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Stocks opened higher on Sunday as bargain hunters bet on lucrative large-cap shares in anticipation of a potential turnaround after regulatory intervention.
The market recovery was also supported by higher than expected earnings declaration of many companies and regulatory intervention to stop further market erosion, market experts said.
Price hikes of large-cap stocks such as BAT Bangladesh, Power Grid, Grameenphone, Robi and Square Pharma mostly contributed to the market upturn as they jointly accounted for a 25 points rise of the index at the opening.
As a result, DSEX, the Dhaka Stock Exchange (DSE) went up by 71 points or 1.27 per cent to 5,687, after the two first hours of trading at 12:00 noon, when the report was filed.
The blue-chip index DS30, a group of 30 prominent companies, saw a more than 23 points jump to 2031 while the DSES Index, which represents Shariah-based companies, gained more than 15 points to 1,247 till then.
Turnover, a crucial indicator of the market, stood at Tk 4.12 billion after the first two hours of trading.
Of the issues traded, 283 advanced, 57 declined and 52 remained unchanged till then.
The Chittagong Stock Exchange (CSE) also opened high with the CSE All Share Price Index – CASPI –gaining 117 points to 16,169, also at 12:00 noon.