Stocks returned to winning streak Monday with surging turnover as enthusiastic investors were active on sector specific stocks.
Analysts said the market moved modestly higher, after witnessing a mild correction in the previous day, as optimistic investors took position, especially on non-bank financial institutions, engineering and food and allied stocks.
The market started with a higher note and the key index of the premier bourse crossing 4,800-mark within first 30 minutes, but the growing momentum slowed down within the first hour amid profit booking sell pressure. However, second half of the session demonstrated an effort to revival, ultimately closed 11 points higher.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 11.07 points or 0.23 per cent to settle at 4,797.65, which was the fresh 14-month high since October 7 last year, when DSEX was 4,800.62.
The two other indices also edged higher. The DS30 comprising blue chips advanced 1.49 points or 0.08 per cent to finish at 1,769.99. The DSE Shariah Index (DSES) gained 1.36 points or 0.12 per cent to close at 1,136.05.
Turnover, the important indicator of the market, jumped to Tk 7.48 billion, which was nearly 23 per cent higher than the previous day's turnover of Tk 6.10 billion.
Monday's turnover was the also the year's second highest turnover value after Tk 14.78 billion recorded on November 23, which was largely depended on block transaction of Khulna Power Company.
IDLC Investments, a merchant bank, said, "Turnover remained very encouraging, which was primarily driven by engineering, textile and bank sectors".
Overall activities remained confined on, engineering, textile and bank sectors, where they captured 18 per cent, 12 per cent and 11 per cent respectively of the day's total turnover value.
LankaBangla Securities, a stockbroker, said, "The market passed a volatile session as investors showed a cautious mood before index cross the 4,800 level".
The stockbroker noted that overall market performance turned positive in last hour of trading, but there appears to be some selective profit taking in several pockets of the market.
International Leasing Securities, a stockbroker, said the positive momentum in some sectors especially textile, general insurance, engineering and financial institution generated vibration in the investors' mind.
The large-cap sectors showed mixed performance. The non-bank financial institutions posted the highest gain of 0.83 per cent, followed by engineering 0.74 per cent, food and allied 0.51 per cent and pharmaceuticals 0.17 per cent.
Telecommunication witnessed the highest loss of 0.82 per cent, followed by banks 0.35 per cent and fuel and power 0.11 per cent.
After completing disbursement of bonus shares, Beximco topped the DSE turnover chart with about 9.29 million shares worth Tk nearly 233 million changing hands, closely followed by Bangladesh Building Systems, Doreen Power Generations and Systems, Quasem Drycells and AB Bank.
The gainers took a strong lead over the losers as out of 321 issues traded, 173 closed higher, 112 closed lower and 36 remained unchanged on the DSE trading floor.
Regent Textile Mills was the day's highest gainer, posting a 9.77 per cent gain, while Savar Refactories was the worst loser, slumping by 9.01 per cent.
The port city bourse, the Chittagong Stock Exchange (CSE) also edged higher with its Selective Categories Index - CSCX - advancing 29.06 points to settle at 8,986.50 points.
Gainers beat losers as 147 issues closed higher, 76 closed lower and 29 remained unchanged on the CSE.
The port city bourse traded 18.82 million shares and mutual fund units' worth over Tk 415 million in turnover.