Dhaka, Bangladesh (BBN)- The prime index of the Dhaka Stock Exchange (DSE) registered a staggering 2.08 percent gain on Monday, the biggest single-day gain in the last 12 months as investors went for buying spree amid optimism.
DSEX, the prime index of the DSE soared 99.21 points to close at 4,868.64 points after remaining weak in the last couple of sessions. It was also the biggest single-day gain in 2014 since December 3, 2013.
The market started with a flying note and remained vibrant throughout the session amid strong buying pressure from the investors, including global fund managers.
“The stock market witnessed a biggest single-day gain in the past 12 months as the investors went for buying spree on heavyweight telecommunication and banking stocks,” said an analyst.
IDLC Investments said: “Backed by lucrative prices and expectation on upcoming year-end disclosures, first session of December 2014 was upbeat”.
“Price spiral in some specific large cap stocks, like GP and MJL BD added boost to overall market movement,” said the merchant bank.
“The benchmark index saw sharp gain as investors started to feel the market to be at an oversold territory,” said LankaBangla Securities, a leading stock broker in an analysis.
The largest capitalized GP led the broad market rally. Moreover, banking sector was 2.21 per cent up which made investors bullish about the market, said the stock broker.
An analyst said that some high-profile companies are still lucrative to invest in, while most of low-profile companies’ shares turn into overprices.
“The investors should carefully invest in a booming market and should analyse the fundamentals of securities before they put cash in stocks,” he added.
BBN/SSR/AD-01Dec14-9:07 pm (BST)