Stocks rise at opening on bargain hunting

FE ONLINE REPORT | Monday, 12 April 2021

Stocks witnessed an upward trend on Monday after a sharp fall in the past two days as bargain hunters were mostly active on sector-wise lucrative issues.

Meanwhile, the bourses have extended the trading time by 30 minutes to adjust with the banking hours effective from today (Monday).

Trading on the DSE and CSE will start at 10:00 am and continue until 12:30 pm.

The market started on a positive note today with DSEX, the prime index of the Dhaka Stock Exchange (DSE), rose 48 points or 0.93 per cent to stand at 5,212 points within the first 30 minutes of the trading.

Market analysts 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 bargain hunters.

The Bangladesh Securities and Exchange Commission (BSEC) last week withdrew the floor price of 66 listed companies set a year ago when the market was in a free-fall caused by the first wave of the Covid-19 pandemic.

However, the stock market regulator on Saturday lowered the circuit breaker limit to 2.0 per cent from the existing 10 per cent for the 66 companies apparently to prevent the price fall.

Two other DSE indices also saw a positive trend till then with the DS30 index, comprising blue chips, gained 24.08 points to reach 1,976 points and the Shariah Index (DSES) rose 10.19 points to stand at 1,187 points till then.

Turnover, another important indicator of the market, stood at only Tk 939 million within the first 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 174 advanced, 61 declined, and 46 remained unchanged on the DSE trading floor till then.

Beximco was the most traded stock till then with shares worth Tk 217 million changing hands, followed by Beximco Pharma, Purabi General Insurance, Robi and Asia Pacific Insurance.

The Chittagong Stock Exchange also gained at opening with the CASPI managing 109 points to stand at 15,093, also at 10:30 am.

Of the issues traded till then 40 gained, 14 declined, and 14 remained unchanged with Tk 17 million in turnover.

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