The Financial Express

Stocks open higher as large-cap shares soar

| Updated: March 25, 2021 08:41:36

Stocks open higher as large-cap shares soar

Stocks opened on an upbeat note on Tuesday as bargain hunters showed their buying spree on selective large-cap lucrative issues.

Following the previous day’s sharp rise, the market opened on a positive trend as investors were convinced that the government will not impose any lockdowns even after fresh rising trends of coronavirus cases in the country.

Within the first hour of trading, the DSEX rose more than 26 points while the CSE All Share Price Index (CASPI) of port city’s bourse gained 80 points at 11:00 am when the report was filed.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 26.62 points or 0.49 per cent to stand 5,438 points till then.

Two other indices also saw an upbeat trend till then with the DS30 index, comprising blue chips, gained 13.46 points to reach at 2,080 points and the Shariah Index (DSES) rose 5.48 points to stand 1,241 points till then.

Turnover, another important indicator of the market, stood at Tk 1.60 billion within the first hour of trading when the report was filed at 11:00 am.

After enhancing the dividend limit for banks, the central bank has also allowed listed non-bank financial institutions (NBFIs) to declare up to 30 per cent dividend, up from the previous 15 per cent, which attracted investors, market insiders said.

Bangladesh Securities and Exchange Commission (BSEC) issued a statement on Monday saying the share trading will continue as usual amid Covid-19 pandemic and urged the investors not to pay heed any market closure rumour.

“Share trading will continue as usual at any situation, including the Covid-19 pandemic, as long as banking activities remain operational,” said the BSEC statement.

The statement was issued following the rumour that the trading might be shut again once the government imposes lockdown in the wake of fresh rising trends of Covid-19 infections and deaths in the recent days.

Of the issues traded till then, 149 advanced, 64 declined and 103 issues remained unchanged on the DSE trading floor till then.

Beximco was the most traded stock till then with shares worth Tk 206 million changing hands, followed by LankaBangla Finance, Robi, City Bank and Beximco Pharma.

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw upward trend till then with CSE All Share Price Index- CASPI-gaining 80 points to stand at 15,758 while the Selective Categories Index – CSCX rising 48 points to reach at 9,506, also at 11:00 am.

Of the issues traded till then 48 declined, 21 gained and 29 remained unchanged with Tk54 million in turnover.

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