The Financial Express

Stocks witness uptrend at opening

| Updated: November 26, 2020 11:49:36

Evaly and Fianancial Express Evaly and Fianancial Express
Stocks witness uptrend at opening

Stocks on both the bourses witnessed an upward trend in the early trading on Tuesday as bargain hunters were active on the sector-wise issues after the end of country's biggest IPO subscription - Robi Axiata.

Following the previous four days’ price fall, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) witnessed an upward trend this morning amid rising trading activities.

Within the first 30 minutes of trading, the DSE key index gained more than 19 points while the CSE All Share Price Index (CASPI) rose 31 points at 10:30 am when the report was filed.

DSEX, the prime index of the DSE, went up by 19.20 points or 0.39 per cent to reach at 4,841 points at that time.

Market analysts said bargain hunters were active on sector-specific stocks after closing the biggest initial public offerings subscription.

The subscription of the biggest IPO in the history of Bangladesh -- Robi Axiata –- eased some selling pressure in the market later part of Monday's session, said a merchant banker.

Robi, the country’s second-largest mobile phone operator, raised Tk 5.23 billion under the fixed price method.

The biggest IPO in Bangladesh’s history received a good response from investors as thousands of investors applied for its IPO, according to issue manager sources.

Two other DSE indices also saw a positive trend till then. The DS30 index, comprising blue chips, advanced 7.74 points to reach at 1,678 and the Shariah Index (DSES) gained 5.50 points to reach 1,113 points till then.

Turnover, another important indicator of the market, stood at Tk Tk 1.14 billion when the report was filed at 10:30am.

Of the issues traded till then, 177 advanced, 28 declined, and 84 remained unchanged.

Beximco Pharma was the most traded stock till filing of this report with shares worth Tk 112 million changing hands, closely followed by Nitol Insurance, Continental Insurance, SS Steel and Northern Insurance.

The Chittagong Stock Exchange (CSE) an upward trend till then with the CASPI gaining 31 points to stand at 13,838, also at 10:30 am.

The Selective Categories Index (CSCX) also gained 25 points to reach 8,342 till then.

Of the issues traded till then, 42 gained, 9 declined, and 14 issues remained unchanged with Tk 13 million in turnover.

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