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The Financial Express

Stocks up at opening amid growing confidence

| Updated: December 28, 2020 16:39:35


Evaly and Fianancial Express Evaly and Fianancial Express
Stocks up at opening amid growing confidence

Stocks witnessed sharp gains in early trading on Sunday as investors put fresh stakes on stocks riding on high expectations.

Meanwhile, Robi’s share continued to rise for the second trading day and reached Tk 22.50 each on the opening, soaring 50 per cent, the highest allowable limit on its issue price of Tk 10 each.

After 30 minutes of trading, some 6,035 trades were executed with a trading volume of 4.07 million shares worth Tk 91.63 million, according to DSE.

Within the first 30 minutes of trading, the DSE key index jumped more than 74 points while the CSE All Share Price Index- CASPI rose 200 points at 10:30am when the report was filed.

DSEX, the prime index of the DSE, went up by 74.98 points or 1.43 per cent to reach 5,293 points at 10:30am.

Two other indices of DSE also saw an upward trend till then. Of them, DS30 index, comprising blue chips, gained 28.45 points to reach 1,905 points and Shariah index (DSES) rose 13.70 points to stand at 1,217 points till then.

Market operators said spontaneous participations backed by high expectations have lured the investors to put fresh stakes on the large-cap stocks.

The investors’ enthusiasm sustained, as the institutional investors, including global fund managers, were putting fresh stakes on large-cap stocks amid high expectations, said a merchant banker.

He noted that factors like lower returns on the money market amid liquidity glut, hope for Covid-19 vaccine and strong regulatory actions against wrongdoers prompted sideline investors to put fresh funds on stocks.

Turnover, another important indicator of the market, stood nearly at Tk 3.0 billion-mark within the first 30 minutes of trading to Tk 2.95 billion when the report was filed at 10:30am.

Of the issues traded till then, `220 advanced, 38 declined and 64 remained unchanged.

Beximco was the most traded stocks till then with 7.67 million shares worth Tk 374 million changing hands, followed by IFIC Bank, Beximco Pharma, LankaBangla Finance and Shinepukur Ceramic.

The port city bourse – the Chittagong Stock Exchange (CSE) – also saw an upward trend till then with CSE All Share Price Index- CASPI-soaring 200 points to stand at 15,189, also at 10:30am.

The Selective Categories Index – CSCX – also rose 121 points to reach 9,158 till then.

Of the issues traded till then, 65 gained, 11 declined, and 12 issues remained unchanged with Tk 105 million in turnover.

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