Stocks open marginally higher after five-day slump

FE ONLINE REPORT | Wednesday, 18 May 2022

The market opened marginally higher on Wednesday after a five-day slump as bargain hunters are showing buying interest on lucrative issues riding on regulatory moves.

Following the previous five day’s fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 31.40 points or 0.49 per cent to stand at 6,434, after the first hour of trading at 11:00am.

Two other indices also saw positive trend till then with the DS30 index, comprising blue chips, gaining 9.28 points to reach 2,372 and the Shariah Index (DSES) rose 5.18 points to stand at 1,413.

Turnover, another important indicator of the market, amounted to Tk 2.02 billion after the first hour of trading at 11:00am.

Market analysts said regulatory efforts to increase funds flow in the market coupled with bargain hunting help the market to open higher.

Some institutional investors, including the state-run Investment Corporation of Bangladesh, also active in the market, they said.

However, a record surge in trade deficit in the wake of global price instabilities has become a concern among investors as it shortened dollar supply and depreciated the local currency.

Of the issues traded till then, 265 advanced, 54 declined, and 50 issues remained unchanged on the DSE trading floor till then.

Shinepukur Ceramics was the most traded stock till then with shares worth Tk 215 million changing hands, closely followed by Beximco, RD Food, JMI Hospital Requisite Manufacturing and Bangas.

The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 67 points to stand at 18,812 the Selective Categories Index – CSCX rose 40 points to reach 11,288 at 11:00am.

Of the issues traded till then 91 advanced, 38 declined, and 17 remained unchanged with Tk 44 million in turnover.

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