing. Later, upon confirmation of WB team visit by this month made investors optimistic.
The market witnessed volatility in the initial 30 minutes and lost about 25 points. However, rest of the session it recovered the early hour loss, DGEN closed with a surplus almost 45 points.
The benchmark general index of the Dhaka Stock Exchange (DGEN), the main gauge of the market went up by 44.93 points or 0.98 per cent from previous session and close at 4,589.33. Earlier, last three consecutive sessions, the DGEN lost almost 230 points.
The broader All Shares Price Index (DSI) rose 35.99 points or 0.93 per cent to 3,881.68. The DSE-20 Index comprising blue chips also gained 23.29 points or 0.66 per cent to close at 3,524.89.
"The market started with rapid fall as news of postponement of World Bank team's scheduled visit spread over the bourse, accelerating by a panic sale. However, the market back on positive track upon confirmation of visit of two teams of World Bank within this month," stated IDLC Investments.
"Most of the shares reversed their trend as investors' nervousness soothed with the news of World Bank team coming within this month," commented LankaBangla Securities, a leading stock broker.
The DGEN dipped below 4,500-level briefly. But bargain hunting along with the market getting support at psychologically important 4,500-point level closed the market positive, said a merchant banker.
A stock broker, however, said that the World Bank's statement seemed put positive or negative impact in the market.
"If the World Bank's statement drives the market, where are the companies fundamental?," he questioned, seeking anonymity.
He urged the investors not to be panicked and behaved rationally.
Turnover value remained virtually unchanged at Tk 7.83 billion against Tk 7.82 billion in the previous session.
Gainers outshined the losers as out of 274 issues traded, 215 closed positive, 53 negative and six remained unchanged.
All the major sectors were green on the day except fuel and power which lost 0.81 per cent.
Banks gained 1.87 per cent, the most followed by telecommunications 1.37 per cent, while NBFIs and pharmaceuticals gained 0.61 per cent and 0.25 per cent respectively.
A total of 211.89 million shares changed hands on the day against 216.07 million in the previous session. The trade deals also came down to 172,066 against Sunday's 185,749.
The market capitalisation of the DSE stood at Tk 2,554.82 billion against Tk 2,530.79 billion in the previous session.
United Airways continued to dominate the top turnover chart with share worth Tk 1.0 billion changed hands which equivalent to 12 per cent of the day's total turnover.
The other turnover leaders were RN Spinning, BSCCL, Titas Gas, UCBL, Keya Cosmetics, Agni System, Beacon Pharma, Unique Hotel and Resorts and Beximco Pharma.
CMC Kamal was the day's top gainer posting a rise of 10 per cent followed by Grameen One, First Prime Finance Mutual Fund, FAS Finance, Phoenix Finance Mutual Fund, AIMS First Mutual Fund, BSCCL, Grameen Two, Agni System and BD Com.
The day's worst losers included Delta Spinners, Imam Button, Prime Insurance, Seventh ICB, Navana CNG, Standard Ceramic, First Bangladesh Fixed Income Fund, Jute Spinners, Delta Life Insurance and Linde BD.
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