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Stocks opened higher on Monday as opportunistic investors continued taking positions in the sector-specific shares in anticipation of quick gains.
Market insiders said declining trends of Treasury yields and bank interest rates spurred bargain hunters to take positions in lucrative shares amid expectations for a reversal from the market’s prolonged bearish sentiment.
Analysts believe the Bangladesh Bank’s (BB) decision to keep its policy rate unchanged amid falling inflation and Treasury yields is a positive signal for the equity market outlook.
The investors' participation in certain blue-chip scrips has added strength to the ongoing market’s recovery.
Following the previous day’s gain, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 18 points, or 0.36 per cent to 5,243 at 11:00 am when the report was filed.
The DS30 index, a group of 30 prominent companies, also gained 4 points to 1,924 while the DSES index, which represents Shariah-based companies, also gained 3 points to 1,169.
Turnover, another important indicator of the market, stood at Tk 1.55 billion till then.
Of the issues traded till then, 241 advanced, 79 declined, and 68 issues remained unchanged on the DSE trading floor.
Orion Infusion was the most traded stock, with shares worth Tk 72 million changing hands till then.
The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 4 points to 14,517, while the Selective Categories Index (CSCX) rose more than 3 points to 8,805.