Stocks open sharply higher beating Omicron worries

FE ONLINE REPORT | Thursday, 6 January 2022

Stocks opened sharply higher on Thursday, as buoyant investors put fresh bets on major sector issues, beating Omicron worries.

Following five days’ gain, DSEX, the prime index of the Dhaka Stock Exchange (DSE), rose 46.18 points or 0.66 per cent to stand at 6,976, after the first hour of trading at 11:00am on Monday.

Two other indices also saw upbeat trends till then. The DS30 index, comprising blue chips, soared 16 points to reach 2,591 points and the Shariah Index (DSES) jumped 8.06 points to stand 1,471.

Market analysts said stocks continued to swell, beating worries of the rising Covid-19 cases in the country as the investors continued pouring in their funds in the rallying stock market.

The investors continued pouring in their funds in stocks, putting their bet on hopes that the Omicron variant of Covid-19 would not be as devastating as many had previously thought, they said.

Turnover, another important indicator of the market, stood at Tk 4.40 billion within the first hour of trading at 11:00am.

Of the issues traded till then, 226 advanced, 95 declined and 47 issues remained unchanged on the DSE trading floor till then.

Bangladesh Shipping Corporation was the most traded stock till then with shares worth Tk 449 million changing hands, closely followed by Delta Life Insurance, Beximco, ONE Bank and BSCCL.

The Chittagong Stock Exchange opened sharply higher with its All Shares Price Index (CASPI)—rising 107 points to stand at 20,433, while the Selective Categories Index – CSCX gaining 65 points to reach at 12,272, also at 11:00am.

Of the issues traded till then 83 advanced, 59 declined, and 22 remained unchanged with Tk 94 million in turnover.

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