Stocks return to green on BSEC chairman's resignation rumour
The Dhaka Stock Exchange (DSE) saw a turnaround from the mid-session on Sunday (4 May) as its benchmark DSEX index rose by 38 points to close at 4,956, ending a three-day losing streak, mainly driven by a rumour on the resignation of the Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood, market analysts said.
Midway through the trading session, rumours began circulating in the market that the government is planning to replace the BSEC chairman. Speculation about potential successors also began to emerge.
According to conversations with several investors and brokers, who spoke on condition of anonymity, this development played a significant role in Sunday's market behaviour. They noted that the current BSEC chairman has failed to restore investor confidence. Over time, a considerable gap has developed between him and key market stakeholders, fuelled by various issues. Reports also suggest internal dissatisfaction within the regulatory body itself.
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Many investors and stakeholders believe that under his leadership, revitalising the market is no longer feasible. As a result, the rumours of a leadership change have injected a sense of optimism among market participants, which has had a noticeable impact on trading.
Previously, Khondoker Rashed Maqsood addressed the media about the market situation, stating that the temporary volatility could be a consequence of reforms and enforcement actions taken to curb irregularities.
"Such reactions are common during major reform phases," he said, adding that these efforts would ultimately have a positive impact on the market. His views were echoed last week by Anisuzzaman Chowdhury, special assistant to the chief adviser, during a briefing with journalists.
Meanwhile, the current BSEC chairman is presently abroad. He completed his last official day at the office this past Wednesday before departing for the United States to attend the International Institute for Securities Market Growth and Development programme, organized by the US Securities and Exchange Commission.
The event will be held in Washington from 5 May to 9 May. Following that, he is scheduled to attend the annual meeting of IOSCO (International Organization of Securities Commissions) in Doha, Qatar, from 12 May to 15 May.
On Sunday, the blue-chip DS30 index also gained 11 points, settling at 1,834. Of the traded issues, 290 advanced, 67 declined, and 38 remained unchanged.
The turnover of the DSE also jumped by 22% to Tk399 crore.
Bank Asia emerged as the day's top gainer, with its share price surging by 10.42%, followed by RD Food and Genex Infosys. Express Insurance was the worst performer of the day.
Meanwhile, the Chittagong Stock Exchange (CSE) witnessed a mixed performance in its index. Its general index (CSCX) dropped 11 points to 8,417, while the all-share price index (CASPI) slightly increased to 13,805 points.
