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Stocks opened with a positive trend on Wednesday 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 of sector-specific stocks 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 26 points, or 0.50 per cent, to 5,173 at 11:00 a.m., when the report was filed.
The DS30 index, a group of 30 prominent companies, also gained 6 points to 1,916, while the DSES index, which represents Shariah-based companies, rose 7 points to 1,146.
Turnover, another important indicator of the market, stood at Tk 1.55 billion at that time.
Of the issues traded until then, 251 advanced, 71 declined, and 62 issues remained unchanged on the DSE trading floor.
Agni Systems was the most traded stock, with shares worth Tk 77 million changing hands.
The Chittagong Stock Exchange also saw a positive trend, with its All Shares Price Index (CASPI) gaining 15 points to 14,422, while the Selective Categories Index – CSCX rose almost 5 points to 8,756 at that time.
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