Stocks opened higher on Tuesday as the buoyant investors continued their buying spree on major sector issues riding on high hopes.
The premier bourse continued to break their previous records with DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 36.77 points or 0.55 per cent to stand at 6,664 points within the first 30 minutes of trading at 10:30 am –the highest since its inception more than eight years back in 2013.
Two other indices also saw an upbeat trend at the opening as the DS30 index, comprising blue chips, rose 7.10 points to reach a record high of 2,399 and the Shariah Index (DSES) gained 6.14 points to stand at 1,458 points till then.
Turnover, another important indicator of the market, stood at Tk 3.32 billion within the first 30 minutes of trading at 10:30 am.
Market experts said stocks climbed a record high almost every day as more and more investors joined the rally with an expectation of better returns from the bullish market.
Investors are rushing towards the capital market amid lower returns on the money market and limited scope of investment in other instruments, said a merchant banker.
He noted that the institutional investors continued their buying binge as they hope the index will rise further.
However, he said the investors need to be cautious of overvalued stocks in order to avert any misfortune.
Of the issues traded till then, 231 advanced, 72 declined and 52 remained unchanged on the DSE trading floor till then.
Appollo Ispat was the most traded stock till then with shares worth Tk 155 million changing hands, closely followed by Beximco, IFIC Bank, ML Dyeing, and National Housing Finance & Investment.
The port city bourse – the Chittagong Stock Exchange – (CSE) saw an upward trend till then with CSE All Share Price Index- CASPI-rising 36 points to stand at 19,326, also at 10:30 am.
Of the issues traded till then 64 advanced, 23 declined and 81 remained unchanged with Tk 98 million in turnover.