Stocks rally at open on Covid-19 vaccination hope

Dhaka stocks rallied at open on Tuesday morning, as vaccination hopes continued to lift sentiment.

Thirty minutes into trade, the benchmark DSEX added 32 points or 0.60 percent at 5,376, extending the rally for the fourth consecutive session.

Other indices, the DSES climbed almost 6 points or 0.48 percent to 1,237 and blue-chip DS30 moved 15 points or 0.79 percent up to 1,939.

All heads turned towards Robi’s IPO and its stellar run post listing, which can be attributed to over exuberance. It continued to climb as shares of the largest IPO ever were frozen at 10 percent upper circuit on the DSE for the fourth trading day.

Bangladesh is expected to kick off Covid-19 vaccination in January. The country has already inked an agreement to get 30 million doses of the Oxford vaccine from India's Serum Institute.

The expectation of rolling out vaccination by next month has sent a positive signal to the market, but profit-booking cannot be ruled out from a long rally market, said an investment analyst.

The market might see see-saw trading due to quick profit-booking, as the indices hit record highs, he added.