Stocks opened higher on Wednesday as optimistic investors continued their buying binge in major sector shares riding on the news of fuel price cut.
Following the previous day’s upward trend, DSEX, the prime index of the DSE, went up by 39.48 points or 0.61 per cent to stand at 6,472, after the first two hours of trading at 11:30 am.
Two other DSE indices also saw positive trends till then. The DS30 index, comprising blue chips, advanced 9.58 points to finish at 2,288 and the DSE Shariah Index (DSES) gained 7.20 points to close at 1,403.
Turnover, another important indicator of the market, stood at Tk 9.98 billion after the first two hours of trading.
Market insiders said the recovery signs on the macroeconomic front, particularly foreign exchange market stability, rising private sector credit growth coupled with a reduction in fuel price kept the investors afloat.
The floor price restriction contributed most to the recent price surge as many investors regained confidence in the market as it did not allow the index to fall below a certain level, said a leading broker.
Of the issues traded till then, 200 advanced, 112 declined and 67 issues remained unchanged on the DSE trading floor.
LafargeHolcim was the most traded stock till the filing of this report with shares worth Tk 575 million changing hands.
The Chittagong Stock Exchange also saw an upward trend till then with its All Shares Price Index (CASPI)—rising 133 points to stand at 19,031 while the Selective Categories Index – CSCX – rose 79 points to reach 11,405, also at 11:30 am.
Of the issues traded till then, 135 advanced, 70 declined and 52 remained unchanged with a turnover of Tk 252 million.