Stocks open higher amid growing confidence

Stocks opened higher on Sunday as buoyant investors continued their buying spree surrounding the upcoming earnings and dividend declaration season.

Market analysts said the investor's positive market sentiment remained resilient, bolstered by the central bank’s latest decision to cut the reverse repo and rising expectations of an imminent the main policy rate cut amid signs of easing inflation.

Moreover, improving some key macroeconomic indicators such as exports, remittance and gradual strength of local currency against US dollar, also boosted investor confidence in the market.

Following the previous week’s upbeat note, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 42 points or 0.83 percent to 5,175 at 11:00am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also gained 26 points to 1,962 while the DSES index, which represents Shariah-based companies, rose 13 points to 1,132 till then.

Turnover, another important indicator of the market, was also high and stood at Tk 2.01 billion till then as investors’ participation increased amid high hopes.

Of the issues traded till then, 223 advanced, 79 declined, and 85 issues remained unchanged on the DSE trading floor till then.

Bangladesh Shipping Corporation was the most traded stock with shares worth Tk 138 million changing hands till then.

The Chittagong Stock Exchange also saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 57 points to 14,386 while the Selective Categories Index – CSCX rose more than 36 points to 8,781 till then.

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