Stocks opened higher on Tuesday as bargain hunters continued accumulating fundamentally strong and selective shares, encouraged by optimism surrounding the ongoing quarterly earnings season.
Market operators said investor sentiment improved after geopolitical tensions eased somewhat, with the United States and Iran agreeing to resume talks. Expectations of strong quarterly earnings from sector-specific stocks also prompted investors to inject fresh funds into the market.
By 11:00 am, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), had gained 42 points, or 0.72 per cent, to 5,882, supported by buying in large-cap and fundamentally strong stocks.
Trading activity remained buoyant, with turnover on the premier bourse reaching Tk 4.01 billion during the first hour of trading.
Market breadth was strongly positive, with 302 issues advancing, 45 declining and 40 remaining unchanged by 11:00 am, indicating broad-based buying interest.
Low-cap stocks dominated the turnover chart, with Dominage Steel Building Systems emerging as the most-traded issue after shares worth Tk 474 million changed hands during the first hour.
The Chittagong Stock Exchange (CSE) also traded higher. Its All Share Price Index (CASPI) rose 57 points to 15,661, while the CSE Selective Categories Index (CSCX) advanced 28 points to 9,545 by 11:00 am.
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