October 24, 2020, 3:03 am

Abu Taher Bappa

2020-09-23 12:38:58 BdST

Stocks open higher after four-day correction

Stocks witnessed upward trend in early trading on Wednesday as optimistic investors are showing appetite on sector-wise issues after four-day correction.

Meanwhile, Walton Hi-Tech Industries made a flying trading debut on Wednesday as its share price jumped 50 per cent, the highest allowable limit on debut day.

The company’s shares halted as soon as the market opened at 10:00am as investors rushed to buy Walton shares. But no sellers were seen on the trading board till the report was filed at 10:30am.

The local electronics manufacturing giant’s share reached at Tk 378 each on the Dhaka Stock Exchange (DSE), soaring 50 per cent when the report was filed at 10:30am. Its offer price was Tk 252 each.

After losing the key index 146 points in the past four consecutive sessions, the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) opened higher, but trading activities remain low.

Within the first 30 minutes of trading, the DSEX advanced more than 56 points while the CSE All Share Price Index (CASPI) of the port city’s bourse rose 57 points at 10:30am when the report was filed.

DSEX, the prime index of the DSE, went up by 56.64 points or 1.14 per cent to reach 5,026 points at 10:30am.

The DS30 index, comprising blue chips, also advanced 16.61 points to reach at 1,730 and the Shariah Index (DSES) rose 10.53 points to reach 1,137 points till then.

Turnover, the another important indicator of the market, stood at Tk 1.23 billion when the report was filed at 10:30am which was Tk 1.45 billion in the previous day at 10:30am.

Market operators said after went through a four days correction; investors get confidence to make further investments as many issues came to lucrative price level.

The high net worth investors were injecting fresh funds into the market for capital gains as returns from the money market has dropped significantly, said a leading broker.

Of the issues traded till then, 260 advanced, 26 declined and 36 remained unchanged.

The insurance sector dominated the turnover chart till then with Nitol Insurance was the most traded stocks till then with shares worth Tk 89 million changing hands, closely followed by Rupali Insurance, Beximco Pharma, Purabi General Insurance and Continental Insurance.

The port city bourse – the Chittagong Stock Exchange – (CSE) also saw an upward trend till then with CSE All Share Price Index- CASPI-soaring 57 points to stand at 14,227, also at 10:30am.

The Selective Categories Index – CSCX also gained 30 points to reach 8,543 till then.

Of the issues traded till then, 61 gained, 14 declined, and 8 issues remained unchanged with Tk 16 million in turnover.

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