Stocks opened sharply higher on Tuesday as investors stepped up buying in select shares following assurances from the securities regulator that it would not intervene in the market.
Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan on Monday said that the market would be allowed to move on its own strength and the regulator would not interfere with its normal course.
He also noted that the commission would soon take steps to bring public-interest companies to the capital market, a move that further boosted investor confidence.
Market insiders said significant corrections over the past few sessions had brought many stocks to attractive price levels, prompting bargain hunters to take fresh positions.
The benchmark DSEX index of the Dhaka Stock Exchange (DSE) climbed 73 points, or 1.30 per cent, to reach 5,671 at 11:00 am, when this report was filed.
The DS30 index, comprising blue-chip stocks, advanced 21 points to 2,134, while the Shariah-based DSES index rose 14 points to 1,138.
Trading activity picked up as well, with turnover on the premier bourse reaching Tk 1.81 billion during the first hour of trading.
Market breadth was strongly positive: 358 issues advanced, 11 declined, and 16 remained unchanged, reflecting broad-based buying interest.
Beximco Pharmaceuticals emerged as the most-traded issue, with shares worth Tk 106 million changing hands during the period.
The Chittagong Stock Exchange (CSE) also opened higher. Its All Share Price Index (CASPI) rose 69 points to 15,318, while the CSE Selective Categories Index (CSCX) jumped 46 points to 9,245 at 11:00 am.
Source: The Business Standard
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