Stocks open positive riding on small-cap stocks

Stocks opened on a positive note on Monday as bargain hunters showed buying interest on selective small-cap stocks in anticipation of short-term gains.

The small-cap stocks such as Khan Brother, Miracle Industries, Deshbandhu Polymer and Oimex Electrode dominated the gainers’ list till then.

However, investor confidence still remains subdued owing to shaky confidence stemming from intensifying macroeconomic concerns and mounting political uncertainties ahead of the national election, market operators said.

Following the previous day’s modest fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 7.30 points to 6,270 after the first two hours of trading at 12:00 noon.

The DSES index, which represents Shariah-based companies, gained 2.18 points to 1,359 till then. However, the DS30 Index, which consists of blue-chip companies, saw a fractional loss of 0.26 points to 2,138 till then.

Turnover remained low and total turnover stood at Tk 2.30 billion after the first two hours of trading.

Small-cap stock Union Insurance became the most-traded stocks till then with shares worth Tk 154 million changing hands, followed by Eastern Insurance, Deshbandhu Polymer, and Fu-Wang Food.

Of the issues traded till then, 89 advanced, 43 declined and 145 remained unchanged on the DSE trading floor.

The Chittagong Stock Exchange (CSE) also opened higher with the CSE All Share Price Index – CASPI – rising 12 points to 18,549 after two hours of trading.

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