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Stocks opened with a positive trend on Tuesday, with the key index crossing the 5,200 mark in early trading as opportunistic investors continued taking positions in sector-specific scrips in anticipation of quick gains.
The market recovery was largely supported by fundamentally strong stocks, driven by favourable quarterly earnings disclosures from some companies.
Better-than-expected earnings disclosures from sector-specific stocks, along with a market-supportive monetary policy statement, have somewhat invigorated the market from its weakened momentum, said a stockbroker.
As a result, buyers remained on the dominant side, as opportunistic investors sought oversold stocks, which they deemed lucrative at the prevailing price levels.
Following the previous day’s modest rise, the prime index of the Dhaka Stock Exchange (DSE) went up by 30 points or 0.60 per cent to 5,205 at 11:00 am when the report was filed.
The DS30 index, a group of 30 prominent companies, also gained 7 points to 1,919, while the DSES index, which represents Shariah-based companies, rose 7 points to 1,155.
Turnover, another important indicator of the market, stood at Tk 1.75 billion at that time.
Of the issues traded till then, 266 advanced, 55 declined, and 57 issues remained unchanged on the DSE trading floor.
Sonali Paper was the most traded stock, with shares worth Tk 65 million changing hands.
The Chittagong Stock Exchange also saw a positive trend, with its All Shares Price Index (CASPI) gaining 140 points to 14,516, while the Selective Categories Index (CSCX) rose almost 21 points to 8,801 at that time.
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