Stocks rise at opening amid rising turnover

FE ONLINE REPORT | Wednesday, 5 May 2021

Stocks opened higher on Wednesday as bargain hunters continued their buying appetite riding on regulatory initiatives and better than expected corporate declarations.

The market opened higher and DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 38.62 points or 0.69 per cent to stand at 5,574 points within the first 30 minutes of trading.

Two other indices also opened higher with the DS30 index, comprising blue chips, gained 13.15 to reach 2,131 points and the Shariah Index (DSES) rose 5.05 points to stand 1,254 points till then.

Market operators said better than extended quarterly earnings, lower return from the money market, easing virus worries coupled with the extension of margin loan cap implementation time, continued to lure investors to put fresh funds on stocks.

The stock market regulator has approved the ‘capital market stabilization fund’ with the investors’ unclaimed shares and cash with the listed firms, merchant banks and brokerage houses, which are expected to be Tk 200 billion, also prompted investors to the market, said a top broker.

Turnover, another important indicator of the market, stood at Tk 4.28 billion within the first 30 minutes of trading when the report was filed at 10:30 am.

Of the issues traded till then, 198 advanced, 80 declined and 41 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 425 million changing hands, followed by National Feed Mills, LankaBangla Finance, Sandhani Life Insurance, and Makson Spinning.

The port city bourse – the Chittagong Stock Exchange – (CSE) also rose at opening with CSE All Share Price Index- CASPI-gaining 74 points to stand at 16,065, also at 10:30 am.

Of the issues traded till then 81 advanced, 47 declined and 20 remained unchanged with Tk 122 million in turnover.

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