The Dhaka Stock Exchange (DSE), one of the country’s two premier bourses, suffered its steepest single-day fall in six years yesterday, as investor panic deepened over conflict in the Middle East following Iran’s warning of attacks on ships passing through the Strait of Hormuz, one of the world’s most critical maritime trade routes.

The DSEX, the benchmark index of the DSE, plummeted 209 points, or 3.77 percent, to 5,325 on the day. The last time the index fell harder in a single session was on March 9, 2020, when it plunged 279 points.

The DS30, the blue-chip index, dropped 85 points, or 4 percent, to 2,050. Turnover rose 13 percent to Tk 885 crore. Among traded issues, 31 advanced, 349 declined, and 11 remained unchanged.

The declining trend extended to the Chittagong Stock Exchange (CSE), where the CASPI, the port city bourse’s main index, dropped 414 points, or 2.6 percent, to 15,085. At the CSE, 45 stocks rose, 153 fell, and 16 remained unchanged.

“The market tumbled mainly due to panic centring on the Iran conflict,” said Kazi Monirul Islam, CEO of Shanta Asset Management.

He noted that investors had initially expected the war to be short-lived following the killing of Iran’s supreme leader, which helped the DSEX recover 72 points on Monday after shedding 139 points on the first trading day after the conflict began. Yesterday’s sharp reversal suggests that sentiment has shifted.

“Investors now realise the war will have a lasting impact on the economy. Oil and gas prices are already rising, and fears intensified further with the threat of closing the Hormuz Strait,” Islam said.

“This creates deep uncertainty among investors about the profitability of listed firms. The impact was clear on the stock market index,” he added.

The selloff was exacerbated by a sharp fall in British American Tobacco Bangladesh (BATBC), which announced its lowest dividend in nearly a decade for 2025 after its profits fell 67 percent during the year.

Islam noted that as one of the market’s largest-cap stocks, BATBC’s decline alone dragged the DSEX down by 22 points. The multinational tobacco company’s profit fell 67 percent in 2025, which contributed to a drop in its stock.

Robi Axiata, Brac Bank, Square Pharmaceuticals, Islami Bank, Beximco Pharmaceuticals, and Walton Hi-Tech Industries together contributed a further 51-point decline.

Islam also pointed to profit-booking as an additional pressure on the DSEX.

“Many investors had seen gains of 10 to 15 percent in their portfolios even though stocks remain undervalued. They are booking a profit even if they know the stocks are undervalued. This is common psychology, investors want to book profits,” he said.

Market analysts said the country’s economy is in a fragile state, making it especially vulnerable to the fallout from a prolonged conflict in the Middle East.

Bangladesh sourced over 50 percent of its LNG imports, approximately 3.6 million tonnes, from Qatar and the UAE in 2025, making its energy security acutely exposed to Middle Eastern geopolitics.

Dhaka stocks tumbled in the first half today amid rising fears over the impact of the conflict in the Middle East after Iran warned of attacks on ships sailing through the Strait of Hormuz, one of the world’s most critical maritime trade routes.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), plunged 131 points, or 2.37 percent, to 5,402 in the initial trading hours.

The decline came after a day of recovery in share prices. The premier bourse dipped amid concerns after the conflict began. Yesterday, the index rose 77 points.

The DS30, the blue-chip index, fell 59 points, or 2.89 percent, to 2,073.

The DSES, the Shariah-based companies’ index, also slumped in early trade.

Stock market analysts said investors were panicked as the Iran war was intensifying, which could impact Bangladesh’s economy, which is highly dependent on oil and gas from Middle Eastern countries.

Yesterday, Danish shipping giant Maersk suspended all new cargo bookings between the Indian subcontinent, including Bangladesh, and the Gulf region amid the evolving situation in the Middle East.

Earlier, Mediterranean Shipping Company (MSC), in a customer advisory issued on March 1, declared a booking suspension for worldwide cargo to the Middle East.

Several other global shipping lines also announced the suspension of Middle East cargo bookings.

At the DSE, turnover — an important indicator of the market — stood at Tk 456 crore as of 11:53 am.

Among the traded stocks, 40 advanced, 326 declined, and 22 remained unchanged.

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved the prospectus of ‘LankaBangla Fixed Income Fund,’ an open-ended mutual fund, during its 1001st commission meeting held at the BSEC headquarters in the capital.Bangladesh economic trends

The regulatory decision was reached today during the 1001st commission meeting conducted at the BSEC meeting room, said a press release.

BSEC Chairman Khondoker Rashed Maqsood presided over the session.

The ‘LankaBangla Fixed Income Fund’ is established as an open-ended mutual fund with an initial primary target of Taka 25 crore.

The LankaBangla Fund has a capital structure comprising a Taka 2.5 crore contribution from the sponsor and a Taka 22.5 crore public offering, with each unit priced at a face value of Taka 10.

According to a BSEC press release, the commission has formally approved both the draft prospectus and the abridged version of the prospectus for the fund. The approval of the abridged version serves as the regulatory clearance required for the asset manager to proceed with public notifications and the formal investor subscription process.

British American Tobacco Bangladesh has recommended a 30% cash dividend for 2025, sharply lower than the 300% cash dividend it distributed in 2024.

Following the disclosure, the company's share price fell by 8.94% to Tk242.30 today (3 March) at the Dhaka Stock Exchange.

The company also reported a loss of Tk136 crore in the October–December quarter of 2025, reflecting a sharp deterioration in earnings amid declining cigarette sales and higher operating costs.

In a statement, the company reported a 67% decline in earnings per share (EPS) for the year ended 31 December 2025, as profit came under significant pressure. The significant drop was mainly due to lower turnover and increased operating expenses. Costs rose as a result of inflationary pressures and higher levels of activity in certain parts of the business.

Net operating cash flow fell by 81% compared to the previous year. The decline was largely driven by lower profit and higher cash outflows following an increase in excise duty, although some of the impact was offset by other factors.

In July 2025, the company ceased operations at its Dhaka factory and relocated the plant, machinery, and cigarette manufacturing equipment to its Savar facility. The compulsory site closure, coupled with relocation and restructuring costs, resulted in a one-off negative impact of Tk715 crore on operating profit compared to the previous year.

According to the company's financial statements approved at a board meeting held yesterday (2 March), the multinational tobacco manufacturer posted a loss per share of Tk2.53 in the fourth quarter of 2025.

For the full year ended December 2025, earnings per share stood at Tk10.81, representing a 67% decline year-on-year.

The company has scheduled its annual general meeting for 30 April to seek shareholder approval for the audited financial statements and the proposed dividend. The record date has been fixed for 1 April.

In its price-sensitive disclosure, the company did not offer detailed explanations for the sharp drop in profit and dividend payout in 2025. However, earlier disclosures indicated that business performance came under strain following the closure of its Mohakhali factory on 1 July 2025.

The Dhaka stock market suffered its sharpest single-day decline in six years today as escalating tensions in the Middle East rattled global energy markets, raising fears of higher import costs, inflation and broader economic disruption in Bangladesh.

The benchmark Dhaka Stock Exchange (DSE) DSEX index plunged 208 points, or 3.77%, to close at 5,325 the biggest one-day drop since 9 March 2020, when the index fell 279 points following the outbreak of Covid-19.

The blue-chip DS30 index also slumped 85 points, or 4.01%, to settle at 2,050.

Market breadth remained sharply negative, with 349 issues declining against only 31 advancing, while 11 remained unchanged.

Turnover, however, rose 13% to Tk885 crore, signalling heavy selling as investors rushed to offload holdings. The bourse's market capitalisation shrank by Tk12,800 crore in a single session.

The selloff came as global markets reeled from widening conflict in the Middle East following US and Israeli strikes on Iran.

The escalation drove up global oil and gas prices, intensifying concerns over energy supply disruptions and their potential impact on import-dependent economies such as Bangladesh.

Moniruzzaman, managing director of Prime Bank Securities, told The Business Standard that the geopolitical conflict has already pushed up global gas and oil prices, raising fears that Bangladesh's import bill could increase significantly.

He warned that any disruption in fuel imports could hamper power generation and industrial output, particularly as the country approaches peak summer demand. A slowdown in industrial activity, combined with higher energy costs, could further exacerbate inflationary pressures.

