Stocks open higher after two-day plunge

Stocks opened higher on Tuesday after a two-day fall as bargain hunters showed buying interest in undervalued blue-chip shares.

Analysts said the opportunistic investors engaged in bargain hunting while closely monitoring developments around Middle East tensions, although persistent caution over the unresolved fuel crisis and perceived uncertainties surrounding the government’s austerity measures continued to keep overall market participation subdued.

Following the previous day's decline, the prime index of the Dhaka Stock Exchange (DSE) rose by more than 28 points or 0.54 per cent to 5,261 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also gained 4 points to 1,984, while the DSES index, which represents Shariah-based companies, rose 5 points to 1,064 till then.

Turnover, another important indicator of the market, remained low and amounted to Tk 2.63 billion till then.

Of the issues traded till then, 259 advanced, 60 declined, and 66 issues remained unchanged on the DSE trading floor till then.

City Bank was the most traded stock with shares worth Tk 100 million changing hands till then, followed by Apex Spinning and Acme Pesticides.

The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 22 points to 14,746, while the Selective Categories Index – CSCX rose more than 15 points to 9,039.

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