Stocks opened higher on Monday, snapping a three-session losing streak, as bargain hunters accumulated fundamentally strong and selective shares in anticipation of short-term gains.

Market operators said the recent sharp correction prompted investors to pick up attractively valued stocks. Sentiment also improved after geopolitical tensions eased somewhat, with the United States and Iran agreeing to resume talks once again.

By 11:00 am, the benchmark DSEX index of the Dhaka Stock Exchange (DSE) had gained 50 points, or 0.86 per cent, to 5,834, supported by buying in large-cap and fundamentally strong stocks.

Trading activity, however, remained subdued. Turnover on the premier bourse stood at Tk 2.21 billion during the first hour of trading.

Market breadth was strongly positive, with 431 issues advancing, 23 declining and 36 remaining unchanged by 11:00 am, reflecting broad-based buying interest.

Low-cap stocks dominated the turnover chart, with Fareast Knitting emerging as the most-traded stock by value after shares worth Tk 82 million changed hands in the first hour.

The Chittagong Stock Exchange (CSE) also traded in positive territory. Its All Share Price Index (CASPI) rose 47 points to 15,525, while the CSE Selective Categories Index (CSCX) advanced 26 points to 9,470 by 11:00 am.

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