Against such uncertainty, investors opted for caution, triggering widespread selling across sectors.

He added that trading is likely to remain volatile in the coming sessions, depending on developments in the Middle East and trends in global energy markets.

According to EBL Securities, the market's brief recovery in the previous session was abruptly reversed as panic-driven selloffs swept across the trading floor. Investors were rattled by mounting concerns over the macroeconomic repercussions of prolonged Middle East tensions, particularly the risks of fuel and power supply disruptions in Bangladesh.

Speculation over a possible transition in regulatory leadership further added to the cautious mood, accelerating the market's free-fall, it said.

The turmoil was not confined to Bangladesh. A global equity selloff intensified as surging energy prices raised alarms about the broader economic outlook. Europe's benchmark STOXX 600 index fell 2.7% in early trading, following a 1.7% drop a day earlier.

In Asia, markets in South Korea, Japan, India, China and Vietnam also recorded steep losses, according to international media reports.

Energy markets experienced dramatic swings. Benchmark Asian LNG prices surged nearly 40% on Monday, while European wholesale gas prices jumped between 35% and 40%.

US natural gas futures climbed almost 6%. The spike followed reports that Qatar had halted liquefied natural gas production, prompting precautionary shutdowns of oil and gas facilities across the region. Qatari LNG accounts for roughly one-fifth of global supply.

Bangladesh, which relies heavily on imported fuel, is particularly exposed to disruptions in the Strait of Hormuz.

Industry officials compared the situation to the aftermath of Russia's 2022 invasion of Ukraine, when LNG prices spiked sharply and supply constraints led to prolonged power outages.

Government officials and company executives said they do not expect an immediate supply shock but acknowledged that sustained price increases would strain the economy.

"The real question is where prices will go," one executive said. "Prices could rise manyfold, and frankly, we simply cannot afford that."

The Bangladesh Securities and Exchange Commission (BSEC) has removed LR Global Bangladesh Asset Management Company Limited as the asset manager of six mutual funds over regulatory violations and alleged mismanagement.

The decision was approved at a recent board meeting of the commission, according to a disclosure published by the Dhaka Stock Exchange today (2 March).

In a statement, the regulator said the action was taken in the interest of investors and to safeguard public funds after its investigation found breaches of securities laws, violations of the Mutual Fund Rules, 2001, and failure to fulfil fiduciary responsibilities.
The affected funds are DBH First Mutual Fund, Green Delta Mutual Fund, AIBL First Islamic Mutual Fund, LR Global Bangladesh Mutual Fund-1, NCCBL Mutual Fund-1, and MBL First Mutual Fund.

Trustees of the respective funds have been directed to initiate necessary legal and administrative measures. Meanwhile, the process to cancel LR Global's registration as an asset manager is underway.

According to the BSEC investigation, funds from the six mutual funds were invested in Padma Printers & Colors Limited, later renamed Quest BDC Limited, at prices higher than the approved rate and without adequate financial analysis.

The commission said the investments violated applicable rules and exposed unit holders to significant financial risks.

The regulator also identified a conflict of interest, noting that a related entity purchased shares of the same company at a lower price, depriving mutual fund investors of potential benefits. In one instance, more than 15% of a single company's paid-up capital was acquired from one fund, exceeding regulatory limits.

In addition, the appointment of a managing director at Quest BDC Limited without prior approval from the trustee or the commission was found to be in violation of the rules.

Since 2022, the investment in Quest BDC has yielded no returns. As the company is listed on the OTC market, the shares are illiquid, making it difficult for the closed-end funds to exit the investment.

Trustees are now assessing options to appoint a new asset manager following the completion of required audits.

পুঁজিবাজারকে দেশের দীর্ঘমেয়াদি অর্থনৈতিক প্রবৃদ্ধি, শিল্পায়ন, অবকাঠামো উন্নয়ন এবং কর্মসংস্থান সৃষ্টির অন্যতম প্রধান আর্থিক খাত হিসেবে বিবেচনা করা হয়। তা সত্ত্বেও দেশের অর্থনীতির আকার যতটা বেড়েছে, পুঁজিবাজারের গভীরতা, প্রাতিষ্ঠানিক অংশগ্রহণ ও বিদেশি বিনিয়োগপ্রবাহ কাঙ্ক্ষিত মাত্রায় বাড়েনি। ফলে দীর্ঘমেয়াদি অর্থায়নের কাঠামো এখনো ব্যাংকনির্ভর। যার কারণে আর্থিক ব্যবস্থায় একধরনের ভারসাম্যহীনতা তৈরি হয়েছে।

সাম্প্রতিক এক বিশ্লেষণে দেখা গেছে, ২০১৫ সালে দেশের মোট দেশজ উৎপাদন বা জিডিপির আকার ছিল ১৯৫ বিলিয়ন মার্কিন ডলার। তা এখন বেড়ে ৪৬০ থেকে ৪৭০ বিলিয়ন ডলারে উন্নীত হয়েছে। এ ছাড়া ২০১৫ সালে ব্যাংক খাতের সম্পদের পরিমাণ ছিল ১০ দশমিক ৩১ ট্রিলিয়ন (এক ট্রিলিয়নে এক লাখ) টাকা। ২০২৪ সালের জুনে তা বেড়ে দাঁড়িয়েছে ২৫ দশমিক ৪১ ট্রিলিয়ন টাকায়। তার বিপরীতে ২০১৫ সালে শেয়ারবাজারের বাজার মূলধন ছিল ৩ দশমিক ২৯ ট্রিলিয়ন টাকা। এখন তা বেড়ে প্রায় ৭ দশমিক ১৪ ট্রিলিয়ন টাকায় পৌঁছেছে। ফলে জিডিপির অনুপাতে বাজার মূলধন প্রায় ১২ শতাংশের নিচেই রয়ে গেছে।

এই বৈষম্য কেবল সংখ্যাগত নয়; এ পরিস্থিতির ভেতরে একাধিক কাঠামোগত ঝুঁকি তৈরি হয়েছে। স্বল্পমেয়াদি আমানতের বিপরীতে দীর্ঘমেয়াদি শিল্পঋণ বিতরণের ফলে ব্যাংক খাতে একধরনের চাপ তৈরি হয়। ব্যাংকিং ব্যবস্থায় কোনো ধরনের চাপ তৈরি হলে তাতে পদ্ধতিগত ঝুঁকিও দ্রুত ছড়িয়ে পড়ে। ঋণশৃঙ্খলা দুর্বল হলে ঋণের অপব্যবহার ও খেলাপির প্রবণতা বেড়ে যায়। শক্তিশালী পুঁজিবাজার না থাকলে বড় করপোরেটদের ওপর সুশাসনের চাপও কম থাকে। তাতে স্বচ্ছতা ও জবাবদিহি বাধাগ্রস্ত হয়। অন্যদিকে পরিবারের সঞ্চয়ও উৎপাদনশীল খাতে বিনিয়োগ না হয়ে অনুৎপাদনশীল খাতে প্রবাহিত হয়।

পুঁজিবাজারের দীর্ঘস্থায়ী দুর্বলতা শুধু সামষ্টিক অর্থনৈতিক সূচকের ওঠানামা দিয়ে ব্যাখ্যা করা যায় না; বরং নেতৃত্ব, প্রতিষ্ঠানিক সক্ষমতার ঘাটতি, নীতির ধারাবাহিকতা না থাকা ও বাজার চাহিদার সঙ্গে নীতি প্রণয়নের সংযোগহীনতার কারণে দীর্ঘদিন ধরে পুঁজিবাজারের ওপর বিনিয়োগকারীদের আস্থাকে ক্ষতিগ্রস্ত করেছে। মূলত কার্যকর একটি পুঁজিবাজার গঠনের শুরুটা হয় সামষ্টিক অর্থনৈতিক স্থিতিশীলতা থেকে। অর্থায়নের একটি অংশকে ধাপে ধাপে পুঁজিবাজারমুখী করা হলে—অর্থাৎ মূলধন বিনিয়োগ, বন্ড, প্রকল্পভিত্তিক ইনস্ট্রুমেন্ট ও ফান্ডের কাঠামো দিয়ে দীর্ঘমেয়াদি তহবিল সংগ্রহ বাড়লে—আর্থিক ব্যবস্থার ওপর চাপ কমে এবং অর্থনীতিতে তহবিল সরবরাহের ভিত্তি আরও বৈচিত্র্যপূর্ণ হয়।

