Stocks witnessed an upward trend in early trading on Tuesday as optimistic investors showed their buying spree on sector-wise issues amid high expectations.
Following the previous day’s major correction, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher riding on regulatory moves to restore discipline in the market.
Within 30 minutes of trading, the DSEX rose more than 28 points while the CSE All Share Price Index (CASPI) of port city’s bourse gained 42 points at 10:30 am when the report was filed.
DSEX, the prime index of the DSE, went up by 28.34 points or 0.59 per cent to reach at 4,813 points at 10:30 am.
The two other indices also saw upward trend till then. The DS30 index, comprising blue chips, rose 10.86 points to reach at 1,628 and the DSE Shariah Index (DSES) advanced 3.73 points to reach at 1,100 points till then.
Turnover, the important indicator of the market, jumped to Tk 1.95 billion within the first 30 minutes of trading when the report was filed at 10:30 am.
Market analysts said lower returns on the money market, the lucrative price level of listed securities and strong regulatory actions against wrongdoers coupled with some positive macro indicators prompted investors to take a position on large-cap stocks.
The investors are injecting fresh funds into the market targeting capital gains as returns from the money market have declined, said a merchant banker.
Of the issues traded till then, 221 advanced, 72 declined and 41 remained unchanged on the DSE floor.
Beximco was the most traded stocks till then with shares worth Tk 223 million changing hands, closely followed by Beximco Pharma, Orion Pharma, KPCL and Appollo Ispat.
The port city bourse – the Chittagong Stock Exchange – (CSE) also saw upward trend till then with CSE All Share Price Index- CASPI-gaining 42 points to stand at 13,713, also at 10:30 am.
The Selective Category Index – CSCX –also rose 26 points to stand at 8,261 points till then.
Of the issues traded till then, 55 gained, 24 declined, and 10 issues remained unchanged with Tk 38 million in turnover.