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Stocks opened higher on Thursday as optimistic investors buying lucrative shares in anticipation of quick gains after the US paused a 90-day higher tariff for most countries.
US President Donald Trump abruptly backed down on Wednesday in his global trade war with a 90-day tariff pause for most countries but slapped even more levies against China in what has become a brutal duel between the world’s two largest economies.
The US administration imposed a 37 per cent “Reciprocal tariff” on Bangladeshi products entering the US market last week, which was supposed to be effective from Wednesday.
Trump issued a 90-day pause in the implementation of reciprocal tariffs for most of the countries, including Bangladesh.
Following the news, investors went on buying certain large-cap stocks at the opening of the day’s trading.
The prime index of the Dhaka Stock Exchange (DSE) went up by more than 31 points or 0.60 per cent to 5,227 at 11:00 am, when the report was filed.
The DS30 index, a group of 30 prominent companies, also gained 10 points to 1,932 while the DSES index, which represents Shariah-based companies, rose 7 points to 1,177 till then.
Turnover, another important indicator of the market, stood at Tk 1.81 billion till then.
Of the issues traded till then, 254 advanced, 59 declined, and 68 issues remained unchanged on the DSE trading floor till then.
Bangladesh Spinning Corporation was the most traded stock with shares worth Tk 271 million changing hands till then.
The Chittagong Stock Exchange also saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 26 points to 14,556 while the Selective Categories Index – CSCX rose more than 15 points to 8,864 till then.
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