পুঁজিবাজারের দীর্ঘস্থায়ী দুর্বলতা শুধু সামষ্টিক অর্থনৈতিক সূচকের ওঠানামা দিয়ে ব্যাখ্যা করা যায় না; বরং নেতৃত্ব, প্রতিষ্ঠানিক সক্ষমতার ঘাটতি, নীতির ধারাবাহিকতা না থাকা ও বাজার চাহিদার সঙ্গে নীতি প্রণয়নের সংযোগহীনতার কারণে দীর্ঘদিন ধরে পুঁজিবাজারের ওপর বিনিয়োগকারীদের আস্থাকে ক্ষতিগ্রস্ত করেছে।

ঋণবাজারকে শক্ত ভিত্তির ওপর দাঁড় করানো ছাড়া এই রূপান্তর টেকসই হয় না। উন্নত আর্থিক ব্যবস্থায় সরকারি ট্রেজারি বিল ও বন্ড বাজারকে বিনিয়োগকারীদের জন্য একটি গুরুত্বপূর্ণ নির্দেশক হিসেবে ব্যবহার করা হয়। অথচ বাংলাদেশে সরকারি সিকিউরিটিজ মার্কেট থাকলেও সেটি পুঁজিবাজারের সঙ্গে পুরোপুরি সংযুক্ত নয়। এ ছাড়া পুঁজিবাজারের প্রাতিষ্ঠানিক ভিত্তি শক্তিশালী করার ক্ষেত্রে নিয়ন্ত্রক কাঠামোর আধুনিকায়ন একটি পূর্বশর্ত। কার্যকর নিয়ন্ত্রক ব্যবস্থায় নীতিনির্ধারণ, তদারকি, প্রয়োগ এবং বাজার উন্নয়ন—এই চারটি কার্যক্রম একে অপরের সঙ্গে ওতপ্রোতভাবে জড়িত। সেখানে আমাদের পুঁজিবাজারে বড় ধরনের ঘাটতি রয়েছে।

পুঁজিবাজারে প্রযুক্তিনির্ভর নজরদারি ‘গেমচেঞ্জার’–এর ভূমিকা রাখতে পারে। রিয়েল টাইম লেনদেন তদারকি, অ্যালগরিদমিক অস্বাভাবিকতা বিশ্লেষণ, ইনসাইডার ট্রেডিং বা কারসাজি শনাক্তকরণ এবং ডেটা বিশ্লেষণভিত্তিক প্রযুক্তিনির্ভর তদারকি ব্যবস্থা চালু হলে বাজারশৃঙ্খলা স্বয়ংক্রিয়ভাবে শক্তিশালী হয়। একই সঙ্গে মূল্য সংবেদনশীল তথ্য প্রকাশের ব্যবস্থাকে একটি একীভূত ডিজিটাল প্ল্যাটফর্মে আনা হলে তথ্যপ্রবাহ দ্রুত হয় এবং সবাই একই সময়ে একই মানের তথ্য পায়।

পাশাপাশি নীতিনির্ধারণ ও নীতিপ্রয়োগকে কার্যকরভাবে আলাদা করা গেলে জটিলতা কমে। লাইসেন্সিং, ইস্যু অনুমোদন, বন্ড নিবন্ধন, রাইটস ইস্যু ও করপোরেট অ্যাকশন অনুমোদনের ক্ষেত্রে সময়সীমা নির্ধারিত করা হলে উদ্যোক্তা ও ইস্যুয়াররা তাতে নিজেদের মতো পরিকল্পনা সাজাতে পারে। এর ফলে ‘হবে কি, হবে না’—এ ধরনের অনিশ্চয়তা কমে যায়। এক্সচেঞ্জগুলোকে অধিক কার্যকর ও ক্ষমতায়িত করা হলে তাতে বাজার ব্যবস্থাপনার গতি বৃদ্ধি পায়। তালিকাভুক্তি, করপোরেট সুশাসন পর্যবেক্ষণ, অস্বাভাবিক মূল্য আচরণ বিশ্লেষণ এবং বাজার তদারকি—এসব কাজ ধাপে ধাপে এক্সচেঞ্জের হাতে ন্যস্ত করা হলে তাতে নিয়ন্ত্রক সংস্থা উচ্চ ঝুঁকি ও নীতিগত তদারকিতে বেশি মনোযোগ দিতে পারে।

পুঁজিবাজারে প্রযুক্তিনির্ভর নজরদারি ‘গেমচেঞ্জার’–এর ভূমিকা রাখতে পারে। রিয়েল টাইম লেনদেন তদারকি, অ্যালগরিদমিক অস্বাভাবিকতা বিশ্লেষণ, ইনসাইডার ট্রেডিং বা কারসাজি শনাক্তকরণ এবং ডেটা বিশ্লেষণভিত্তিক প্রযুক্তিনির্ভর তদারকি ব্যবস্থা চালু হলে বাজারশৃঙ্খলা স্বয়ংক্রিয়ভাবে শক্তিশালী হয়।

আমাদের পুঁজিবাজারে গুণগত মানের কোম্পানির তালিকাভুক্তি দীর্ঘদিন ধরে কম। অনেক বড় ও লাভজনক প্রতিষ্ঠান শেয়ারবাজারের বাইরে রয়ে গেছে। ফলে শেয়ারবাজারের বাজার মূলধন, তারল্য সরবরাহ বাড়ছে না। এমনকি প্রাতিষ্ঠানিক বিনিয়োগকারীদের জন্য পর্যাপ্ত বিনিয়োগের সুযোগও তৈরি হয়নি। তাই প্রাথমিক গণপ্রস্তাব বা আইপিও ব্যবস্থার সংস্কার, অনুমোদন সহজ করা, আইপিও শেয়ারের দামের যথাযথ মূল্যায়নকাঠামো তৈরি এবং বড় প্রতিষ্ঠানকে তালিকাভুক্তিতে বাস্তব প্রণোদনা দিলে বাজারের পরিধি দ্রুত বৃদ্ধি পাবে। পাশাপাশি ডেরিভেটিভ, হেজিং ইনস্ট্রুমেন্টের মতো পণ্যও চালু করতে হবে।
শেয়ারবাজার
শেয়ারবাজারগ্রাফিকস: প্রথম আলো

ক্ষুদ্র ও মাঝারি বা এসএমই খাতের কোম্পানি তালিকাভুক্তি পুঁজিবাজার উন্নয়নের একটি কৌশলগত স্তম্ভ হতে পারে। উচ্চ সম্পদশালীদের সম্পদ ও করপোরেট ট্রেজারি ফান্ডকে বাজারে সক্রিয় করা গেলে তারল্য ও স্থিতিশীলতা—দুটিই বাড়বে। আইপিওতে প্রাতিষ্ঠানিক ও উচ্চ সম্পদশালীদের অংশগ্রহণের জন্য প্রক্রিয়া ডিজিটাল করা, দ্রুত বরাদ্দ, ব্লক ট্রেডিং সুবিধা ও সুশৃঙ্খল ঋণ জোগানের কাঠামো যুক্ত হলে প্রাইমারি ও সেকেন্ডারি বাজারের গভীরতা বাড়বে। এ ছাড়া বিদেশি মূলধন আহরণে শুধু নীতিগত ঘোষণা যথেষ্ট নয়; বিদেশি বিনিয়োগকারীদের জন্য বাজারে প্রবেশ–পরিচালনা–প্রস্থান, এই তিন স্তরের প্রক্রিয়া সহজ করতে হবে। এ জন্য ডিজিটাল কেওয়াইসি, হেফাজতকারী নিবন্ধন, হিসাব খোলা ও বিনিয়োগের সীমাসংক্রান্ত নীতিমালা সহজ করা দরকার।

