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Stocks opened on a flying note on Sunday, with the key index crossing the 5500-mark in early trading, as buoyant investors put fresh bets on fundamentally strong shares amid the US tariff cuts sharply.
The USA revised down the reciprocal tariff to 20 per cent on Bangladesh export from initially 36 per cent, which brings Bangladesh in line with other apparel-exporting peer economies facing similar trade treatment.
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.
Following the previous day’s upbeat note, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 93 points or 1.70 per cent to 5,536 at 11:00am, when the report was filed at 11am.
The DS30 index, a group of 30 prominent companies, also gained 39 points to 2,153 while the DSES index, which represents Shariah-based companies, rose 23 points to 1,193 till then.
Turnover, another important indicator of the market, also rose and stood at Tk 3.88 billion till then as many investors were not interested in putting fresh funds into stocks amid optimism.
Of the issues traded till then, 274 advanced, 55 declined, and 60 issues remained unchanged on the DSE trading floor till then.
Uttara Bank was the most traded stock with shares worth Tk 199 million changing hands till then, followed by Malek Spinning Mills, Olympic Industries, Bangladesh Submarine Cables and Bangladesh Spinning Corporation.
The Chittagong Stock Exchange also saw an upward trend till then, with its All Shares Price Index (CASPI) gaining 219 points to 15,421, while the Selective Categories Index – CSCX rose more than 140 points to 9,466 till then.
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