Stock open higher riding on junk shares

Stocks opened positive on Tuesday, after a big fall the previous day, as bargain hunters put fresh bets on rumour-based junk stocks in anticipation of short-term gains.

A section of investors chased low-performing junk stocks again such as Zeal Bangla Sugar Mills, Ambee Pharma, Libra Infusion, and Meghna Pet Industries which topped the gainers list till then.

However, most investors remained on the sidelines due to the latest policy rate hike by a further 50 basis points amid a tightened monetary space fueled the prevailing concerns among investors regarding the market outlook.

Following the previous day’s major fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), saw nearly 5 points higher to 6,214 after the first two hours of trading at 12:00 noon.

The DS30 Index, which consists of blue-chip companies, rose 0.05 points to 2,101 while the DSES index, which represents Shariah-based companies, advanced 1.60 points to 1,349.

Turnover remained low and total turnover stood at Tk 1.20 billion after the first two hours of trading.

Small-cap stock Central Pharma became the most-traded stocks till then with shares worth Tk 68 million changing hands, followed by BD Thai Aluminum, Khulna Printing and Gemini Sea Food.

Of the issues traded till then, 104 advanced, 32 declined and 128 remained unchanged on the DSE trading floor.

The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – gaining 4 points to 18,426 after two hours of trading.

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