Stocks rebound after choppy trading

Stocks rebounded Monday, after a single-session break, as investors went on final hour buying spree on large-cap issues.

Market insiders said the market backed to green with rising turnover as some optimistic investors showed their buying appetite on sector specific large-cap stocks.

"The market rebounded as large-cap and mid-cap stocks tuned up and market participants showed some zeal for banking, power and telecom stocks," said an analyst at a leading brokerage.

However, a section of investors remained cautious ahead of Monetary Policy Statement (MPS) declaration scheduled to be unveiled on Wednesday.

The market started with a positive note and went thought a volatile movement in the first three hours of the session, but last hour strong buying pressure, taking the market in the green zone.

Finally, DSEX, the core index of the DSE, went up by 22.52 points or 0.38 per cent to settle at 5,798 over the previous session.

EBL Securities, a stockbroker, said, "The market closed positive amid shaky movement of the index prior to the "Monetary Policy Statement (MPS) declaration by the Bangladesh Bank".

The stockbroker noted that investors' last hour buying spree lifted the index up as investors displayed their buoyancy on stocks from bank, fuel & power and telecommunication sectors.

The two other indices also edged higher. The DS30 index, comprising blue chips advanced 4.17 points or 0.19 per cent to finish at 2,125. The DSE Shariah Index (DSES) gained 1.39 points or 0.10 per cent to close at 1,313.

Turnover, the important indicator of the market, stood at Tk 6.31 billion on the major bourse, which was 32 per cent higher than the previous day's one month lowest turnover of Tk 4.78 billion.

Bank sector emerged as turnover leader, grabbing 18 per cent of the day's turnover value, followed by engineering with 12.2 per cent and textile 12 per cent.