পুঁজিবাজারের জন্য করনীতির সমন্বয় একটি গুরুত্বপূর্ণ বাঁক হতে পারে। যখন ব্যাংক আমানতের সুদ আয়, সঞ্চয়পত্র ও অন্যান্য বিনিয়োগ থেকে তুলনামূলকভাবে বেশি সুবিধা পাওয়া যায়, তখন পুঁজিবাজার ও বন্ডে দীর্ঘমেয়াদি বিনিয়োগে আগ্রহ কমে যায়। তাই করকাঠামোকে দীর্ঘমেয়াদি মূলধন গঠনের উদ্দেশ্যের সঙ্গে সমন্বয় করা দরকার। শেয়ার ধারণকালের ভিত্তিতে কর–সুবিধা, তালিকাভুক্ত কোম্পানিকে যৌক্তিক সুবিধা, লভ্যাংশ করকাঠামোর সমন্বয়, দ্বৈত করঝুঁকি হ্রাস এবং বন্ড বা মিউচুয়াল ফান্ড আয়ের করহারে সমন্বয় করা হলে তাতে বিনিয়োগ আচরণ ধীরে ধীরে স্থিতিশীলতার দিকে যাবে। করপোরেট বন্ড ইস্যুর ক্ষেত্রে উৎসে কর ও নিবন্ধন ব্যয় যৌক্তিক হলে ঋণবাজারের অগ্রগতি দ্রুত হবে।

রপ্তানি বহুমুখীকরণের সঙ্গেও পুঁজিবাজার সম্প্রসারণের বিষয়টি সরাসরি যুক্ত। তৈরি পোশাকের পাশাপাশি সিন্থেটিক ফাইবার, রিসাইকেলড টেক্সটাইল, প্রাকৃতিক তুলা ও বিকল্প উপকরণভিত্তিক শিল্পে বিনিয়োগ বাড়লে নতুন শিল্পগোষ্ঠী তৈরি হবে। এসব কোম্পানি তালিকাভুক্ত হলে বাজারে ভালো কোম্পানির সংখ্যা বাড়বে। একই সঙ্গে রপ্তানিমুখী কোম্পানির সুশাসন ও বৈদেশিক মুদ্রা আয়ের স্বচ্ছ প্রতিবেদন বাজারের আস্থা বাড়াতে সাহায্য করবে।

শেয়ার ধারণকালের ভিত্তিতে কর–সুবিধা, তালিকাভুক্ত কোম্পানিকে যৌক্তিক সুবিধা, লভ্যাংশ করকাঠামোর সমন্বয়, দ্বৈত করঝুঁকি হ্রাস এবং বন্ড বা মিউচুয়াল ফান্ড আয়ের করহারে সমন্বয় করা হলে তাতে বিনিয়োগ আচরণ ধীরে ধীরে স্থিতিশীলতার দিকে যাবে। করপোরেট বন্ড ইস্যুর ক্ষেত্রে উৎসে কর ও নিবন্ধন ব্যয় যৌক্তিক হলে ঋণবাজারের অগ্রগতি দ্রুত হবে।

অবকাঠামো অর্থায়নে পুঁজিবাজারের ভূমিকা বাড়ানো হলে অর্থনীতির দীর্ঘমেয়াদি তহবিল সংগ্রহের ভিত্তি নাটকীয়ভাবে বদলে যেতে পারে। বিশ্বের বিভিন্ন উদীয়মান বাজারে দেখা গেছে—অপারেশনাল অবকাঠামো সম্পদ ‘মনিটাইজেশন’ করে নতুন প্রকল্পে মূলধন পুনর্বিনিয়োগের জন্য বড় অঙ্কের তহবিল তোলা সম্ভব হয়েছে। পাশাপাশি সরকারি সিকিউরিটিজ কর্মসূচির মাধ্যমে পরিবার বা ব্যক্তিসঞ্চয়কে রাষ্ট্রীয় উন্নয়ন অগ্রাধিকারে ভালোভাবে যুক্ত করা হয়েছে। এ ধরনের উদ্যোগ নেওয়া হলে তাতে অবকাঠামো অর্থায়নে স্বচ্ছতা বৃদ্ধি পায়। মূল্য নির্ধারণে শৃঙ্খলা আসে এবং নাগরিকেরা উন্নয়ন প্রকল্পের রিটার্নে অংশ নিতে পারে।

এ ছাড়া ক্লিয়ারিং, সেটেলমেন্ট ও ডিপোজিটরি ইকোসিস্টেমের সক্ষমতা পুরোপুরি কাজে লাগানোও জরুরি। অল্টারনেটিভ ইনভেস্টমেন্ট ইন্ডাস্ট্রি (প্রাইভেট ইকুইটি, ভেঞ্চার ক্যাপিটাল, গ্রোথ ফান্ড, হাইব্রিড ফান্ড) উন্নয়ন করলে উদ্ভাবনী প্রযুক্তি, ফিনটেক, কৃষি-প্রসেসিং ও রপ্তানিমুখী শিল্প পুঁজিবাজার থেকে দীর্ঘমেয়াদি মূলধন পেতে পারে। রাষ্ট্রীয় বিনিয়োগ প্রতিষ্ঠানের ভূমিকাও বাজার স্থিতিশীলতায় কার্যকর হতে পারে। তবে সেটি যেন প্রাতিষ্ঠানিক সুশাসন, বিনিয়োগের নীতি, জবাবদিহি ও পারফরম্যান্স–নির্ধারণী কাঠামোর ভেতরেই থাকে। ডিজিটাল অবকাঠামো উন্নয়ন পুঁজিবাজার আধুনিকায়নের একটি মৌলিক পূর্বশর্ত। বাজারকে প্রযুক্তিনির্ভর করলে সিদ্ধান্ত গ্রহণের গতি ও স্বচ্ছতা—দুটিই বাড়ে।

নীতিগত ধারাবাহিকতা ছাড়া বাজারের আস্থা স্থায়ী হয় না। তাই বার্ষিক পুঁজিবাজারের নীতিকে জাতীয় বাজেট, করনীতি ও মুদ্রানীতির সঙ্গে সমন্বয়ের মাধ্যমে প্রণয়ন করতে হবে। সেটি করা গেলে বিনিয়োগকারীরা একটি স্থিতিশীল দিকনির্দেশনা পাবেন। এ ছাড়া ব্যাংক ও পুঁজিবাজারের মধ্যে অর্থায়নের ভারসাম্য পুনর্গঠন জরুরি। দীর্ঘমেয়াদি শিল্পায়ন ও অবকাঠামো অর্থায়নের ভার যদি ব্যাংক বহন করে, তাহলে ঝুঁকি বাড়ে। তার বদলে প্রকল্পভিত্তিক বন্ড, করপোরেট বন্ড এবং সিকিউরিটাইজড ইনস্ট্রুমেন্টের মাধ্যমে দীর্ঘমেয়াদি অর্থায়নের একটি অংশ পুঁজিবাজারে স্থানান্তরিত হলে ঝুঁকি বণ্টন আরও ভারসাম্যপূর্ণ হবে।

সবশেষে বলা যায়, পুঁজিবাজার উন্নয়ন কেবল শেয়ারদরের ওঠানামা বা ক্ষণস্থায়ী তারল্য বৃদ্ধির প্রকল্প নয়; এটি একটি কাঠামোগত রূপান্তর, যেখানে অর্থনীতির প্রবৃদ্ধি, করপোরেট শাসন-মান, নাগরিক সঞ্চয়ের উৎপাদনশীল ব্যবহার, অবকাঠামো অর্থায়নের স্বচ্ছতা এবং আর্থিক ব্যবস্থার ঝুঁকি বণ্টন একসূত্রে গাঁথা থাকে। তাই বাজার উন্নয়নে সমন্বিত কর্মসূচি বাস্তবে দৃশ্যমান হলে পুঁজিবাজার ধাপে ধাপে গভীর, স্বচ্ছ, অন্তর্ভুক্তিমূলক ও দীর্ঘমেয়াদি অর্থায়ন প্ল্যাটফর্মে রূপান্তরিত হবে। তাতে করপোরেট প্রবৃদ্ধি, পরিবার সঞ্চয় এবং জাতীয় উন্নয়ন একসঙ্গে যুক্ত হবে।

লেখক: ব্যবস্থাপনা পরিচালক, লংকাবাংলা সিকিউরিটিজ

The Dhaka stock market rebounded sharply yesterday, shrugging off a global selloff triggered by escalating tensions in the Middle East, as speculation over a potential change in the Bangladesh Securities and Exchange Commission (BSEC) leadership spurred buying interest among local investors.

