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Stocks opened higher on Tuesday as bargain hunters went on a buying spree on large-cap shares after expected corrections in the past few days.
Following the previous day’s marginal rise, DSEX, the key index of the prime bourse, went up by 54 points to 6,155 after the first one and a half hours of trading at 11:30 am, when the report was filed.
The recovery of the market index was mostly driven by large-cap stocks such as Walton, Power Grid, BSRM Steel, Investment Corporation of Bangladesh, United Power, Titas Gas and Brac Bank.
Two other indices also saw positive trends till then. The DS30 Index, which consists of blue-chip companies, rose 10 points to 2,113 while the DSES index, which represents Shariah-based companies, gained 12 points to 1,354.
Market experts said the buying appetite of institutional investors in selective stocks helped the market to recover in early trading.
Turnover also stood at Tk 3.62 billion after the first and a half hours of trading as the bargain hunters were confident enough to put fresh funds on good stocks.
Of the issues traded till then, 305 advanced, 44 declined, and 36 remained unchanged on the DSE trading floor.
BD Thai Aluminum became the most-traded stock till then with shares worth Tk 202 million changing, followed by ITC, Fu-Wang Food, and Khulna Printing.
The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – gaining 119 points to 17,384 after the first and a half hour of trading at 11:30 am.