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Stocks in index climbed 2.3 per cent on Thursday, with the key index of the Dhaka bourse surpassing the 5,400-mark, as buoyant investors made fresh bets on selective blue-chip shares.
The enthusiastic investors took a position on large-cap stocks encouraged by the news that the government may allow the government servants to trade in the share market, a reversal of a decades-old rule, market analysts said.
The rally has been largely supported by fundamentally strong stocks becoming cheap after sharp corrections in recent times, increasing investors’ appetite for those.
Large-cap and blue-chip stocks such as Grameenphone, Walton, BAT Bangladesh, Robi and United Power mostly accounted for the index rise.
The market started on a flying note and remained upbeat throughout the session amid strong buying pressure from investors, including global fund managers.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), finally soared 124 points or 2.3 per cent to 5497. The DSEX added 168 points in the past three days.
The blue-chip DS30 index, a group of 30 prominent companies, also jumped more than 38 points to 1951 while the DSES index, which represents Shariah-based companies, rose 22 points to 1,208.
Turnover, another important indicator of the market, stood at Tk 7.71 billion, which was 43 per cent higher than the previous day’s value of Tk 5.39 billion.
Of the issues traded, 365 advanced, 13 declined, and 18 issues remained unchanged on the DSE trading floor till then.
Orion Pharma was the most traded stock with shares worth Tk 275 million changing hands.
The Chittagong Stock Exchange also ended sharply higher with its All Shares Price Index (CASPI)—gaining 306 points to stand at 15,463 while the Selective Categories Index – CSCX gained 185 points to 9,315.