Bourses open sharply higher

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Highlights: Stocks investor behaviour remains the same as the market goes up; they hurriedly move to park funds in junk stocks for quick gains like in the past After a dull time for many years, the capital market gained momentum as investors' participation increased and fresh funds poured in The DSEX rose to an all-time high of 7,410 points on 11 October but following sell pressures, the index has now fallen below the 7,000-mark Former BSEC chairman Faruq Ahmad Siddiqi suggested that, instead of being lured by quick gains, investors should study the fundamentals and track records for good returns Some worthless stocks made a lot of noise, luring in investors. Prices skyrocketed, much to the excitement of newcomers. Then the bad guys in the market sold those shares at a much higher profit, leaving the inexperienced investors high and dry. That's what happened in 1996, a turbulent year when many new investors suffered financial burnout. Some stocks with weak fundamentals in the capital market had become surprisingly

Bourses open sharply higher

 

Stocks opened sharply higher on Wednesday as bargain hunters were showing their buying interest on sector-specific lucrative issues.

Following the previous day’s big gain, DSEX, the prime index of the Dhaka Stock Exchange (DSE), soared 69.75 points to 6,937 within the first hour of trading, when the report was filed at 11:00 am.

Two other DSE indices saw an upbeat trend till then. The DS30 index, comprising blue chips, gained 28.80 points to stand at 2,644 and the Shariah Index (DSES) rose 16.58 points to stand at 1,471 points at that time.

Turnover, another important indicator of the market, stood at Tk 3.08 billion within the first hour of trading at 11:00 am.

Market insiders said the bargain hunters are showing their buying interest on sector-specific large-cap stocks, helping the benchmark index to cross 6,900-mark in the early trading.

Of the issues traded till then, 291 advanced, 39 declined and 34 issues remained unchanged on the DSE trading floor.

Beximco was the most traded stock till then with shares worth Tk 413 million changing hands, closely followed by Orion Pharma, LafargeHolcim, Beximco Pharma and Alif Manufacturing Company.

The Chittagong Stock Exchange saw a sharp rise at the opening with its All Shares Price Index (CASPI)—soaring 131 points to stand at 20,228 while the Selective Categories Index – CSCX rose 79 points to reach 12,154, also at 11:00 am.

Of the issues traded till then, 95 advanced, 17 declined and 15 remained unchanged with Tk 66 million in turnover.

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