Stocks on both the bourses witnessed an upward trend in the early trading on Monday as enthusiastic investors continued their buying binge on sector-specific large-cap issues amid optimism.
Following the previous day’s sharp gain, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher today amid low trading activities.
Within the first 30 minutes of trading, the DSE key index rose more than 24 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 24.99 points or 0.49 per cent to reach at 5,049 points at that time.
Two other indices also saw upbeat notes till then. The DS30 index, comprising blue chips, gained 8.51 points to reach at 1,757 points while the Shariah Index (DSES) advanced 7.96 points to stand at 1,158 points till then.
Turnover, another important indicator of the market, stood at Tk Tk 1.13 billion when the report was filed at 10:30 am.
Market operators said optimistic investors continued their buying spree on sector-wise stocks amid growing confidence in the market riding on regulatory moves and gradual improvement of the country's economic activities.
The news that three Bangladeshi firms -- Square Pharmaceuticals, Renata and Fortune Shoes -- have made it to Forbes Asia’s Best Under one billion-2020 list encouraged the investors, said a leading broker.
He noted that the stock market regulator’s move to restructure the boards of the listed companies of which sponsor-directors fail to hold a minimum of 30 per cent share jointly also attracted the investors.
Of the issues traded on the DSE till filing of this report, 143 advanced, 76 declined, and 93 remained unchanged.
Republic Insurance was the most traded stock till then with shares worth Tk 73 million changing hands, closely followed by IFIC Bank, Fortune Shoes, Associated Oxygen and National Feed Mills.
The Chittagong Stock Exchange (CSE) also saw an upward trend till then with the CASPI gaining 50 points to stand at 14,474, also at 10:30 am.
The Selective Categories Index (CSCX) also gained 31 points to reach at 8,713 till then.
Of the issues traded till then, 38 gained, 14 declined, and 26 issues remained unchanged with Tk 19 million in turnover.