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Stocks open higher on Wednesday, after the Eid holidays, as bargain hunters opted to take positions in beaten down issues in anticipation of short-term gain potential.
After the first hour of trading, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 21 points or 0.41 per cent to stand at 5,139 at 11:00 am, when the report was filed.
The blue-chip DS30 index, a group of 30 prominent companies, gained more than 8 points to 1,830 while the DSES index, which represents Shariah-based companies, rose 4 points to 1,112.
The buses remained closed for four days from June 14 to June 18 on the occasion of Eid-ul-Adha, including weekly holidays.
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 rumors on the probable withdrawal of the proposed imposition of capital gain tax instil some confidence among jittery investors.
Walton, Unilever Consumer Care, Marico, Beacon Pharma, Square Pharma, and BAT Bangladesh are major index pullers in the early trading as they jointly accounted for more than 15 points rise of the key index.
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 672 million after one hour of trading at 11:00 am.
Of the issues traded till then, 174 advanced, 94 declined, and 68 issues remained unchanged on the DSE trading floor till then.
Crystal Insurance was the most traded stock till then with shares worth Tk 77 million changing hands, closely followed by Pragati Life Insurance, Fortune Shoes and Central Insurance.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 25 points to stand at 14,572 while the Selective Categories Index – CSCX gained 16 points to reach 11,12, also at 11:00 am.