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Stocks extended gains on Wednesday morning as bargain hunters showed renewed buying interest following a two-week ceasefire agreement between the United States and Iran, bringing relief to global markets.
Market analysts said the easing of geopolitical tensions, particularly the temporary reopening of the Strait of Hormuz under the ceasefire deal, helped restore investor confidence and prompted fresh buying across sectors.
The development came after a last-minute diplomatic effort that helped avert escalating tensions linked to former US President Donald Trump’s earlier ultimatum to Iran.
Following the news, the benchmark index of the Dhaka Stock Exchange (DSEX) soared by 133 points, or 2.65 per cent, to stand at 5,293 within the first hour of trading at 11:00 am.
The DS30 index, comprising blue-chip securities, advanced 47 points to 2,018. The DSES index, which represents Shariah-based companies, also gained 26 points to reach 1,071.
Turnover, a crucial indicator of market activity, rose significantly to Tk 4.0 billion during the period under review.
Market breadth remained overwhelmingly positive, with 377 issues advancing, only five declining and six remaining unchanged on the DSE trading floor.
Khan Brothers topped the turnover chart with shares worth Tk 202 million changing hands, followed by KDS Accessories, BRAC Bank and Acme Laboratories.
Meanwhile, the Chittagong Stock Exchange (CSE) also witnessed a bullish trend. Its All Shares Price Index (CASPI) gained 141 points to 14,630, while the Selective Categories Index (CSCX) rose 78 points to 8,945 till then.
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