Market insiders said optimism surrounding the possible resignation of BSEC Chairman Khondoker Rashed Maqsood drove the rally throughout the session, even though no official announcement was made.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) jumped 72 points, or 1.32%, to close at 5,534, recovering from a steep 138-point fall in the previous session caused by concerns over the Iran-US-Israel conflict.

The blue-chip DS30 index gained 18 points to settle at 2,135.
Market breadth turned strongly positive, with 340 issues advancing against 42 decliners, while 12 remained unchanged.

Turnover inched up to Tk780 crore, indicating improved participation, and the bourse's market capitalisation rose by around Tk4,000 crore.

A managing director of a leading brokerage told The Business Standard that the rebound was largely sentiment-driven. "The market reacted to a rumour circulating from early trading hours that the BSEC chairman might step down. Investors took fresh positions hoping a leadership change could help restore confidence in a market that has struggled in recent years," he said.

The rumour gained traction following the resignations of several high-profile officials, including the insurance regulator's chairman, the chairman of Sadharan Bima Corporation, and the chairman of Sonali Bank.

The earlier replacement of the Bangladesh Bank governor also reinforced expectations of broader institutional reshuffling.

Although Maqsood did not resign during Monday's session, speculation continued on social media about the possible appointment of a new chairman.

Investors appeared willing to bet on anticipated reforms rather than wait for official confirmation.

Finance Minister Amir Khosru Mahmud Chowdhury recently hinted at restructuring the securities regulator, noting that sustainable and structural reforms would be necessary for long-term market stability.

Finance ministry officials indicated that the government has already begun searching for a new BSEC chairman and may undertake broader institutional changes to address long-standing weaknesses in the capital market.

On the sectoral front, bank stocks dominated turnover, accounting for 26.5% of total transactions, followed by pharmaceuticals at 16.8% and textiles at 7.9%.

City Bank led the turnover chart with Tk46 crore in transactions, followed by Orion Infusion, BRAC Bank, Khan Brothers PP Woven Bag, and Bank Asia.

Most sectors closed in positive territory, with financial institutions posting the highest gain at 4.5%, followed by services at 3.1% and travel at 3.0%. Individual gainers included Regent Textile, New Line Clothings, LankaBangla Finance, Olympic Accessories, and BIFC, each surging 10%.

On the losing side were Rahima Food, Information Services, Intech, Grameen Scheme Two Mutual Fund, and ICB Employees Provident Mutual Fund.

The upbeat sentiment extended to the Chittagong Stock Exchange (CSE), where the CSCX index rose 76 points to 9,498 and the CASPI index advanced 148 points to 15,500.

Turnover at the port city bourse climbed 52% to Tk19.44 crore.

Bangladesh’s stock market took a heavier hit than most of its global peers following the United States and Israel’s attacks on Iran, as investor panic and weak market safeguards amplified a selloff that rattled bourses worldwide.

The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), fell 138 points, or 2.47 percent, to close at 5,461 yesterday.

The DS30, the blue-chip index, dropped 52 points, or 2.40 percent, to 2,117.

By comparison, losses in other markets were more contained. In the US, in after-hours trading, the Dow Jones Industrial Average fell 1.05 percent, the S&P 500 dropped 0.43 percent, and the Nasdaq declined 0.92 percent.

In stock trading, after-hours trading refers to electronic trading that takes place after the regular market session ends.

In the Gulf region, Saudi Arabia’s benchmark index, the largest in the region, fell 2 percent. Oman’s Muscat stock index (MSX30) declined 1.8 percent, and Bahrain’s BAX dropped 0.9 percent.

“The US and Israel’s attack on Iran is a significant global event with major implications for the world economy, and investors in Bangladesh reacted to that,” said Md Moniruzzaman, CEO of Prime Bank Securities.

He noted that the DSEX initially plunged over 200 points as panicked investors rushed to sell, before recovering somewhat as calmer investors stepped back in.

“The capacity of our investors to analyse global events is comparatively weak, which is why panic tends to set in quickly,” he said.

“If the conflict prolongs, oil prices will rise, the global economy will suffer, and inflation may climb further. All sectors will be affected… but by how much depends on careful analysis. Some sectors may remain unscathed. Investment decisions should be based on analysis, not fear,” he added.

For instance, he pointed out that in Gulf markets, shares of oil companies actually rose during the selloff, buoyed by expectations of higher oil prices in the wake of the conflict.

Striking a similar tone, Saiful Islam, president of the DSE Brokers Association of Bangladesh, said, “Investors here were panicked, fearing broader economic damage from the US and Israel’s invasion of Iran.”

Gulf markets, he explained, were partly cushioned by optimism around future oil company profits, while markets in other countries were stabilised by the active participation of mutual funds and institutional investors.

“In Bangladesh, mutual funds, which act as shock absorbers, are not functioning at the level seen elsewhere. That gap amplified the market’s reaction,” Islam said.

Yesterday, turnover on the DSE also fell sharply, dropping 18 percent to Tk 775 crore.

Stocks at the Dhaka bourse tumbled yesterday as escalating geopolitical tensions in the Middle East rattled investors, triggering broad-based selloffs and snapping the market's recent upward momentum.

The benchmark DSEX index of the Dhaka Stock Exchange (DSE) plunged 138 points, or 2.47%, to close at 5,461. The blue-chip DS30 index also suffered a steep decline, shedding 52 points, or 2.40%, to settle at 2,117.

Market breadth remained overwhelmingly negative, with 353 issues declining against only 30 advances, while six securities remained unchanged.

Turnover dropped 18% to Tk775 crore, reflecting cautious participation as investors largely chose to stay on the sidelines.

The market capitalisation of the premier bourse plummeted by around Tk8,000 crore to Tk7.10 lakh crore in a single session.

Major index draggers included BRAC Bank, Islami Bank, Square Pharma, Walton and BAT Bangladesh, whose declines weighed heavily on the benchmark indices.

According to EBL Securities, the capital market's upward trajectory faced a setback amid intensifying geopolitical unrest in the Middle East.

In its daily market review, the brokerage said the conflict sparked widespread panic among investors, prompting them to adopt a cautious stance and closely monitor further developments before making fresh commitments.

The market opened with a sharp fall, with the DSEX losing more than 200 points at the opening bell as aggressive selling pressure dominated early trading. Although the index managed to recover part of the initial losses, the broader market remained under persistent downward pressure throughout the session, with most stocks trading in the red, the brokerage noted.

Market participants now remain watchful of further developments in the Middle East, as any escalation could deepen volatility in the coming sessions.

Ashequr Rahman, managing director of Midway Securities, told The Business Standard that Bangladesh, as a net fuel-importing country, is particularly vulnerable to the ongoing conflict involving Iran, the United States and Israel. He said the country imports at least 40% of its total fuel requirement through the Strait of Hormuz, a critical shipping route now at risk due to the tensions.

If the conflict prolongs, Bangladesh could face fuel shortages and price hikes stemming from supply disruptions, Ashequr Rahman warned. Such a scenario could hamper industrial production and power generation, ultimately affecting the broader economy. The uncertainty surrounding energy supplies has unnerved investors, prompting panic-driven selling that dragged down stock prices across sectors.

However, Rahman observed that the scale of panic was relatively contained compared to previous crises. In past episodes of severe uncertainty, many stocks turned buyer-less, intensifying the downturn. This time, although prices fell sharply, buyers were still present in the market, suggesting that the initial panic may not necessarily persist in the coming days.

On the sectoral front, bank stocks accounted for the highest turnover at 24.2%, followed by pharmaceuticals at 13.1% and textiles at 8.7%. All major sectors posted negative returns, with travel and leisure suffering the steepest decline at 4.2%, followed by paper and printing at 3.7% and financial institutions at 3.2%.

Despite the overall slump, a handful of stocks bucked the trend. National Bank surged 10%, leading the gainers' chart, amid news that it is set to secure Tk1,000 crore in financial assistance from the central bank. Prime Finance also rose 10%, while Shinepukur Ceramics, Northern Jute and Union Capital posted notable gains.

