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Stocks opened higher on Sunday as bargain hunters showed buying interest on undervalued blue chips shares despite the government increased fuel prices.
The government last night raised fuel prices to record highs, increasing diesel by Tk 15 per litre, octane by Tk 20, petrol by Tk 19 and kerosene by Tk 18 amid uncertainty looms as Iran on Saturday declared the strait of Hormuz closed, hours after opening.
When fuel prices increase locally, ultimately higher production costs across the economy, inevitably driving up commodity prices.
Analysts said the opportunistic investors engaged in bargain hunting while closely monitoring developments around the Middle East tensions, although persistent caution over the unresolved fuel crisis and perceived uncertainties surrounding the government’s austerity measures continued to keep the overall market participation subdued.
Following the previous week’s flat note, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 23 points or 0.36 percent to 5,276 at 11:00am, when the report was filed.
The DS30 index, a group of 30 prominent companies, also gained 7 points to 1,996 while the DSES index, which represents Shariah-based companies, rose 4 points to 1,069 till then.
Turnover, another important indicator of the market, remained low and amounted to Tk 2.37 billion till then.
Of the issues traded till then, 208 advanced, 89 declined, and 87 issues remained unchanged on the DSE trading floor till then.
Runner Automobiles was the most traded stock with shares worth Tk 143 million changing hands till then, followed by City Bank, Golden Sons, Acme Pesticides and Legacy Footwear.
The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 22 points to 14,784 while the Selective Categories Index – CSCX rose more than 15 points to 9,055 till then.
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