Stocks edge up amid BSEC turmoil

The Dhaka Stock Exchange (DSE) saw a marginal uptick in its benchmark index today, despite ongoing turmoil within the Bangladesh Securities and Exchange Commission (BSEC), the country's stock market regulator.

The DSEX index rose by 7 points to close at 5,203. However, the blue-chip DS30 index experienced a slight decline, dropping by 0.81 points to settle at 1,889.

Market activity reflected a mixed trend, with 139 stocks advancing, 169 declining, and 86 remaining unchanged. Daily turnover surged by 11% to reach Tk353 crore, compared to the previous trading session.

The chaos within the BSEC stems from a day-long strike by its officials, demanding the resignation of the commission's top leadership. The protest is in response to allegations of misconduct against the chairman and other commissioners. 

In a defiant stance, BSEC Chairman Khondoker Rashed Maqsood has stated that he will not yield to unjust demands and has vowed to intensify investigations into irregularities and corruption within the stock market.

Despite the internal unrest at the regulatory body, the stock market index managed to climb, indicating that investors remained largely unfazed by the ongoing impasse.

In its market commentary, EBL Securities stated that the benchmark index of the capital bourse managed to settle in the positive zone as bargain hunters showed interest in certain speculative and December-closing scrips by capitalising on the recent corrections despite continuing selling pressure amid lackluster market momentum during the Ramadan season.

On the sectoral front, banks led the way, contributing 17% to the DSE's total turnover, followed by pharma at 15.4% and textile at 13.6%.

In terms of individual performance, Orion Infusion topped the turnover chart, with shares worth Tk24.38 crore traded, followed by Robi at Tk10.55 crore and Al-Haz Textile at Tk9 crore.

Sectors showed mixed returns, with tannery leading with a 1.9% gain, followed by fuel and power, and non-bank financial institutions. However, investors saw losses in the jute, which declined by 1.3%, as well as in the paper and textile.

Desco topped the gainers' chart as its share price surged by 9.95% to reach Tk26.5. Other notable gainers included Aramit Cement and Sonargaon textile.

On the flip side, Al-Haj Textile was the day's worst performer, with its share price dropping 9.75% to Tk143.4. The other top losers were Hamid Fabrics and Premier Leasing.