4 months ago

Stocks open higher as large-cap shares surge

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The stock market opened higher on Sunday as the bargain hunters went on a buying spree on selective large-cap shares after recent price erosion.

Large-cap stocks such as Grameenphone, BAT Bangladesh, Robi, Beacon Pharma, United Power and Beximco Pharma saw their price up after their huge price correction.

GP, the largest stock at the Dhaka bourse, rose 0.93 per cent while BAT Bangladesh, the second largest market-cap share, advanced 1.50 per cent at noon when the report was filed.

As the price erosion of the largest and second-largest market-cap companies reduced to some extent, the market index managed to stay positive in the early trading, market analysts said.

Accordingly, the key index of the prime bourse went up by 34 points to 5812 after the two-and-a-half hour of trading at 12:00 noon.

Turnover also stood at Tk 2.06 billion till then.

Of the issues traded till then, 268 advanced, 71 declined and 51 remained unchanged on the DSE trading floor.

Low-performing stocks continued to dominate the turnover chart; Shinepukur Ceramics was the most-traded stock till then with shares worth Tk 178 million changing, followed by Central Pharma, Asiatic Lab, Fortune Shoes and Golden Son.

The Chittagong Stock Exchange (CSE) opened on a positive note with the CSE All Share Price Index – CASPI –gaining 38 points to 16,591, also at 12:00 noon.

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