Among the worst performers were BD Welding, which dropped 7.61%, Popular Life First Mutual Fund, BD Thai Food, Makson Spinning and AFC Agro, all posting losses of more than 6%.

The bearish sentiment also spilled over to the port city bourse. At the Chittagong Stock Exchange PLC, the CSCX index fell 165 points to 9,421, while the CASPI index declined 245 points to close at 15,351. Turnover at the exchange stood at Tk12.78 crore.

The Bangladesh Securities and Exchange Commission (BSEC) has initiated the formulation of rules to ensure legal protection for whistleblowers, aiming to encourage greater disclosure of information about the capital market.

Market insiders say that these rules to protect whistleblowers and provide incentives are being introduced for the first time in the capital market's history.

In addition to providing protection, the draft rules propose that whistleblowers who provide information will receive 25% of the penalties as an incentive if the capital market regulator imposes fines on any capital market stakeholders.

To formulate the rules, the regulator published draft rules namely "Capital Market Related Information Disclosure and Whistleblower Protection Rules, 2026" in its website and sought public opinions within two weeks, by 15 March.

The draft rules define a whistleblower as any person associated with the board of directors, an executive member, trustee board member, auditor, or lawyer of any market intermediary registered with the BSEC, or of any listed company, mutual fund, alternative investment fund, or special purpose vehicle (SPV).

Protection of whistleblowers

The draft rules state that if a whistleblower discloses information, their identity shall not be revealed without their consent, unless disclosure is required by law.

If the whistleblower is an employee, no disciplinary or punitive action shall be taken against them under these rules for providing such information.

This includes demotion, unfavorable transfer, forced retirement, dismissal, reprimand, discriminatory treatment, or any other action that could cause overall, legal, or financial harm.

Any information disclosed by a whistleblower shall not be used as evidence in any legal proceeding. A whistleblower shall not be compelled to testify in any case arising from the disclosed information, nor shall any question be permitted during proceedings that may reveal their identity.

If any book, document, or record submitted as evidence contains details that could identify the whistleblower, appropriate measures must be taken to ensure that such information remains confidential when presented before the court.

Incentives

The draft rules state that if any monetary penalty or fine is recovered based on information provided by a whistleblower, the appropriate authority may, at its discretion, award the whistleblower a financial incentive or honorarium.

The Commission will determine, through periodic orders, the conditions, amount, and procedures for granting such incentives. However, the reward will not exceed 25% of the realised fine and, in any case, will be capped at Tk10 crore.

After eight consecutive years of losses and steadily declining sales, GQ Ball Pen Industries has surprised the market as its share price surged more than 200% in the eight months since June, raising eyebrows among investors.

Despite weak business fundamentals — low sales and persistent losses — the company's market capitalisation has climbed to about Tk476 crore, even though its annual sales are only around Tk2 crore.

According to data from the Dhaka Stock Exchange (DSE), GQ Ball Pen's share price rose from Tk169.6 on 30 June last year to Tk523.9 on Thursday (26 February).

The company manufactures various types of ballpoint pens and distributes them to stationery shops through distributor networks as well as to institutional buyers through its sales team.

GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, around 60% of which are held by general investors.

Sales slump

A decade ago, the company's business was significantly larger. In 2015, GQ Ball Pen reported annual sales of Tk22.28 crore, a 23% increase from the previous year, although it still incurred a loss of Tk1.04 crore with a per-share loss of Tk1.17.

In the following fiscal year, 2016-17, the company posted a profit of Tk1.47 crore despite declining sales.

However, the company's performance has deteriorated since then. From FY2018 onward, the company has been incurring losses for eight consecutive years.

Industry observers say the once-popular Econo brand has struggled to remain competitive in a market increasingly dominated by imported and modern refill-style pens.

Sales hit bottom last year

In FY2025, GQ Ball Pen's sales fell to just Tk1.85 crore, while the company reported a loss of Tk1.63 crore, translating to a loss per share of Tk1.83.

Responding to questions about the business downturn, Uzzal Kumar Saha, managing director of GQ Ball Pen Industries Ltd, told The Business Standard that production has been affected by ongoing factory modernisation.

"Due to the ongoing Balancing, Modernisation, Rehabilitation and Expansion (BMRE) at our factory, production has declined significantly, which has limited product supply in the market," he said, adding that sales are expected to improve once the BMRE work is completed.

During FY2024-25, the company operated on a limited scale, resulting in sales dropping to Tk1.85 crore from Tk5.43 crore a year earlier. Most of the sales during the period came from selected institutional buyers.

In its annual report, the company cited two main reasons for the continued losses – aging machinery and shifting customer demand from traditional direct-fill pens to modern refill-style ball pens, reflecting the need for modernisation.

Pays regular dividend despite losses

Despite recording losses for the past eight years, GQ Ball Pen has continued to pay cash dividends to shareholders.

Over the years, the company has declared cash dividends ranging from 2.5% to as high as 12.55%. In FY2025, it paid a 10% cash dividend to general shareholders.

From market pioneer to struggling player

Founded in 1981, GQ Ball Pen Industries once revolutionised handwriting in Bangladesh with its popular Econo brand ballpoint pens.

For nearly three decades after its establishment, the company enjoyed strong business growth. However, since around 2012 it has gradually lost market share amid rising competition and changing consumer preferences.

Today, the company is attempting to revive its business through factory modernisation and product upgrades, hoping to regain a foothold in the competitive ballpoint pen market.

The Dhaka Stock Exchange has experienced a volatile yet gradually stabilising trend during the first eight trading sessions after the BNP assumed office, reflecting investor optimism alongside uncertainty over regulatory reforms and policy direction.

On the day the BNP officially formed the government on 17 February, the benchmark DSEX index of the Dhaka Stock Exchange closed at 5,570 points with turnover at Tk1,222 crore, indicating strong investor participation. However, the rally quickly lost steam.

The following session on 18 February saw the index fall to 5,519, with turnover dropping to Tk936 crore. The downward trend continued on 19 February, the day Ramadan began, when the DSEX declined further to 5,465 and turnover fell sharply to Tk560 crore.
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Trading hours were shortened by 40 minutes for Ramadan, contributing to lower turnover in subsequent sessions. On 22 February, the index marginally recovered to 5,467 with turnover of Tk568 crore.

Momentum improved on 23 February as the DSEX climbed to 5,553 and turnover rose to Tk718 crore. The market slipped slightly again on 24 February, closing at 5,542 with turnover increasing to Tk825 crore.

On 25 February, the index edged up to 5,554 while turnover declined to Tk565 crore. By 26 February, the DSEX regained strength to close at 5,600, accompanied by a strong rebound in turnover to Tk947 crore.

The overall performance suggests that while initial euphoria faded quickly, the market has shown resilience amid ongoing discussions about regulatory restructuring and reform.

Finance Minister Amir Khosru Mahmud Chowdhury recently hinted at restructuring the securities regulator, stating that although the current upward trend may reflect optimism surrounding the democratic transition, only sustainable and structural reforms can ensure long-term stability.

Speaking to journalists during a visit to Chattogram, he emphasised that sentiment-driven gains would not bring fundamental change and that comprehensive reforms, including amendments to laws and regulatory frameworks, are under consideration.

He also stressed the importance of strengthening the Bangladesh Securities and Exchange Commission, enhancing transparency and adopting a zero-tolerance stance against irregularities.

The government has already begun searching for a new BSEC chairman, as the current commission, formed during the interim administration and led by Khondoker Rashed Maqsood, has struggled to restore investor confidence.

Finance ministry officials indicated that the regulator may undergo broader restructuring as part of efforts to address long-standing weaknesses in a market that has lagged behind the country's overall economic growth.

Stakeholders say that several private-sector professionals and at least one academic from the University of Dhaka have shown interest in leading the commission. However, many market participants favour leadership from the private sector, citing experience and the need for market-oriented reforms.

The DSEX had initially surged nearly 200 points to a five-month high on 15 February, the first trading session after the BNP's landslide victory in the 13th national election, reflecting investor optimism. That enthusiasm, however, was tempered by uncertainty over the regulatory leadership and broader policy direction.

