Dhaka stocks jump after BNP election win

The benchmark index gains more than 120 points in early trade

Dhaka stocks have risen sharply, extending gains from last week after the BNP secured a landslide victory in the Feb 12 general election.

The Dhaka Stock Exchange’s (DSE) benchmark index, the DSEX, was up more than 126 points, or about 2.3 percent, at 5,526 by 11am on Sunday.

The rally follows an 82-point gain in the previous session before the election holiday, when the index closed at 5,399. The market had already begun trending upward on Feb 9, rising 83 points.

The BNP-led alliance won 212 seats in Thursday's parliamentary vote and is set to form the next government on Tuesday.

Stakeholders said buying pressure intensified in early trade. Of the 392 issues traded, 360 gained, 19 declined and nine were unchanged in the first hour.

Turnover stood at Tk 4.05 billion by late morning, with gainers outnumbering losers 288 to 67, while 37 stocks remained unchanged.