Stocks open week on positive note

Stocks opened higher on Sunday 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 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 flat ending, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 14 points or 0.28 percent to 5,215 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also gained 5 points to 1,914. However, the DSES index, which represents Shariah-based companies, saw a fractional loss of 0.8 point to 1,162 till then.

Turnover, another important indicator of the market, stood at Tk 1.33 billion.

Of the issues traded till then, 229 advanced, 74 declined, and 69 issues remained unchanged on the DSE trading floor.

Low cap companies dominated the turnover chart with Fu-Wang Food was the most traded stock with shares worth Tk 91 million changing hands till then.

The Chittagong Stock Exchange (DSE) also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 15 points to 14,512 while the Selective Categories Index – CSCX rose almost 8 points to 8,801.

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