Stocks rise sharply at open

Dhaka shares opened sharply higher on Sunday morning, propelled by Robi, the country’s biggest share listing in the previous session.

The DSEX jumped 77 points or 1.48 percent at 5,295, extending the gaining streak from its 16-month high recorded in the previous session.

In the first 30 minutes of the trade, shares of Robi were frozen at 50 percent upper circuit on the DSE in its second consecutive trading day. More than 40.52 shares were changed hands at the halted price and there were more than 6.5 crore buyers waiting to bet on the new stock, the DSE data showed.

The heavyweight debutant opened at Tk 22.50, 50 percent higher than the previous day’s closing price. The increase was capped by the regulatory limit for the stock.

Other indices, the DSES gained more than 15 points or 1.26 percent to 1,218 and blue-chip DS30 climbed 29 points or 1.27 percent to 1,906.

“Robi IPO brought a positive mood to the investors, sending the market to a new height,” said a broker.

In addition, the market continued to rally as investors shrugged off a new strain of coronavirus as investors closely followed the news of the stimulus package, he said adding that falling bank interest rates also contributed to the rise of the market.