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The stock market opened higher on Sunday as the buoyant investors continued to put fresh funds on lucrative stocks in anticipation of quick-gain.
Following last week’s positive trend, the market soared at the opening and the key index of the Dhaka Stock Exchange (DSE), went up by 16.92 points to stand at 6,342 after the first hour of trading when the report was filed at 11:00am.
Turnover, the important indicator of the market, stood at Tk 4.04 billion within the first of trading.
Market operators said some high-net-worth individuals were in a mood to pour fresh funds into sector-specific stocks as many stocks started rallying and generating short-term returns over the recent weeks, buoyed by earnings growth.
“The buoyant investors chased quick rallies in selective stocks since the recent increase in market participation has bolstered confidence across the trading floor,” said a stockbroker.
Also, the income tax rebate offered by the government against investments in listed securities attracted some taxpayers as the fiscal year is nearing its end that created a short-term positive sentiment among the investors.
Two other indices also opened higher. The DS30 index, comprising blue chips, rose 1.83 points to reach 2,200 and the Shariah Index (DSES) gained 2.42 points to stand at 1,373 points till then.
Of the issues traded till then, 131 advanced, 41 declined and 141 remained unchanged.
The Chittagong Stock Exchange (CSE) also opened higher with its All Share Price Index (CASPI) rising 29 points to 18,667 and the Selective Categories Index (CSCX) gaining 15 points to 11,166 after the first hour of trading.