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Stocks opened higher on Sunday, as opportunistic investors engaged in broad-based bargain hunting on beaten-down equities, even as geopolitical tensions continued to cloud the near-term outlook.
Market analysts said investors selectively accumulated undervalued stocks, helping keep indices afloat despite persistent uncertainty surrounding developments in the Middle East.
The ongoing corporate earnings season is expected to play a key role in determining near-term market direction. Strong earnings, especially from banking and pharmaceutical sectors, could attract fresh investment, said a stockbroker.
Following the previous week’s rise, the prime index of the Dhaka Stock Exchange (DSE), went up by 52 points or 0.97 percent to 5,350 at 11:00am, when the report was filed.
The DS30 index, a group of 30 prominent companies, also surged 22 points to 2,037 while the DSES index, which represents Shariah-based companies, rose 4 points to 1,071 till then.
Market liquidity improved notably as the total turnover stood at Tk 3.40 billion till then.
Of the issues traded till then, 244 advanced, 67 declined, and 74 issues remained unchanged on the DSE trading floor till then.
City Bank was the most traded stock with shares worth Tk 195 million changing hands till then, followed by Dominage Steels, Lovello Ice-cream, Peoples Insurance and Summit Alliance Port.
The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 58 points to 14,889 while the Selective Categories Index – CSCX rose more than 38 points to 9,130 till then.
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