Stocks open higher amid surging DSE turnover

Bourses today witnessed an upward trend as the prime bourse reported soaring turnover amid floor price limitation during the first one-and-half-hour trading session.

Turnover on the Dhaka Stock Exchange (DSE) trading floor has jumped by 138 percent to Tk193.81 crore in the first session.

DSEX, the prime index of the DSE, upturned by 13.77 points – or 0.34 percent - to reach at 4,048 till 12:00 pm.

Moreover, the Shariah-based DSES index has gained 5.18 points to settle at 933, and the blue-chip index DS30 gained 6.20 points to stand at 1,363.

Out of the 330 issues traded during the same time frame, 87 company's share prices advanced, 39 declined, and 204 remained unchanged.

Meanwhile, the benchmark index CASPI at the Chittagong Stock Exchange (CSE) has climbed 53.89 points to reach 11,502.

Investors' key appetite was focused on the pharmaceuticals sector, which has been doing solid business amid the economic downturn caused by pandemic.

According to market professionals, the securities regulator's apt stance on ensuring a 2 percent shareholding by each director of 22 listed companies had a positive impact on stock price.

Also, the regulatory initiatives to increase fund injection from the banking industry has helped demand to see a moderate rise.

The Bangladesh Securities and Exchange Commission (BSEC), in cooperation with the Bangladesh Bank, has been inspiring banks to buy stocks at a price level lowest in years.

On July 7, the central bank said, "If foreign investors reinvest their dividends in Bangladesh's capital market that would be treated as further foreign investment."

Consequently, the combined effect of all these in a new regulatory regime has helped to increase the investors' confidence.