Stocks open higher after four-day slump
The stock market opened higher on Wednesday as the bargain hunters were showing their buying interest on sector-specific stocks after a four-day price correction.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 38.16 points or 0.60 per cent to reach 6,399 within the first hour of trading when the report was filed at 11:00 am.
Two other DSE indices also opened higher. The DS30 index, comprising blue chips, gained 13.03 to reach 2,313 and the Shariah Index (DSES) rose 4.75 points to stand at 1,392.
Earlier, the DSE prime index slumped 119 points in total since the national budget was unveiled on Thursday last.
Market insiders said the bargain hunters are now showing their buying interest in stocks which saw a significant fall in the recent price erosion.
Many investors were also cautiously analysing the proposed budget before making any further investment decisions, they said.
Turnover, another important indicator of the market, stood at Tk 2.35 billion after the first hour of trading.
Of the issues traded till then, 257 advanced, 69 declined and 48 remained unchanged on the DSE trading floor.
Beximco was the most traded stock till the filing of this report with shares worth Tk 223 million changing hands, closely followed by Shinepukur Ceramics, BD Finance, JMI Hospital Requisite Manufacturing and RAK Ceramics.
The port city bourse – the Chittagong Stock Exchange – (CSE) also opened higher with CSE All Share Price Index - CASPI - gaining 64 points to stand at 18,775, also at 11:00 am.
Of the issues traded till then, 89 advanced, 62 declined and 30 remained unchanged with Tk 47 million in turnover.