Stocks open higher after recent sharp fall

Stocks opened higher on Tuesday as bargain hunters showed buying interest on undervalued blue-chip shares after a recent sharp correction.

Analysts said the opportunistic investors engaged in bargain hunting while closely monitoring developments around the Middle East tensions, although persistent caution over the unresolved fuel crisis and perceived uncertainties surrounding the government’s austerity measures continued to keep the overall market participation subdued.

Following the previous day’s positive closing, the prime index of the Dhaka Stock Exchange (DSE), went up by more than 45 points or 0.88 per cent to 5,167 at 11:00 am, when the report was filed.

The DS30 index, a group of 30 prominent companies, also gained 15 points to 1,969, while the DSES index, which represents Shariah-based companies, rose 10 points to 1,050.

Turnover, another important indicator of the market, remained low and amounted to Tk 1.0 billion till then.

Of the issues traded till then, 306 advanced, 31 declined, and 37 issues remained unchanged on the DSE trading floor.

Lovello Ice-cream was the most traded stock with shares worth Tk 115 million changing hands till then, followed by Acme Lab, Techno Drugs and BD Autocars.

The Chittagong Stock Exchange also saw a positive trend till then with its All Shares Price Index (CASPI)—gaining 3 points to 14,484, while the Selective Categories Index – CSCX rose more than 2 points to 8,862 till then.

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