Stocks open higher as large-cap surge

Stocks opened higher on Thursday with rising turnover as buoyant investors are putting fresh bets on selective large-cap shares amid growing confidence.

Following the previous eight days’ rise, DSEX, the key index of the prime bourse, went up by 32 points to 6,384 after the first hour of trading at 11:00 am, when the report was filed.

The index rise of the market index was mostly driven by large-cap stocks such as Walton, United Power, Beacon Pharma, Titas Gas, ICB and Summit Power in the early trading.

The DSES index, which represents Shariah-based companies, gained 2 points to 1,389 and the DS30 Index, which consists of blue-chip companies, rose 5 points to 2,140.

Market experts said stocks surged driven by increased buying activity across the trading floor, followed by heightened optimism among investors.

Turnover also stood at Tk 6.18 billion after the first hour of trading as the bargain hunters were confident enough to put fresh funds on good stocks.

Of the issues traded till then, 300 advanced, 50 declined and 33 remained unchanged on the DSE trading floor.

Central Pharma became the most-traded stocks till then with shares worth Tk 276 million changing, followed by Malek Spinning, Orion Infusion, and Fu-Wang Ceramic.

The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – gaining 98 points to 18,273 at 11:00am.

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