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Stocks opened higher on Tuesday as buoyant investors kept their buying spree on selective shares amid heightened optimism.
Following the previous six days’ rise, DSEX, the benchmark of the Dhaka Stock Exchange (DSE), went up by 26 points to 6,348 after the first two hours of trading at 12:00 noon, when the report was filed.
The market index surge was mostly driven by large-cap stocks such as Walton, Beacon Pharma, United Power, Brac Bank, Trust Bank, and Eastern Bank.
Two other indices also saw positive trends till then. The DS30 Index, which consists of blue-chip companies, rose more than 15 points to 2,148 while the DSES index, which represents Shariah-based companies, gained 7 points to 1,383.
Market experts said the stocks surged driven by increased buying activity across the trading floor, followed by heightened optimism as investors perceived attractive investment opportunities following recent corrections.
Continuous growth in turnover pushed investors’ confidence high and the high volume suggested that institutional investors were largely active in the market after lifting the floor price.
Turnover also stood at Tk 8.34 billion after the first two hours of trading as the bargain hunters were confident enough to put fresh funds on good stocks.
Of the issues traded till then, 181 advanced, 161 declined and 50 remained unchanged on the DSE trading floor.
Central Pharma became the most-traded stock till then with shares worth Tk 821 million changing, followed by Fu-Wang Food, BD Thai Aluminum, and Khulna Paper & Printing.
The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – gaining 52 points to 18,084 after the first two hours of trading at 12:00 noon.