The Financial Express

Stocks rise at opening as trading resumes amid lockdown

| Updated: April 15, 2021 17:01:17

Stocks rise at opening as trading resumes amid lockdown

The market opened higher on Thursday as stock trading resumed on a limited scale in line with the banking hours amid the countrywide strict lockdown.

Instead of the regular four hours, the trading will be held for two and a half hours (10:00 am to 12:30 pm) during the strict lockdown, according to a fresh directive of the Bangladesh Securities and Exchange Commission (BSEC).

As per the central bank circular, the banks will remain open from 10:00 am to 1:00 pm during the shutdown, accordingly, stock exchanges trading hours will be held from 10.00 am to 12:30 pm from today, said a DSE statement.

The market opened higher today as DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose more than 24.20 points or 0.46 per cent to stand at 5,282 within the first 30 minutes of trading at 10:30 am when the report was filed.

Market operators said lucrative price levels of many stocks coupled with lowered-circuit breaker limit to 2.0 per cent from the existing 10 per cent for 66 companies encouraged investors to take positions despite lockdown.

The investors, mostly institutional ones, are taking advantage of low-priced securities of some large-cap issues, said an analyst at a leading brokerage firm.

The market rallied, beating worries of the ongoing strict-lockdown, as investors’ positive gesture supported the upward drive, said a merchant banker.

Two other DSE indices also saw an upward trend till then with the DS30 index, comprising blue chips, gained 12.04 points to reach 2,009 points and the Shariah Index (DSES) rose 5.0 points to stand 1,203 points till then.

Turnover, another important indicator of the market, stood at only Tk 932 million within the first 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 162 declined, 60 advanced and 43 remained unchanged on the DSE trading floor till then.

BD Finance was the most traded stock till then with shares worth Tk 108 million changing hands, followed by Beximco, Robi, LankaBangla Finance and Crystal Insurance.

The port city bourse – the Chittagong Stock Exchange (CSE) also rose marginally at opening with CSE All Share Price Index - CASPI - gaining 42 points to stand at 15,236, also at 10:30 am.

Of the issues traded till then 34 advanced, 12 declined and 4 remained unchanged with Tk 15 million in turnover.

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