Written by The Banking Post
Stocks opened the week higher on Sunday as investors continued accumulating undervalued blue-chip shares, extending the market’s recent upward trend.
The rally was driven by growing optimism over government efforts to strengthen the capital market through fiscal incentives, tax relief measures and regulatory reforms aimed at attracting long-term investment.
The benchmark DSEX index of the Dhaka Stock Exchange (DSE) rose 19 points, or 0.34 per cent, to 5,680 by 11:00am, reflecting improved investor sentiment.
Market confidence was further supported by reports that the United States and Iran had agreed to end hostilities and reopen the Strait of Hormuz, easing fears of disruptions to global energy supplies and lifting sentiment across international markets.
Investors also responded positively to the government’s renewed commitment to revitalising the stock market and the incentives announced for the sector in the budget.
Despite the gains, trading remained cautious as many investors assessed the sustainability of the recent rally.
Turnover on the DSE reached Tk 2.89 billion within the first hour of trading.
Market breadth remained slightly negative, with 139 stocks advancing, 173 declining and 77 remaining unchanged.
Beximco Pharmaceuticals led the turnover chart, with shares worth Tk 233 million traded by 11:00am.
The Chittagong Stock Exchange also posted gains in early trading. The CASPI index advanced 15 points to 15,369, while the CSCX index rose 16 points to 9,405.
