The market opened sharply higher on Sunday as investors are putting fresh bets on major sector stocks after the news of higher than expected corporate declarations.
Following the previous day’s upward trend, the market opened higher and the DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 49.42 points to stand at 7,125, after the first hour of trading at 11:00am.
The index rose sharply backed by heavyweight Beximco, which alone added 54 points to the DSEX till then.
The DS30 index, comprising blue chips, also rose sharply by 47.68 points to stand at 2,747 till then. However, the Shariah Index (DSES) shed 7.66 points to stand at 1,510 points at 11:00am.
Turnover, another important indicator of the market, amounted to Tk 5.38 billion within the first hour of trading at 11:00am.
Market analysts said the investors are optimistic and taking a position on stocks based on the latest corporate and dividend declarations.
Higher than expected dividend declaration of some large-cap companies like Beximco, Beximco Pharma, BSRM Steels prompted investors to the market, they said.
Of the issues traded till then, 178 advanced, 132 declined, 54 issues remained unchanged on the DSE trading floor till then.
Beximco was the most traded stock till then with shares worth Tk 2.51 million changing hands, closely followed by Delta Life Insurance and Square Pharma.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—rising 160 points to stand at 20,854 while the Selective Categories Index – CSCX gained 116 points to reach at 12,550, also at 11:00am.
Of the issues traded till then 67 declined, 56 advanced and 18 remained unchanged with Tk 136 million in turnover.
