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Stocks opened higher on Wednesday, riding on the price appreciation in some selective stocks as the securities regulator allowed investors to purchase shares before cheque encashment.
Bangladesh Securities and Exchange Commission (BSEC) on Tuesday allowed the purchase of shares against bank cheques before encashment which enhanced market participation, market insiders said.
Following the previous day’s rise, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 23.44 points or 0.36 per cent to 6,376, after the first two hours of trading at 11:30 am.
Two other DSE indices saw positive trends till then. The DS30 index, comprising blue chips, gained 6.26 points to 2,243 and the DSE Shariah Index (DSES) rose 4.42 points to 1,394.
Turnover, another important indicator of the market, jumped at Tk 8.45 billion after the first two hours of trading.
Market operators said the bargain hunters showed their buying interest in selective stocks while some investors were busy rebalancing their portfolios amid the ongoing corporate declarations sessions.
The investors showed their interest in some sector-specific issues which were being traded at a lucrative price level amidst the ongoing earnings declarations, said a stockbroker.
Most of the traded issues, however, remained unchanged due to the ‘floor price’ restriction. Of the issues traded till then, 111 advanced, 40 declined and 200 issues remained unchanged on the DSE trading floor.
Beximco was the most traded stock till the filing of this report with shares worth Tk 1.28 billion changing hands.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—rising 72 points to stand at 18,805 while the Selective Categories Index – CSCX – gained 43 points to reach 11,270, also at 11:30 am.
Of the issues traded till then, 76 gained, 23 declined and 111 remained unchanged with Tk 120 million.