Stocks open higher on bargain hunting

Stocks maintained their upward momentum for a second consecutive session on Wednesday as bargain hunters picked up recently battered shares, triggering broad-based buying across the market.

Market operators said investors showed renewed buying interest following recent price erosion, although lingering Middle East crisis and lower than expected earnings of many companies kept many cautious.

The benchmark Dhaka Stock Exchange (DSE) index, the DSEX, gained 20 points, or 0.37 per cent, to reach 5,457 at 11:30 am when the report was filed.

The blue-chip DS30 index rose 4 points to 2,061, while the DSES index, which tracks Shariah-compliant companies, advanced 4 points to 1,058.

The Chittagong Stock Exchange (CSE) also opened higher. Its All Share Price Index (CASPI) gained 2 points to reach 14,508, while the Selective Categories Index (CSCX) rose 4 points to 8,922.

Market breadth remained firmly positive, with 258 issues advancing against 88 declining, while 58 remained unchanged on the DSE, reflecting stronger buying interest across the trading floor.

Trading activity also picked up, with turnover reaching Tk 2880cr during the period.

IPDC Finance topped the turnover chart, with its shares worth Tk 1970cr changing hands.