Stocks opened higher on Sunday as the buoyant investors continued their buying spree on major sector shares amid high expectations.
Following the previous week’s upward trend, DSEX, the prime index of the Dhaka Stock Exchange (DSE), climbed 62.08 points or 0.95 per cent to stand at 6,570, after the first two hours of trading at 11:30am.
Two other indices also saw upbeat trends till then. The DS30 index, comprising blue chips, rose 26.84 points to finish at 2,332 and the DSE Shariah Index (DSES) gained 14 points to close at 1,422.
Turnover, another important indicator of the market, stood at Tk 11.42 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 ahead.
The investors kept their buying binge amid upcoming dividends expectations as they expect strong earnings for the companies whose financial year ended in June, said a merchant banker.
Besides, the recovery signs on the macroeconomic front, particularly foreign exchange market stability, rising private sector credit growth coupled with reduction of fuel price kept the investors afloat, he said.
Of the issues traded till then, 195 advanced, 104 declined and 74 issues remained unchanged on the DSE trading floor.
Beximco became the most traded stock till then with shares worth Tk 742 million changing hands.
The Chittagong Stock Exchange also saw an upward trend till then with its All Shares Price Index (CASPI)—rising 117 points to stand at 19,272 while the Selective Categories Index – CSCX rose 71 points to reach 11,551, also at 11:30am.
Of the issues traded till then 113 advanced, 71 declined and 36 remained unchanged with turnover of Tk 185 million.