Stocks end higher after reappointment of BSEC chief

Business Report :
Stocks ended higher on Sunday, snapping a recent bearish vibe, as the news of the reappointment of the stock market regulator chairman has boosted the investors’ confidence to some extent.
Professor Shibli Rubayat-Ul Islam has been reappointed as the chairman of the Bangladesh Securities and Exchange Commission (BSEC) for another four-year term.
The Financial Institution Division of the Ministry of Finance issued a circular in this regard on Sunday.
Following the news, the market opened higher as bargain hunters favoured taking positions in lucrative issues in anticipation of a potential turnaround.
DSEX, the key index of the Dhaka Stock Exchange (DSE), finally went up more than 97 points or 1.76 per cent to settle at 5,615.
Institutional buying support has added strength to the equity indices despite overall market sentiment remains subdued.
Price hike of large-cap stocks such as BAT Bangladesh GP, Power Grid, Square Pharma and Walton helped the market index higher.
The blue chip index DS30, a group of 30 prominent companies, advanced almost 22 points to 1996 while the DSES Index, which represents Shariah-based companies, gained 17 points to 1,234.
Turnover, a crucial indicator of the market, also rose 20 per cent to Tk 6.14 billion, up from Tk 5.11 billion in the day before.
More than 75 per cent of traded stocks saw price appreciation as out of the issues traded, 300 advanced, 52 declined and 44 remained unchanged.
The Chittagong Stock Exchange (CSE) also closed higher with the CSE All Share Price Index – CASPI – soaring 183 points to 15,999.