16 days ago

Stocks soar at opening with high turnover

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The stock market opened higher on Wednesday as investors continued their buying appetite on sector-wise stocks in anticipation of quick-gain.

Following the previous day's upbeat note, the market soared at the opening and the benchmark index of the Dhaka Stock Exchange (DSE), went up by 18.70 points or 0.30 per cent to stand at 6,324 within the first hour of trading when the report was filed at 11:00 am.

The investors’ buying appetite has been restored based on corporate earnings recovery in the latest quarter owing to the easing of adversities on the macroeconomic front, market insiders say.

The dominant buying trend observed in sector-specific stocks that either reported or are expected to report improved financial results following the overall stability of the macroeconomic environment.

As the fiscal year is near to end, some retail investors have started investing a portion of their savings into stocks in order to secure some tax rebate, which created enough stimulation for sector-specific stocks to get off the floor prices, said a stockbroker.

The DS30 index, comprising blue chips, also rose 2.58 points to reach at 2,198 and the Shariah Index (DSES) gained 3.80 points to stand at 1,375 points till then.

Turnover, the important indicator of the market, stood at Tk 3.64 billion till then.

Of the issues traded till then, 146 advanced, 28 declined and 141 remained unchanged.

The Chittagong Stock Exchange (CSE) also opened higher with its All Share Price Index (CASPI) rising 42 points to 18,624 and the Selective Categories Index (CSCX) gaining 22 points to 11,144 after the first hour of trading.

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