People look at stock market data. File Photo: TBS
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People look at stock market data. File Photo: TBS
The benchmark index of the country’s premier bourse, the Dhaka Stock Exchange (DSE), witnessed a surge yesterday as investors reacted positively to a stakeholders’ meeting with the stock market regulator.
The meeting, aimed at addressing the ongoing turmoil within the Bangladesh Securities and Exchange Commission (BSEC), spurred renewed activity in the market.
The DSEX, the key index of the DSE, climbed 16 points to close at 5,190, while the blue-chip DS30 index rose by 9 points to settle at 1,890.
Market activity reflected a mixed trend, with 174 stocks advancing, 137 declining, and 83 remaining unchanged. Daily turnover saw a slight increase, reaching Tk338 crore.
The unrest at the BSEC stems from a strike by its officials demanding the resignation of the commission’s top leadership – chairman and other commissioners – over alleged misconduct.
In response, BSEC Chairman Khondoker Rashed Maqsood has taken a firm stance, refusing to yield to what he termed “unjust demands.” He has also pledged to intensify investigations into stock market irregularities and corruption, signalling a zero-tolerance approach to malpractice.
The crisis deepened after Ashiqur Rahman, the commission chairman’s gunman, filed a case against 16 BSEC officials, accusing them of threatening the chairman and other commissioners.
This legal action has further complicated the already volatile situation.
In an effort to resolve the crisis, key market stakeholders, including the DSE, the brokers’ association, and the merchant bankers’ association, held an emergency meeting with the BSEC on Sunday.
They urged an immediate resolution to the chaos within the regulator, emphasising the need to restore stability and investor confidence in the market. Following the meeting, the BSEC chairman called on the striking officials to end their protest and resume their duties.
Of the 16 accused BSEC officials, several have surrendered to the lower court, with 13 securing bail and others awaiting their bail hearings.
As the situation unfolds, stakeholders are closely monitoring developments, hoping for a swift resolution to prevent further damage to the already fragile market sentiment, according to insiders.
Sectoral and stock performance
On the sectoral front, the food sector led the way, contributing 16.3% to the DSE’s total turnover, followed by textiles at 16.1% and pharmaceuticals at 15%.
Orion Infusion topped the turnover chart, followed by Beach Hatchery, Alif Industries, and Lovello Ice-cream.
Sectors such as paper, travel, and life insurance posted the highest positive returns, while fuel and power, miscellaneous, and non-bank financial institutions faced the most corrections.
Bashundhara Paper emerged as the top gainer, with its share price surging by 10% to reach Tk36.3. Other notable gainers included Samatha Leather, S Alam Cold Rolled Steels, Prime Life Insurance, and Tosrifa Industries.
Tung Hai Knitting was the worst performer, with its share price plunging 9.37% to Tk2.9. Other top losers included Renwick Jajneswar, Desco, Peoples Leasing, and Familytex.