Minhaz Mannan Emon, director of the DSE, said the BNP's election manifesto included a specific roadmap for capital market development, raising expectations among investors. According to him, thousands of investors who suffered heavy losses in the past decade are now looking to the new government for meaningful reform and accountability.

Notable gainers over the eight-session period included National Bank, S Alam Cold Rolled Steels, Shinepukur Ceramics Limited, Beximco Pharmaceuticals, BIFC, Prime Finance, GSP Finance and Fareast Finance.

Market insiders noted that several stocks that had remained under pressure during the interim government due to production closures and liquidation risks rebounded sharply following the political transition.

As the market moves forward, analysts say sustained improvement will depend less on short-term sentiment and more on the implementation of credible reforms aimed at strengthening governance, boosting liquidity and rebuilding trust among domestic and foreign investors.

Stocks featured in EBL Securities Ltd's 2026 watch list have posted robust gains in the first two months of the year, slightly outperforming the broader market amid rising optimism over political clarity and improving macroeconomic conditions at the Dhaka Stock Exchange.

According to the brokerage, its recommended stocks generated an average return of 15.8% between 30 December 2025 and 26 February 2026. Over the same period, the benchmark DSEX index climbed 15.1%, rising from 4,865 points at the end of December to 5,600 points on 26 February.

Leading the watch list was Confidence Cement, which surged 42% from Tk49.2 to Tk69.8. City Bank advanced 35.2% to Tk33, while Beximco Pharma gained 29% to Tk131.6. Bank Asia rose 20.3% to Tk21.9, and Prime Bank increased 18.8% to Tk34.1. IDLC Finance returned 18.8%, followed by Eastern Bank with 18.1% and BSRM Steels with 17.3%.

Large-cap stocks also supported overall performance. Walton and BAT Bangladesh each added 10.4%. Olympic Industries rose 14.8%, while Reliance Insurance gained 13.3%. Sena Insurance advanced 15.9%, and Bangladesh Submarine Cable climbed 15.3%. Robi increased 16.7%, while Berger Paints Bangladesh, Eastern Housing, and Envoy Textile recorded moderate gains. Even relatively conservative stocks such as MJL Bangladesh, ITC, and Matin Spinning delivered positive returns.

Rayhan Ahmed, senior research associate at EBL Securities, told The Business Standard that the market is witnessing a broad-based resurgence after four subdued years. He attributed the recovery to political clarity and supportive macroeconomic tailwinds, noting that the firm's "Yearly Market Update 2025 and Outlook 2026" watch list has returned around 16% so far this year.

He added that disciplined, fundamentals-driven stock selection combined with timely assessment of market sentiment can generate superior returns, and expressed optimism that a growth-oriented fiscal stance and greater regulatory certainty under the newly elected government will help sustain the market's momentum.

Reliance Insurance PLC reported an 8% year-on-year decline in net profit to Tk88 crore in 2025, reflecting higher claims and depreciation expenses despite growth in premium income.

The general insurer disclosed its annual financial results after the board approved the accounts at a meeting held on 26 February, according to company sources.

Earnings per share fell to Tk8.42 in 2025, down from Tk9.12 in the previous year. The company said in a price sensitive statement that the decline in profit was mainly due to an increase in claims settlement and higher depreciation costs during the year.

However, the insurer's balance sheet indicators showed improvement. Net asset value per share stood at Tk78.95 with revaluation and Tk75.43 without revaluation, compared to Tk69.59 under both measures a year earlier. The rise in net asset value was attributed to higher retained earnings.

Net operating cash flow per share rose sharply to Tk6.84 in 2025 from Tk1.66 in 2024. The company said stronger cash flow was driven by increased premium income during the year, which helped offset pressure from higher claims expenses.

The board of directors has recommended a 30% cash dividend for shareholders for the year 2025, maintaining the same payout ratio as the previous year.

To secure shareholder approval, the company has scheduled its annual general meeting for 30 April, with 31 March set as the record date.

Listed on the Dhaka Stock Exchange PLC in 1995, Reliance Insurance closed at Tk73.90 on Thursday, with a market capitalisation of Tk770.83 crore.

According to its January shareholding report, sponsors and directors hold 67.95% of the company's shares, while institutional investors own 4.48%. The remaining 27.57% is held by general shareholders.

Stocks maintained strong upward momentum today (26 February) as trading activity surged at the Dhaka bourse following the appointment of a new governor at Bangladesh Bank, with turnover soaring 68%.

The benchmark DSEX of the Dhaka Stock Exchange advanced 45 points, or 0.81%, to close at 5,600, regaining the key psychological level after recent volatility. The blue-chip DS30 index rose 17 points, also 0.81%, to finish at 2,169.

Market breadth remained firmly positive, as 239 issues advanced, 93 declined and 59 remained unchanged, reflecting broad-based buying.

Turnover climbed sharply to Tk947 crore, signalling renewed investor participation and improved liquidity. Market capitalisation also increased, supported by gains in large-cap stocks.

Major contributors to the ryesally included Islami Bank Bangladesh, Beximco Pharmaceuticals, City Bank, Eastern Bank and Robi Axiata, whose price appreciation lifted the indices.

Mostaqur Rahman FCMA was appointed governor of Bangladesh Bank for a four-year term on Wednesday, replacing Ahsan H Mansur.

Market observers noted that Mostaqur's prior experience as a board member of the Chittagong Stock Exchange between 1998 and 2000 underscores his familiarity with the capital market.

Minhaz Mannan Emon, director of the DSE and managing director of BLI Securities Limited, told The Business Standard that the day's rally and transaction growth had no direct correlation with the governor's appointment.

However, he voiced optimism about the new governor's integrity and longstanding engagement with national economic affairs, suggesting such factors could bolster investor confidence.

He also said the formation of a new government by the Bangladesh Nationalist Party has generated expectations of administrative changes across key institutions.

Speculation regarding potential leadership changes at the Bangladesh Securities and Exchange Commission may also be shaping investor sentiment, he added.

According to EBL Securities' daily market review, the capital market extended its recovery from a brief correction phase, driven by broad-based buying.

While mid-session profit-taking briefly slowed the rally, renewed buying interest in the latter half pushed the indices higher by the close.

Sector-wise, banking stocks dominated turnover with a 22% share, followed by pharmaceuticals (18.7%) and telecom (9.1%). All sectors ended in positive territory, led by ceramic (up 3.1%), IT (2.3%) and travel (2.3%).

City Bank, Robi, Orion Infusion, Khan Brothers PP Woven Bag and BRAC Bank topped the turnover chart.

Several loss-making firms featured among the gainers, including Familytex, BIFC, Union Capital and ICB Islamic Bank, each posting the maximum 10% rise.

Meanwhile, the Chittagong Stock Exchange PLC also closed higher. The CSCX index gained 69 points to 9,587, while the CASPI advanced 128 points to 15,597.

Turnover at the port city bourse stood at Tk19.54 crore, reflecting positive sentiment across both trading floors.

Trading at the Dhaka bourse ended on a mixed note as the benchmark index edged up slightly, while overall market turnover dropped sharply, reflecting cautious investor sentiment.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), rose 12 points to close at 5,554. The blue-chip DS30 index also advanced, gaining 8 points to settle at 2,151. Of the total issues traded during the session, 154 advanced, 167 declined and 72 remained unchanged, indicating a mixed market breadth.

However, turnover fell by 31% to Tk565 crore, highlighting subdued trading activity as investors remained watchful amid prevailing market uncertainty.

Market analysts said the sharp fall in turnover suggests investors are adopting a wait-and-see approach, even as selective buying in large-cap stocks continues to lend support to the index.

According to EBL Securities in its daily market review, the benchmark index managed to settle in positive territory following the previous session's modest pullback, as late-session buying support emerged across the trading board after extended intraday volatility.

Sellers maintained dominance for most of the session as cautious sentiment shaped the broader market pulse. Emerging buying activity in the final hour, particularly in selective large-cap stocks, helped the market close in the green, the EBL review added.

Major index pullers included Beximco Pharmaceuticals, City Bank, Bank Asia, BRAC Bank and Al-Arafah Islami Bank, whose gains supported the upward movement of the index.

On the sectoral front, banking stocks accounted for the highest turnover at 24.6%, followed by pharmaceuticals at 10.8% and textiles at 9.9%.

