Stocks open higher on buying spree in December-closing shares

Stocks opened higher on Monday, as opportunistic investors showed buying interest in December-closing stocks despite the geopolitical tensions that continued to cloud the near-term outlook.

Market analysts said investors selectively accumulated in banking and insurance stocks, helping keep indices afloat despite persistent uncertainty surrounding developments in the Middle East.

The ongoing corporate earnings season is playing a key role in determining near-term market direction.

Following the previous day’s rise, the prime index of the Dhaka Stock Exchange (DSE), went up by 27 points or 0.51 per cent to 5,343 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also surged 2 points to 2,028, while the DSES index, which represents Shariah-based companies, rose 3 points to 1,068.

Market liquidity improved notably as the total turnover stood at Tk 2.60 billion.

Of the issues traded till then, 233 advanced, 83 declined, and 71 issues remained unchanged on the DSE trading floor.

SPCL was the most traded stock with shares worth Tk 160 million changing hands till then, followed by Dominage Steels, Lovello Ice-cream, Peoples Insurance and Summit Alliance Port.

The Chittagong Stock Exchange, however,  saw a negative trend till then with its All Shares Price Index (CASPI)—losing 12 points to 14,864, while the Selective Categories Index – CSCX fell more than 10 points to 9,118.

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