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Stocks open sharply higher on Thursday, with the key index exceeding the 5400-mark, as buoyant investors are putting fresh bets on lucrative blue-chip shares in anticipation of quick gains.
Market analysts said after a sharp correction of recent weeks, many good stocks came down to a lucrative price level, which encouraged a section of investors to put in fresh steak.
Large-cap and blue chip stocks such as Grameenphone, Walton, BAT Bangladesh, Robi and United Power mostly accounted for the index rise.
The news that the government may allow the government servants to trade in the share market, a reversal of a decades-old rule, also boosted the investors’ confidence, said a stockbroker.
The public administration ministry sent a draft amendment to the Government Servants (Conduct) Rules, 1979, to the law ministry, which vetted and returned it, sources said.
After the first one and a half hour of trading, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 71 points or 1.32 per cent to 5,445 at 11:30am, when the report was filed.
The blue-chip DS30 index, a group of 30 prominent companies, jumped more than 23 points to 1936 while the DSES index, which represents Shariah-based companies, rose 15 points to 1,202.
Turnover, another important indicator of the market, stood at Tk 2.68 billion after one hour of trading at 11:30am.
Of the issues traded till then, 329 advanced, 32 declined, and 24 issues remained unchanged on the DSE trading floor till then.
Orion Pharma was the most traded stock till then with shares worth Tk 185 million changing hands.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 130 points to stand at 15,286 while the Selective Categories Index – CSCX gained 78 points to reach 9208, also at 11:30am.