Stocks on both the bourses witnessed an upward trend in the early trading on Monday as bargain hunters kept showing their buying binge on sector-wise issues amid positive expectation.
Following the previous day’s upward trend, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) saw an upward trend this morning amid rising trading activities.
Within the first 30 minutes of trading, the DSE key index rose more than 28 points while the CSE All Share Price Index (CASPI) gained 50 points at 10:30 am when the report was filed.
DSEX, the prime index of the DSE, went up by 28.61 points or 0.55 per cent to reach at 5,155 points at 10:30 am.
Two other DSE indices also saw a positive note till then. The DS30 index, comprising blue chips, advanced 10.85 points to reach at 1,809 points and the Shariah Index (DSES) rose 8.75 points to stand at 1,189 points till then.
Turnover, another important indicator of the market, stood at Tk Tk 1.70 billion when the report was filed at 10:30 am.
Market operators said the investors’ enthusiasm sustained, as the institutional investors, including global fund managers, were putting fresh stakes on large-cap stocks amid positive expectation.
The optimistic investors continued their buying spree on sector-wise large-cap issues amid growing confidence riding on regulatory moves and gradual improvement of the country's economic activities, said a merchant banker.
He noted that the regulator is continuing its effort to enhance the market depth through listing of large-cap companies having good fundamentals and the news that some big companies are waiting for necessary approval for listing, also tempted the investors to stay afloat.
Regulatory moves on bond trading, disciplinary action against wrongdoers, and big IPO approval boosted investors’ confidence to the market, he added.
Of the issues traded till then, 186 advanced, 53 declined, and 85 remained unchanged.
Dominage Steel was the most traded stock till then with shares worth Tk 294 million changing hands, closely followed by Marico, Beximco, Beximc Pharma, and IFIC Bank.
The Chittagong Stock Exchange (CSE) also saw an upward trend till then with the CASPI gaining 50 points to stand at 14,736, also at 10:30 am.
The Selective Categories Index (CSCX) also gained 30 points to reach at 8,875 till then.
Of the issues traded till then, 37 gained, 14 declined, and 12 issues remained unchanged with Tk 70 million in turnover.