Sector performance was mixed, with jute rising 1.2%, textile gaining 0.6% and financial institutions adding 0.6%. In contrast, mutual funds fell 1.3%, general insurance declined 0.6% and life insurance slipped 0.4%.

Among individual stocks, Usmania Glass topped the gainers' chart with a 10% rise, followed by Northern Jute and Khulna Printing and Packaging, both up 9.93%. Meghna Condensed Milk and Meghna PET also posted strong gains.

On the losing side, MBL First Mutual Fund dropped 4.76%, while First Finance and Tung Hai Knitting each declined 3.84%.

The Bangladesh Securities and Exchange Commission (BSEC) reported a 14% decline in its overall earnings to Tk105 crore in the 2024–25 fiscal year, mainly due to a sharp fall in income from fines, fees and licensing, according to its annual report.

Earnings from fines, fees and licensing dropped 32% year-on-year to Tk39.72 crore, while other income slipped 2% to Tk65.32 crore.

Despite the fall in revenue, the regulator managed to reduce its total costs by 21% to Tk75.82 crore, largely driven by lower expenditure on salaries, allowances and other administrative expenses.

After deducting all costs, the commission's net surplus rose 12% to Tk29.23 crore in FY25, reflecting improved expenditure management. The regulator's total assets stood at Tk498.60 crore at the end of FY25, up from Tk469.89 crore a year earlier.

During the fiscal year, the commission approved Tk6,172.46 crore in capital increases through various instruments. This included Tk303 crore for one listed company via a rights issue, Tk4,671 crore for 11 companies through private debt placements, Tk5 crore for a qualified investor company, and Tk1,193 crore for 15 companies through the issuance of ordinary, bonus and preference shares.

Of the 226 complaints received from individuals and institutions, 222 were resolved while four are still under process. The regulator carried out 92 investigations and inquiries, along with 610 inspections, to detect irregularities and securities law violations. It took 987 enforcement actions — fining 229 individuals and institutions, issuing warnings to 684, and granting exemptions to 74. Between 19 August 2024 and 30 June 2025, fines totaling Tk1,073.21 crore were imposed.

The commission reported 527 cases pending in different courts, including those filed by and against it. During the year, it filed four cases, faced 76, and saw 76 cases disposed of. To strengthen market discipline and modernisation, the commission issued 11 orders, directives and notifications.

To boost international credibility and attract foreign investment, the commission scrapped discriminatory circuit breakers and lifted floor prices for most companies in August 2024. It said allowing market-driven price discovery based on supply and demand would ensure long-term stability and help restore investor confidence.

The Bangladesh Securities and Exchange Commission (BSEC) has removed LR Global Bangladesh Asset Management Company Limited from its position as asset manager of six mutual funds.

The decision was taken after allegations of violations of securities laws and mutual fund regulations, failure to perform fiduciary duties, and serious harm to the interests of unit holders were proven, according to regulatory sources.

The decision was made during a BSEC board meeting earlier this month. The funds managed by LR Global Bangladesh Asset Management Company Limited include DBH First Mutual Fund, Green Delta Mutual Fund, AIBL First Islamic Mutual Fund, LR Global Bangladesh Mutual Fund-1, NCCBL Mutual Fund-1, and MBL First Mutual Fund.

BSEC stated that the decision was taken to protect public interest and investors' money. Trustees of the respective funds have been instructed to take the necessary follow-up actions. The company's registration cancellation process is also ongoing.

Regarding the matter, BSEC Director and spokesperson Md Abul Kalam told TBS, "The asset manager, LR Global Bangladesh, has failed in its duties, violated securities laws and mutual fund regulations, engaged in money laundering, and seriously harmed unit holders' interests. Therefore, the appointment of LR Global Bangladesh as asset manager of the six funds has been cancelled. The company's registration cancellation process is also ongoing."

He added that trustees of the funds will be instructed via letters to take necessary legal action. The trustees will implement the actions accordingly. However, it is not yet confirmed which company will be assigned to manage these six funds. Sources say that the trustees are looking for a new asset manager, but no final decision has been made yet, as the funds need to be audited before they can be transferred to a new manager.

BSEC's review found that LR Global Bangladesh Asset Management Company Limited invested in 51% of Padma Printers & Colors Limited (later renamed Quest BDC Limited) from the six managed funds, buying each share at Tk289.48 for a total of about Tk23.6 crore. An additional Tk4,50,19,800 was invested as share money deposit, which was later converted into 2 crore 83 lakh and 50 thousand ordinary shares.

The commission noted that the investment was made without proper financial analysis, violating Mutual Fund Rules, 2001 (Rule 56), and securities laws, resulting in significant financial losses to unit holders.

BSEC further stated that although Quest BDC Limited was approved to issue shares at Tk10.60, LR Global purchased them at Tk15.88. Meanwhile, its sister concern LRG Venture Limited purchased the same shares at Tk10. The dividends from LRG Venture would go to LR Global, meaning unit holders of the six funds would not receive any profit. According to the commission, this is a clear case of conflict of interest and dual practice, violating mutual fund regulations.

Moreover, despite BSEC's instructions, more than 15% of a single company's paid-up capital was purchased from a single fund, causing financial losses to unit holders. Additionally, Brigadier General Sharif Ahsan was appointed as director and managing director of Quest BDC Limited from AIBL First Islamic Mutual Fund, with a monthly salary of Tk3 lakh while simultaneously serving as MD/CEO of Sonali Securities Limited. BSEC stated that this violated mutual fund regulations. The company also did not obtain trustee or commission approval for the appointment.

Regarding audits, LR Global cited a court status quo, but BSEC clarified that the order was valid only until December 3, 2025, and there was no legal barrier to auditing. Since 2022, investments in Quest BDC have yielded no profit, and being in the OTC market, share disposal opportunities are limited. As these funds are closed-end, selling the shares at maturity may face complications. BSEC noted that such investments demonstrate negligence in the responsibilities of the asset manager.

Overall, BSEC concluded that LR Global's mismanagement and regulatory violations failed to protect unit holders' interests, questioning the company's competence, efficiency, and accountability. Trustees are now looking for a new asset manager.

Earlier, on October 21, 2025, Quest BDC directors, LR Global's Chief Investment Officer Riaz Islam, and former BSEC Chairman Professor Shibli Rubayat-Ul-Islam were permanently banned from capital market activities. Riaz Islam and other officials were fined a total of Tk109 crore, and money laundering allegations were forwarded to the Anti-Corruption Commission.

Stocks edged lower today (24 February) as cautious investor selling pressure dragged the benchmark index into negative territory, despite sustained participation across sectors at the Dhaka bourse.

The DSEX, the broad index of the Dhaka Stock Exchange (DSE), shed 10 points to close at 5,542. In contrast, the blue-chip DS30 index managed to post a modest gain of 6 points to settle at 2,143, indicating selective buying in large-cap stocks.

Of the total issues traded, 119 advanced, 221 declined and 57 remained unchanged.

Turnover rose 15% from the previous session to Tk825 crore, reflecting active trading despite the market's downward drift.

According to EBL Securities in its daily market review, the capital market witnessed a modest pullback following the previous session's recovery momentum, as cautious selling resurfaced on the trading floor. However, the brokerage noted that sustained investor participation signalled underlying resilience in the broader market trend.

From the outset, the session was marked by range-bound trading, with the index failing to cross the 5,600 level as investors remained active on both sides. Selling pressure intensified in the final hour of trading, ultimately pushing the benchmark index into the red by the close.

Major index draggers included Islami Bank, Olympic Industries and Grameenphone, whose price corrections weighed heavily on the market.

Sector-wise, banking stocks accounted for the highest turnover at 26%, followed by pharmaceuticals at 11.5% and textiles at 9.5%. Most sectors posted negative returns, with paper declining 2.1%, ceramic falling 1.4% and general insurance losing 1.3%.

Meanwhile, IT gained 1.1%, services edged up 0.4% and tannery rose 0.2%.

Several loss-making companies led the gainers' chart. Ring Shine Textile rose 10%, Intech Limited gained 9.93% and Aziz Pipes advanced 9.71%. On the losing side, Miracle Industries fell 5.15%, GBB Power declined 4.76% and Saif Powertec dropped 4.54%.