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Stocks opened sharply higher on Thursday as bargain hunters opted to take positions in lucrative multinational companies in anticipation of short-term gains.
Linde Bangladesh's stock jumped more than 23 per cent alone at opening as the company declared a 1540 per cent interim cash dividend.
After the first hour of trading, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 65 points or 1.26 per cent to stand at 5,226 at 11:00am, when the report was filed.
The blue-chip DS30 index, a group of 30 prominent companies, gained more than 25 points to 1,869 while the DSES index, which represents Shariah-based companies, rose 20 points to 1,141.
Market analysts said after a sharp correction in recent weeks, many good stocks came down to a lucrative price level, which encouraged a section of investors to put in fresh steak.
Moreover, prevailing rumours on the probable withdrawal of the proposed imposition of capital gain tax instill some confidence among jittery investors.
The participation of investors, however, remained thin on the trading floor, as most of the investors are yet to return to Dhaka after celebrating Eid festival in their village homes.
Turnover, another important indicator of the market, stood at Tk 1.06 billion after one hour of trading at 11:00 am.
Of the issues traded till then, 278 advanced, 53 declined, and 45 issues remained unchanged on the DSE trading floor till then.
Asiatic Lab was the most traded stock till then, with shares worth Tk 51 million changing hands.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 109 points to stand at 14,717 while the Selective Categories Index – CSCX gained 65 points to reach 11,345, also at 11:00 am.