Stocks open higher as large-cap shares surge

Stocks opened higher on Thursday, as bargain hunters are taking positions on lucrative shares in anticipation of short-term gain.

The news that the Investment Corporation of Bangladesh (ICB) received a sovereign guarantee against Tk 30 billion loans sought from the Bangladesh Bank so that it can play a bigger role in the capital market, also boosted investors' confidence.

Alongside, the regulatory efforts to rebound investors’ market sentiment and capital gain tax news boosted a section of investors’ confidence to some extent.

The price surge of major stocks such as Robi, Grameenphone, BAT Bangladesh, LafargeHolcim and Brac Bank mostly contributed to the index rise.

Following the previous day’s gain, the prime index of the Dhaka Stock Exchange (DSE), went up by 65 points or 1.22 per cent to 5,380 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, gained 19 points to 1,991 while DSES index, which represents Shariah-based companies, rose 14 points to 1,199.

Turnover, another important indicator of the market, stood at Tk 1.78 billion till then.

Of the issues traded till then, 308 advanced, 37 declined, and 25 issues remained unchanged on the DSE trading floor till then.

Bangladesh Shipping Corporation was the most traded stock till then with shares worth Tk 107 million changing hands.

The Chittagong Stock Exchange saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 80 points to stand at 14,861 while the Selective Categories Index – CSCX rose 45 points to reach 9,048 till then.

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