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Stocks opened higher on Monday as buoyant investors put fresh bets on heavyweight bank stocks amid easing local and geopolitical tensions.
The improving macroeconomic factors, supported by healthy foreign exchange reserves, rising exports, and record remittance inflows have boosted investors sentiment, market analysts said.
Falling inflation and declining government securities yields also spurred bargain hunters to take positions in lucrative banking stocks amid expectations of a reversal of the market’s prolonged bearish trend.
Some 34 banks out of 36 listed banks saw price appreciation in the first hour of trading.
Following the previous day’s upbeat note, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 46 points or 0.95 per cent to 4,940 at 11:00am, when the report was filed at 11am.
The DS30 index, a group of 30 prominent companies, also gained 14 points to 1,849 while the DSES index, which represents Shariah-based companies, rose97 points to 1,074 till then.
Turnover, another important indicator of the market, also rose and stood at Tk 1.76 billion till then as many investors were not interested to put fresh funds into stocks amid optimism.
Of the issues traded till then, 227 advanced, 80 declined, and 75 issues remained unchanged on the DSE trading floor till then.
The banking sector also dominated the turnover chart as BRAC Bank was the most traded stock with shares worth Tk 152 million changing hands till then, followed by Rupali Bank, City Bank and Midland Bank.
The Chittagong Stock Exchange also saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 76 points to 13,704 while the Selective Categories Index – CSCX rose more than 50 points to 8,383 till then.
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