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Stocks open sharply higher on Thursday as buoyant investors put fresh bets on lucrative blue-chip shares in anticipation of quick gains.
After the first two hours of trading, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 62 points or 1.17 per cent to stand at 5,364 at 12:00 noon, when the report was filed.
The blue-chip DS30 index, a group of 30 prominent companies, gained more than 21 points to 1925 while the DSES index, which represents Shariah-based companies, rose 15 points to 1,181.
Market experts said investors opted to take positions in beaten-down major stocks as they came down to a historic low after sharp correction since removal of floor price in January this year.
The news of International Monetary Fund (IMF) loans approval and keeping the undisclosed money whitening opportunity without scrutiny by paying 15 per cent tax have boosted the investors’ confidence to some extent.
The International Monetary Fund (IMF) board on Monday night approved the release of $1.15 billion in the third tranche of the $4.70 billion loan package for Bangladesh.
This is a significant development for Bangladesh, grappling with dwindling foreign exchange reserves over the past two years and the news boosted the investors’ confidence.
Turnover, another important indicator of the market, stood at Tk 3.47 billion after two hours of trading.
Of the issues traded till then, 280 advanced, 67 declined, and 43 issues remained unchanged on the DSE trading floor till then.
Pubali Bank was the most traded stock till then with shares worth Tk 372 million changing hands.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 124 points to stand at 15,049 while the Selective Categories Index – CSCX gained 82 points to reach 9068, also at 12:00 noon.