The stock market opened sharply higher on Wednesday with rising turnover as bargain hunters putting fresh bets on major sector issues, particularly financials.
After crossing the 6000-mark in the previous day, the market jumped at the opening, and the prime index of the Dhaka Stock Exchange DSE) soared 54.04 points or 0.89 per cent to reach 6,077 points within the first 40 minutes of trading when the report was filed at 10:40 am.
Market operators said the confidence of investors in the stock market is expected to remain high as investors deemed the budgetary impact on the stock market to be positive in selective sector-wise issues.
Finance Minister AHM Mustafa Kamal placed a record Tk 6.03 trillion national budget for the Fiscal Year (FY) 2021-2022 before parliament on Thursday.
The budget proposed to cut the corporate tax rate for the listed firms by 2.5 percentage points to 22.5 per cent for the upcoming fiscal year. But the ongoing facility to invest undisclosed money in the capital market is not continued.
The DS30 index, comprising blue chips, also rose 13.22 points to reach 2,209 and the Shariah Index (DSES) gained 4.90 points to stand at 1,295 points.
Turnover, another important indicator of the market, stood at Tk 6.35 billion within the first 40 minutes of trading at 10:40 am.
Of the issues traded till then, 233 advanced, 80 declined, and 36 remained unchanged on the DSE trading floor till then.
National Polymer was the most traded stock till filing of this report with shares worth Tk 400 million changing hands, followed by Beximco, LankaBangla Finance, Lub-rref (Bangladesh), and National feed Mills.
The port city bourse – the Chittagong Stock Exchange – (CSE) also opened sharply higher with CSE All Share Price Index- CASPI-rising 106 points to stand at 17,537, also at 10:40 am.
Of the issues traded till then 110 advanced, 39 declined and 18 remained unchanged with Tk 131 million in turnover.