Stocks opened higher on Wednesday as investors continued accumulating fundamentally strong and selective shares, buoyed by optimism surrounding the ongoing corporate earnings season.
Market operators said investor sentiment strengthened as many listed companies reported quarterly earnings that met or exceeded market expectations. Improved global sentiment also supported the market after the United States and Iran agreed to resume talks, easing geopolitical concerns. Strong quarterly earnings from sector-leading banks and several multinational companies further encouraged investors to inject fresh funds into equities.
By 10:30 am, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), had advanced 23 points, or 0.40 per cent, to 5,924, supported by buying in large-cap and fundamentally strong stocks.
Trading activity remained buoyant, with turnover on the premier bourse reaching Tk 2.21 billion during the first 30 minutes of trading.
Market breadth was firmly positive, with 237 issues advancing, 74 declining and 75 remaining unchanged by 10:30 am, reflecting broad-based buying interest.
Low-cap stocks dominated the turnover chart, with Argon Denim emerging as the most-traded issue after shares worth Tk 221 million changed hands during the first 30 minutes of trading.
The Chittagong Stock Exchange (CSE) also traded higher. Its All Share Price Index (CASPI) rose 18 points to 15,757, while the CSE Selective Categories Index (CSCX) gained 10 points to 9,606 by 10:30 am.
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