DSE turnover jumps 46%, hitting 40-day high

Highlights:

• DSEX closes 8 points higher at 4,965
• DS30 ends 10 points up at 1,844  
• Turnover closes 46.2% increased at Tk584cr
• 173 advanced, 169 declined, 58 unchanged

The DSEX, the benchmark index of the Dhaka Stock Exchange, rose for the second day in a row, with insiders linking the gain to rumours of BSEC Chairman Khondoker Rashed Maqsood's resignation or removal — a development many general investors have long been calling for.

Widespread speculation about his possible removal has been circulating on social media, with names of potential successors appearing on Facebook — reportedly fuelling renewed optimism among investors.

Meanwhile, Maqsood has left the country for the United States to attend a scheduled programme.

Turnover on the DSE also increased by 46.2%, rising to Tk584 crore from Tk399 crore in the previous session on Sunday.

Till the end of last week, the Dhaka stock market had been in a prolonged slump, causing substantial losses for general investors. Hopes for a market recovery following political changes in July–August last year have so far remained unfulfilled, with no visible turnaround even after ten months. As the bearish trend persists, investor frustration has grown significantly.

According to market insiders, general investors have staged protests demanding the resignation of the BSEC chairman. They allege that he lacks a proper understanding of the capital market and has failed to restore investor confidence. Even respected former BSEC chairmen and key market stakeholders have expressed concerns over his leadership.

Analysts also point to several contributing factors behind the sustained market downturn. A sharp rise in gas prices is expected to increase production costs across various industries, deepening investor uncertainty. Institutional participation remains low, while retail investors continue to exit the market, further weakening overall sentiment.

On Monday, the DSEX index increased 8 points to 4,965. The DSE Shariah Index (DSES) fell 1 point to 1,099, while the DS30, which tracks blue-chip stocks, up 10 points to settle at 1,844.

Baraka Patenga Power topped the list of gainers, followed by Baraka Power, SEML FBLSL Growth Fund, Midland Bank, and Hakkani Pulp & Paper Mills.

Khulna Power Company led the list of top losers, followed by Renwick Jajneswar, Energypac Power Generation, Bata Shoe Company (Bangladesh), and Global Heavy Chemicals Limited.

In its weekly market commentary, EBL Securities noted that the benchmark index of the capital bourse managed to close in positive territory for two consecutive sessions as bargain hunting continues in particular oversold stocks with rebound potential since anticipation of a probable market recovery builds surrounding the earnings declaration of the listed companies for the recently ended quarter.

Investors remained active on both sides of the trading fence today as sellers also tried to demonstrate their strength since market sentiment has yet to rebound in the absence of any strong positive catalyst; however, bargain hunters ultimately managed to extend their possession of the market's momentum, according to the market commentary.

On the sectoral front, bank stocks accounted for the highest turnover, contributing 39.1%, followed by the food sector at 9.0% and pharmaceuticals at 8.1%. Sector performance was mixed.

Among the top gainers were mutual funds (2.8%), life insurance (2.6%), and financial institutions (1.5%). On the other hand, the tannery sector declined by 2.8%, ceramics by 2.2%, and engineering by 0.7%.

Out of 397 issues traded on the Dhaka Stock Exchange, 172 advanced, 166 declined, and 59 remained unchanged.

The port city bourse, Chittagong Stock Exchange (CSE), also ended on a positive note. The Selective Categories Index (CSCX) gained 44.0 points, while the All Share Price Index (CASPI) rose by 59.0 points.