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Stocks opened higher on Wednesday as bargain hunters went on a buying spree on large-cap shares amid increased participation of investors.
Following the previous day’s sharp rise, DSEX, the key index of the prime bourse, went up by 16 points to 6,166 after the first one and a half hour of trading at 11:30am, when the report was filed.
The recovery of the market index was mostly driven by large-cap stocks such as Beacon Pharma, IFIC, Rupali Bank, Malek Spinning, and Dutch-Bangla Bank.
Two other indices also saw positive trends till then. The DS30 Index, which consists of blue-chip companies, rose more than 2 points to 2,113 while the DSES index, which represents Shariah-based companies, gained 2 points to 1,353.
Market experts said the buying appetite of institutional investors in selective stocks helped the market to recover in early trading.
Turnover also stood at Tk 4 billion after the first and a half hour of trading as the bargain hunters were confident enough to put fresh funds on good stocks.
Of the issues traded till then, 19 advanced, 147 declined and 41 remained unchanged on the DSE trading floor.
Khulna Paper & Printing became the most-traded stocks till then with shares worth Tk 324 million changing, followed by Central Pharma, BD Thai Aluminum, IFIC Bank and Aftab Auto.
The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – gaining 30 points to 17,473 after the first and a half hour of trading at 11:30am.