Stocks open higher, turnover remains low

Stocks opened higher on Sunday as bargain hunters chose to take positions in the beaten-down shares in anticipation of short-term gain.

However, most of the investors were reluctant to make fresh bets on stocks amid lack of confidence amid prevailing uncertainties.

Price appreciation of selective major stocks such as Square Pharma, Beacon Pharma, Robi Axiata, Kohinoor Chemicals Acme Lab and Islami Bank led the market rally.

Following the previous day’s week’s correction, the prime index of the Dhaka Stock Exchange (DSE), went up by 36 points or 0.70 per cent to 5,141 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, gained 9 points to 1,891 while DSES index, which represents Shariah-based companies, rose 7 points to 1,146.

Turnover, another important indicator of the market, however, remained low and amounted to Tk 640 million till then.

Of the issues traded till then, 221 advanced, 59 declined, and 82 issues remained unchanged on the DSE trading floor till then.

Orion Infusion, which gained 8.74 per cent till then, was the most traded stock with shares worth Tk 45 million changing hands.

The Chittagong Stock Exchange saw an upward trend till then with its All Shares Price Index (CASPI)—gaining 23 points to stand at 14326 while the Selective Categories Index – CSCX rose 14 points to 8,716 till then.

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