Stocks jump at opening amid optimism

Stocks witnessed sharp rise in early trading on Monday as enthusiastic investors continued their buying spree on large-cap issues as the economy is reviving from a pandemic induced shock.

Following the previous week’s upbeat note, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher amid optimism.

Within the first 15 minutes of trading, the key index of the country’s prime bourse rose about 56 points while the CSE All Share Price Index (CASPI) of port city’s bourse soared 100 points at 10:15am.

After 30 minutes of trading, the key index of the DSE rose 65.63 points while the CSE All Share Price Index (CASPI) of the port city’s bourse jumped 147 points at 10:30am when the report was filed.

DSEX, the prime index of the DSE, went up by 65.63 points or 1.34 per cent to reach 4,938 points at 10:30am.

Market operators said economic recovery after pandemic induced shock prompted investors to take positions on stocks as interest rate is entering into a low regime.

Lower returns on the money market, lucrative price level of listed securities and strong regulatory actions against wrongdoers coupled prompted investors to take positions on large-cap stocks, said a merchant banker.

The investors are injecting fresh funds into the market targeting capital gains as returns from the money market and other sectors declined, he added.

The two other indices also saw an upward trend till then. The DS30 index, comprising blue chips, gained 29 points to reach at 1,719 the DSE Shariah Index (DSES) advanced 18 points to reach at 1,148 points till then.

Turnover, the important indicator of the market, stood at Tk 2.23 billion when the report was filed at 10:30am.

Of the issues traded till then, 228 advanced, 59 declined, and 43 remained unchanged.

Beximco was the most traded stocks till then with shares worth Tk 327 million changing hands, closely followed by Beximco Pharma, Orion Pharma, Brac Bank and LankaBangla Finance.

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw an upward trend till then with CSE All Share Price Index- CASPI-gaining 147 points to stand at 14,020, also at 10:30am.

The Selective Category Index – CSCX –also rose 88 points to stand at 8,472 points till then.

Of the issues traded till then, 78 gained, 11 declined, and 14 issues remained unchanged with Tk40 million in turnover.

[email protected]