Following a significant political shift, the country's stock market experienced a notable surge in its index on the third trading day, accompanied by an increase in trading volume. However, despite the market's strong performance, shares of companies controlled by Salman F Rahman saw a decline.
On Monday, amid a massive student movement against discrimination, Sheikh Hasina resigned from her post as prime minister and fled to India. The previous night, her private industries and investment adviser, Salman F Rahman, also fled the country, impacting the share prices of companies associated with him.
Salman F Rahman is the head of BEXIMCO Group, one of the country's leading industrial conglomerates. Three of BEXIMCO Group's companies are listed on the stock market — BEXIMCO Limited, Beximco Pharmaceuticals Limited and Shinepukur Ceramics Limited. Additionally, the Beximco Green-Sukuk Al-Istisna’a, an Islamic Shariah-compliant bond issued by BEXIMCO, is also listed on the stock market. Salman F Rahman also serves as the chairman of the listed IFIC Bank PLC.
On Thursday, the share prices of 364 companies on the Dhaka Stock Exchange (DSE) increased, while only 27 companies saw a decline and seven stocks remained unchanged. Despite the widespread increase in share prices, the securities related to Salman F Rahman experienced a negative trend.
The share price of Beximco Pharmaceuticals Limited on Thursday dropped by 2.93 per cent to Tk 96.20. The share price of Shinepukur Ceramics Limited also fell by 2.71 per cent, trading at Tk 28.70.
On the same day, the price of Beximco Green-Sukuk Al-Istisna’a decreased by 2.92 per cent to Tk 66.50, down from the previous day's price of Tk 68.50.
However, the share price of BEXIMCO Limited remained unchanged due to the floor price restriction, which prevents the share price from falling below a certain level.
Additionally, the share price of IFIC Bank PLC on the DSE dropped by 9.41 per cent, falling to Tk 9.30, compared to the previous day's price of Tk 10.30.
