The Financial Express

Stocks open higher on institutional buying binge

| Updated: August 12, 2021 17:20:27

Stocks open higher on institutional buying binge

Stocks opened on a positive note on Wednesday, after the previous day’s marginal correction, as the buoyant investors continued their buying spree on major sector issues.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 34.38 points or 0.51 per cent to stand at 6,652 points within the first 30 minutes of trading at 10:30 am –the highest since its inception more than eight years back in 2013.

Two other indices also saw positive trend at the opening as the DS30 index, comprising blue chips, rose 11.97 points to reach a record high of 2,396 and the Shariah Index (DSES) gained 3.20 points to stand at 1,445 points till then.

Turnover, another important indicator of the market, stood at Tk 3.62 billion within the first 30 minutes of trading at 10:30 am.

Market experts said investors remained active in the market amid lower returns on the money market and limited scope of investment in other instruments.

He noted that the institutional investors continued their buying binge as they hope the index will rise further after the central bank unveiled another expansionary monetary policy for this fiscal year.

However, he said the investors need to be cautious of overvalued stocks in order to avert any misfortune.

Of the issues traded till then, 231 advanced, 91 declined and 43 remained unchanged on the DSE trading floor till then.

Beximco was the most traded stock till then with shares worth Tk 401 million changing hands, closely followed by IFIC Bank, Islamic Finance, Malek Spinning and National Housing Finance.

The port city bourse – the Chittagong Stock Exchange – (CSE) saw an upward trend till then with CSE All Share Price Index- CASPI-rising 10 points to stand at 19,291, also at 10:30 am.

Of the issues traded till then 54 advanced, 39 declined and 33 remained unchanged with Tk 84 million in turnover.

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