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Stocks opened sharply higher on Wednesday, with the key index exceeding the 5500-mark, as buoyant investors are putting fresh bets on lucrative blue-chip shares riding on the recent developments in the country’s political landscape.
Investors are optimistic about the return of good governance in the market after the resignation of Sheikh Hasina, market experts said.
The market rally was largely supported by fundamentally-strong stocks that had become cheap after sharp corrections in recent times.
After two and a half hours, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up 75 points or 1.38 per cent to 5,501 at 12:30pm, when the report was filed.
The blue-chip DS30 index, a group of 30 prominent companies, jumped more than 39 points to 1974 while the DSES index, which represents Shariah-based companies, rose 14 points to 1,191.
Turnover, another important indicator of the market, stood at Tk 3.92 billion till then.
Of the issues traded till then, 167 advanced, 196 declined, and 29 issues remained unchanged on the DSE trading floor till then.
Robi was the most traded stock till then with shares worth Tk 218 million changing hands.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 280 points to stand at 15,673 while the Selective Categories Index – CSCX gained 168 points to reach 9447, also at 12:30am.