Stocks extend gains as investors cheer BSEC leadership exit

Stocks opened higher on Thursday, extending the previous session's gains as investors continued to accumulate fundamentally strong and attractively valued stocks amid hopes of regulatory reforms following the resignation of the Bangladesh Securities and Exchange Commission (BSEC) chairman and commissioners.

Market analysts said investor sentiment remained upbeat, buoyed by repeated political commitments to support the capital market and expectations of favourable policy measures. The departure of the securities regulator's top leadership further boosted confidence among investors, who anticipate a restructuring of the commission and reforms to improve market governance.

BSEC Chairman Khondoker Rashed Maqsood and four commissioners submitted their resignation letters to the Financial Institutions Division (FID) of the Ministry of Finance on Thursday.

The commissioners who stepped down are Md Mohsin Chowdhury, Md Ali Akbar, Farzana Lalarukh and Md Saifuddin.

Mr Maqsood was appointed BSEC chairman on August 18, 2024, following the political transition. The resignations came days after Finance and Planning Adviser Amir Khosru Mahmud Chowdhury announced that the country's capital market regulator would be restructured within two weeks.

In a statement issued before stepping down, Mr Maqsood said: "After performing the role of Chairman, BSEC for the last 21 months, I have decided to resign from the public position to focus on personal endeavours."

Following Wednesday's positive close, the benchmark DSEX index of the Dhaka Stock Exchange (DSE) advanced 23 points, or 0.41 per cent, to 5,464 after the first one-and-a-half hours of trading at 11:30 am.

The blue-chip DS30 Index gained 7 points to 2,064, while the DSES Index, which tracks Shariah-based companies, rose 7 points to 1,106 during the same period.

Market activity also strengthened significantly. Turnover, a key indicator of investor participation, stood at Tk 5.92 billion by 11:30 am, reflecting robust buying interest across sectors.

Of the traded issues, 253 advanced, 67 declined and 66 remained unchanged, indicating a broad-based rally.

General Insurance Company emerged as the most actively traded stock, with shares worth Tk 251 million changing hands by that time.

The Chittagong Stock Exchange (CSE) also maintained an upward trajectory. The benchmark CASPI rose 38 points to 15,223, while the CSCX Index gained 24 points to 9,357.

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