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The stock market opened higher on Thursday as the buoyant investors are chasing lucrative shares in anticipation of quick gains just ahead of the national budget declaration.
Finance Minister AHM Mustafa Kamal is all set to unveil the national budget for the fiscal year (FY) 2023-24 on Thursday (today) at 3:00pm.
Following the previous day’s modest correction, the market opened higher and the key index of the Dhaka Stock Exchange (DSE) went up by 15.62 points to stand at 6,355, after the first hour of trading at 11:00am.
Turnover, the important indicator of the market, stood at Tk 3.70 billion within the first of trading at 11:00am when the report was filed.
Stockbrokers said the market remained afloat riding on the dominant buying spree on selective issues amid cautious investors’ profit-booking in some recently rallied issues just ahead of the national budget declaration.
The buoyant investors chased quick rallies in selective stocks since the recent increase in market participation has bolstered confidence across the trading floor, they said.
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, gained 4.98 points to reach 2,203 and the Shariah Index (DSES) rose 4.78 points to stand at 1,381 points till then.
Of the issues traded till then, 111 advanced, 53 declined and 142 remained unchanged.
Gemini Sea Food became the most-traded stock with shares worth Tk 360 million changing hands after the first hour.
The Chittagong Stock Exchange (CSE) also opened higher with its All Share Price Index (CASPI) rising 34 points to 18,748 and the Selective Categories Index (CSCX) gaining 18 points to 11,214, also at 11:00am.