The prices of most of the shares on both bourses witnessed upward trend in early hour of trading Wednesday as some investors are showing their buying appetite on sectors-wise stocks.
Brokers said the investors went for buying shares in anticipation of corporate tax cut of listed banks and financial institutions in the upcoming budget for financial year 2018-19 (FY19).
The cut in corporate tax would increase the profitability of listed banks, non-bank financial institutions and insurance companies that encouraged investors to invest in stocks, they said.
Following the previous day’s upturn, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher amid low trading activities.
Within first 30 minutes of trading, the key index of the country’s prime bourse advanced more than 36 points while the CSE All Share Price Index (CASPI) of port city bourse gained 45 points at 10:30am.
After first hour of trading, the DSEX advanced more than 33 points while the CSE All Share Price Index (CASPI) of port city bourse rose 55 points at 11:00am when the report was filed.
DSEX, the prime index of the DSE, went up by 33 points or 0.62 per cent to reach at 5,380 points at 11:00am.
The DS30 index, comprising blue chips, advanced 11 points to reach at 1,991 points.
The DSE Shariah Index (DSES) also gained 5.40 points to reach at 1,248 points till then.
Turnover, the important indicator of the market, stood at Tk 1.24 billion when the report was filed at 11:00am.
Of the issues traded till then, 210 advanced, 40 declined and 43 remained unchanged.
Alif Industries was the most traded stocks till then with shares worth Tk 114 million changing hands, closely followed by Khulna Power Company Tk 86 million, Beximco Tk 68 million, Square Phrama Tk 51 million and Monno Ceramic Tk 42 million.
The port city bourse – the Chittagong Stock Exchange (CSE)—also saw positive trend till then with CSE All Share Price Index- CASPI-advancing 55 points to stand at 16,538, also at 11:00am.
The Selective Category Index – CSCX –also gained 34 points to stand at 10,003 points till then.
Of the issues traded till then, 69 gained, 11 declined and 19 issues remained unchanged with Tk 26 million in turnover.