Stocks opened martially higher on Tuesday after the key index hitting three-month low on the previous day as bargain hunters showed buying interest in lucrative issues.
Following the previous two days’ fall, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 22.10 points or 0.35 per cent to 6,213, after the first hour of trading at 11:00 am.
Two other DSE indices also saw a positive trend till then. The DS30 index, comprising blue chips, gained 5.78 points to 2,183 and the DSE Shariah Index (DSES) rose 6.10 points to 1,349.
Turnover, another important indicator of the market, remained low and stood at Tk 1.15 billion after the first hour of trading.
Market insiders said the gloomy macroeconomic outlook and the poor financial performance of the listed companies have weakened investors’ confidence on the trading floor.
A handful of stocks were active on the trading floor in the last few weeks while the majority of the stocks were stuck at the floor due to a lack of potential buyers.
Of the issues traded, 70 advanced, 11 declined and 152 issues remained unchanged on the DSE.
Genex Infosys was the most traded stock till the filing of this report with shares worth Tk 119 million changing hands.
The Chittagong Stock Exchange also opened higher with its All Shares Price Index (CASPI)—gaining 12 points to stand at 18,3944 while the Selective Categories Index – CSCX – rose 7 points to reach 11,021, also at 11:00 am.
Of the issues traded till then, 25 advanced, 7 declined and 28 issues remained unchanged with Tk 26 million.