Stocks rise at opening amid eased virus worries

FE ONLINE REPORT | Sunday, 2 May 2021

Stocks opened higher on Sunday as bargain hunters showed their buying appetite riding on the regulatory move and better than expected corporate declarations by some companies.

The market opened higher and DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 24.63 points or 0.38 per cent to stand at 5,504 points within the first 30 minutes of trading.

Market operators said extended the time frame of margin loan interest cap for another six months coupled with some positive macro-economic indicators despite Covid-19 pandemic attracted the investors.

Sale pressure eased as stockbrokers and merchant banks get another six months to adjust their margin loan rates to 12 per cent, said a top broker.

Two other indices saw a positive trend till then with the DS30 index, comprising blue chips, gained 3.55 points to reach at 2,114 and the Shariah Index (DSES) rose 3.56 points to stand 1,253 points till then.

Turnover, another important indicator of the market, stood at Tk 5.38 billion within the first 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 168 advanced, 90 declined and 78 remained unchanged on the DSE trading floor till then.

Beximco - the flagship company of Beximco Group- was the most traded stock till then with shares worth Tk 1.04 billion changing hands, followed by Provati Insurance, Sonar Bangla Insurance, City General Insurance, and Beximco Pharma.

The port city bourse – the Chittagong Stock Exchange – (CSE) also rose at opening with CSE All Share Price Index- CASPI-gaining 59 points to stand at 15,904, also at 10:30 am.

Of the issues traded till then 81 advanced, 60 declined and 18 remained unchanged with Tk 103 million in turnover.

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