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Stocks open higher on Thursday, the first trading day of May, with the key index exceeding 5600-mark in early trading, as bargain hunters bets on lucrative shares in anticipation of potential turnaround.
Price hike of selective large-cap stocks such as United Power, Grameenphone, Beacon Pharma, Robi and Investment Corporation of Bangladesh mostly contributed to the market upturn as they jointly accounted for 15 points rise of index at opening.
As a result, DSEX, the Dhaka Stock Exchange (DSE) went up by 28 points or 0.50 per cent to 5,612, after the first hour of trading at 11:00 am, when the report was filed.
The blue chip index DS30, a group of 30 prominent companies, saw more than 9 points higher to 2004 while the DSES Index, which represents Shariah-based companies, gained more than 7 points to 1,234 till then.
The regulatory efforts such as narrowed the scope for individual stocks to the highest 3 per cent instead of 10 per cent in a single-day and tough stance for spreading rumours, help to stop the market erosion, said a leading broker.
Turnover, a crucial indicator of the market, stood at Tk 2.34 billion after the first hour of trading.
Of the issues traded, 207 advanced, 123 declined and 52 remained unchanged till then.
The Chittagong Stock Exchange (CSE) also opened high with the CSE All Share Price Index – CASPI –gaining 82 points to 16,035, also at 11:00 am.