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Stocks opened higher on Monday as bargain hunters chose to take positions in the beaten-down shares in anticipation of short-term gain.
Despite the news, trillions of money were embezzled from the stock market through fraud, manipulation, placement shares, and IPOs, during the Hasina regime, according to the final draft of the White Paper on the state of the Bangladesh economy, opportunistic investors put funds on beaten-down stocks and sought quick gain opportunities.
Price appreciation of selective major stocks such as Robi Axiata, Brac Bank, Beacon Pharma and Grameenphone led the market rally.
Following the previous day’s modest correction, the prime index of the Dhaka Stock Exchange (DSE), went up by 26 points or 0.50 per cent to 5,211 at 11:00 am, when the report was filed.
The DS30 index, a group of 30 prominent companies, gained 6 points to 1,917 while DSES index, which represents Shariah-based companies, rose 6 points to 1,171.
Turnover, another important indicator of the market, stood at Tk 1.50 billion till then.
Of the issues traded till then, 273 advanced, 48 declined, and 55 issues remained unchanged on the DSE trading floor till then.
NRB Bank was the most traded stock till then with shares worth Tk 112 million changing hands.
The Chittagong Stock Exchange saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 20 points to stand at 14,555 while the Selective Categories Index – CSCX rose 12 points to 8,858 till then.
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