Stocks open higher on regulatory efforts

Stocks open higher on Sunday, as bargain hunters are taking positions on lucrative stocks amid favourable earnings declarations and regulatory efforts to stablise the market.

Market analysts said investors showed buying appetite based on the latest earnings and dividend declarations as some of the listed companies posted hefty profits and declared higher dividends.

The regulatory efforts to rebound investors’ market sentiment by forming a committee to investigate the reasons behind the recent downtrend also boosted investors’ confidence to some extent.

The capital gain tax on individual investors is likely to be reduced as the securities regulator is working on the issue.

Following the previous week’s upbeat note, the prime index of the Dhaka Stock Exchange (DSE), went up by 42 points or 0.80 per cent to 5,241 at 11:30am, when the report was filed.

The DS30 index, a group of 30 prominent companies, gained 10 points to 1,935 while DSES index, which represents Shariah-based companies, rose 11 points to 1,156.

Turnover, another important indicator of the market, stood at Tk 1.90 billion till then.

Of the issues traded till then, 272 advanced, 69 declined, and 53 issues remained unchanged on the DSE trading floor till then.

Orion Pharma was the most traded stock till then with shares worth Tk 198 million changing hands.

The Chittagong Stock Exchange saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 61 points to stand at 14,503 while the Selective Categories Index – CSCX rose 42 points to reach 8,821 till then.

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