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The Dhaka Stock Exchange (DSE) saw a sharp rebound on Wednesday, with the key index, DSEX, surging by 84.8 points to close at 5,953, following news of the arrest of former prime minister Sheikh Hasina’s private industry and investment adviser, Salman F Rahman.
This is a significant recovery after two consecutive days of market corrections. The surge was bolstered by strong performances from non-bank financial institutions (NBFIs), which helped keep the index in positive territory. Market turnover also saw a notable increase, rising by Tk 229 crore to reach Tk 1,244 crore.
The DSEX managed to close in positive territory after a day of see-saw trading, driven by selective buying in large-caps which investors found lucrative. Despite this late-session recovery, the broader market saw continued corrections across most scrips.
Throughout the session, market volatility remained high as selling pressure persisted, reflecting the weakening market momentum. However, a shift in the final hours saw the indices rise, fuelled by renewed interest in key large-cap stocks, even though overall market sentiment remained subdued, according to the daily market review by EBL Securities.
Of the 19 sectors, eight registered gains while 11 ended in the red. Among the 398 scrips traded, 116 advanced, 239 declined, and 42 remained unchanged.
UNITEDFIN gains, ISLAMIBANK loses
Grameenphone led the turnover chart, while UNITEDFIN emerged as the top gainer with ISLAMIBANK as the day's worst sufferer. Notably, three stocks were traded at their floor prices.
In the block market, shares worth Tk 23.7 crore changed hands, accounting for 1.91 per cent of the total turnover. The SME index, DSMEX, fell by 6.46 points, with the market generating a Tk 12.8 crore turnover, marking a 16 per cent rise from the previous session.
According to the Royal Capital Financial Portal, SQURPHARMA and ISLAMIBANK had the most significant impact on the DSEX's gains and losses while bullish sentiment dominated the market from the outset.
Earlier in the week, on Monday and Tuesday, the market saw a 150-point correction as investors engaged in profit booking amid weakening momentum. Despite this, investor activity remained robust across the trading floor.
Meawnhile, the port city’s bourse, the Chittagong Stock Exchange (CSE), also settled on green terrain. The selected indices, CSCX and the All-Share-Price-Index, CASPI, gained 82.2 and 132.6 points, respectively.
Masrur’s assumption postponed
Prominent economist and public policy expert Dr M Masrur Reaz was appointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) on Tuesday. However, his planned assumption of duties on Wednesday was postponed due to opposition from BSEC officials.
However, earlier on Sunday evening, the finance ministry issued an order that BSEC Commissioner Mohsin Chowdhury will perform routine duties as the acting chairman of the commission until the interim government issues further orders.
After the fall of the Hasina regime on August 5, the then BSEC chairman Shibli Rubayat-Ul Islam, resigned along with two other commissioners, Prof Rumana Islam and Shaikh Shamsuddin Ahmed.
