a year ago

Stocks jump at opening with rising turnover

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Stocks witnessed a sharp rise at the opening on Tuesday as the buoyant investors persisted in their buying binge on sector-wise big-cap stocks anticipating positive momentum ahead.

Following the previous day’s upward trend, DSEX, the prime index of the Dhaka Stock Exchange (DSE), climbed 59.97 points or 0.91 per cent to stand at 6,660 after the first two hours of trading at 11:30 am.

Two other DSE indices also saw upbeat trends till then. The DS30 index, comprising blue chips, rose 25.93 points to reach 2,432 and the DSE Shariah Index (DSES) jumped 9.88 points to 1,461.

Turnover, another important indicator of the market, jumped at Tk 13.74 billion after two hours of trading.

Market insiders said the market remained bullish amidst enthusiastic participation as the investors are more confident to put fresh bets anticipating positive momentum in the coming days.

The investors persisted in their buying spree on sector-wise big-cap stocks ahead of the dividend season as they expect strong earnings for the companies whose financial year ended in June, said a merchant banker.

Stability in the foreign exchange rates, rising export, increasing remittance inflow as well as declining imports, encouraged investors to remain on the trading floor, he said.

Of the issues traded till then, 128 advanced, 107 declined and 132 issues remained unchanged on the DSE trading floor.

Orion pharma was the most traded stock till the filing of this report with shares worth Tk 2.20 billion changing hands.

The Chittagong Stock Exchange also saw a sharp rise till then with its All Shares Price Index (CASPI)—rising 196 points to stand at 19,590 while the Selective Categories Index – CSCX – rose 119 points to reach 11,744, also at 11:30 am.

Of the issues traded till then, 87 advanced, 53 declined and 82 remained unchanged with a turnover of Tk 203 million.

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