Stocks open higher with rising turnover

Stocks opened higher on Wednesday with rising turnover as buoyant investors are putting fresh bets on selective large-cap shares despite the securities regulator lifting floor price from another three stocks.

Following the market recovery, the Bangladesh Securities and Exchange Commission on Tuesday removed the floor price restriction from three more stocks – Anwar Galvanizing, Renata, and Orion Pharmaceuticals.

Of these stocks, prices of Anwar Galvanizing and Renata fell 8.72 per cent and 6.25 per cent after one and a half hour of trading while Orion Pharma’s share rose 4.27 per cent.

The DSEX, the key index of the prime bourse, went up by 23 points to 6,369 after the first one and a half hour of trading at 11:30am, when the report was filed.

The rise of the market index was mostly driven by large-cap stocks such as RAK Ceramic, Beacon Pharma, United Power, Rupali Bank and Beximco Pharma.

The DSES index, which represents Shariah-based companies, gained 4 points to 1,389. However, the DS30 Index, which consists of blue-chip companies, saw a fractional loss of 0.04 points to 2,143.

Market experts said stocks surged driven by increased buying activity across the trading floor, followed by heightened optimism among investors.

Turnover also stood at Tk 7.98 billion after the first and a half hour of trading as the bargain hunters were confident enough to put fresh funds on good stocks.

Of the issues traded till then, 253 advanced,  87 declined and 53 remained unchanged on the DSE trading floor.

Orion Infusion became the most-traded stocks till then with shares worth Tk 700 million changing, followed by Olympic Industries, Khulna Paper & Printing, Central Pharma and Fu-Wang Ceramic.

The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – gaining 55 points to 18,157 at 11:30am.

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