Stocks opened higher on Monday as optimistic investors are showing buying spree on major sector issues after the central bank unveiled an expansionary monetary policy statement.
Bangladesh Bank on Thursday unveiled another expansionary monetary policy for this fiscal year, which will help the market to get more liquidity.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 28.58 points or 0.44 per cent to stand at 6,453 points within the first 30 minutes of trading when the report was filed at 10:30 am, the highest since its inception in 2013.
Two other indices also saw an upbeat trend at the opening as the DS30 index, comprising blue chips, rose 13.16 points to reach 2,341 and the Shariah Index (DSES) gained 7.95 points to stand 1,409 points till then.
Turnover, another important indicator of the market, stood at Tk 3.05 billion within the first 30 minutes of trading at 10:30 am.
Market experts said the core index holds its firm position at above 6,000 points marks as buying support added strength to the equity indices despite worries over virus-infused shock to the country’s economy.
The institutional investors preferred buying stocks as they hope the index will rise further as money flow in the banking sector may increase after the monetary policy statement, said a merchant banker.
He noted that the investors are also optimistic as the Bangladesh Bank unveiled the ongoing expansionary monetary policy for this fiscal year, which will help the market to get more liquidity.
Of the issues traded till then, 213 advanced, 109 declined and 31 remained unchanged on the DSE trading floor till then.
GPH Ispat was the most traded stock till then with shares worth Tk 162 million changing hands, closely followed by Saif Powertec, Taufika Foods, Alif Manufacturing and Golden Harvest Agro Industries.
The port city bourse – the Chittagong Stock Exchange – (CSE) saw an upward trend till then with CSE All Share Price Index- CASPI-rising 54 points to stand at 18,689, also at 10:30 am.
Of the issues traded till then 96 advanced, 33 declined and 15 remained unchanged with Tk 68 million in turnover.