Stocks buoyed by monetary policy optimism

Inventors' optimism about the market ahead of a new monetary policy helped stocks to gain.
The benchmark General Index, DGEN, market tracking index of Dhaka Stock Exchange, finished the day at 4,027.80 points, after gaining 33.71 points or 0.84 percent.
The market started the day with a negative trend, losing 20 points at 10:45am, but finally closed above the psychological 4,000-point level.
Investors went on a buying spree expecting a market friendly monetary policy, which will be helpful in increasing credit flow to the market, market analysts said.
Investors found most stocks lucrative to invest in, as the market experienced a long-term bear run, they said.
Institutional investors suffered a credit crunch and their investment got stuck due to the depressed behaviour of the market, the analysts said.
“The turnover remains low indicating a general lack of confidence among the retail investors,” IDLC Investments said in its market commentary.
A total of 0.46 lakh trades were executed with 2.92 crore shares and mutual fund units changing hands on the Dhaka bourse.
Of the 264 issues that traded on the day, 185 advanced, 51 declined and 28 remained unchanged.
Among the major sectors, pharmaceuticals gained the most, going up 1.61 percent. Telecoms rose 1.20 percent and power 1.17 percent, non-financial institutions 0.81percent and banks 0.12 percent.
Grameenphone featured in the most traded stocks chart with 4.12 lakh shares worth Tk 8.02 crore changing hands.
ICB AMCL First Mutual Fund was the biggest gainer of the day, which rose by 8.38 percent. Meghna Pet Industries was the worst loser, plunging by 6.94 percent.