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The stock market opened higher on Thursday as the buoyant investors put fresh funds on selective stocks in anticipation of quick-gain.
Following the previous day’s flat ending, the market soared at the opening and the benchmark index of the Dhaka Stock Exchange (DSE), went up by 15.66 points or 0.25 per cent to stand at 6,321 after the first hour of trading when the report was filed at 11:00am.
Stockbrokers said many high-net-worth individuals were in a mood to pour fresh funds into sector-wise stocks after seeing many stocks rallying and generating short-term returns over the recent weeks.
Also, the income tax rebate offered by the government against investments in listed securities attracted some taxpayers as the fiscal year is near to end.
Reportedly, the government is planning to cancel the income tax rebate on secondary stock investment while market operators dispute the plan and there has been an interpretation that investment in stocks would help avail tax rebate at least for this year if someone invests before the end of June.
Two other indices also opened higher. The DS30 index, comprising blue chips, rose 5.20 points to reach 2,200 and the Shariah Index (DSES) gained 0.98 points to stand at 1,370 points till then.
Turnover, the important indicator of the market, stood at Tk 3.04 billion within the first of trading, after hitting six months in the previous day.
Of the issues traded till then, 104 advanced, 51 declined and 143 remained unchanged.
The Chittagong Stock Exchange (CSE) also opened higher with its All Share Price Index (CASPI) rising 33 points to 18,630 and the Selective Categories Index (CSCX) gaining 19 points to 11,146 after the first hour of trading.