Bangladesh’s first-ever short-term shariah-based sukuk drew overwhelming interest from individuals and institutions at its debut auction yesterday.

Investors submitted bids worth Tk 56,607 crore for the 273-day sukuk, more than 10 times the issuance target of Tk 5,500 crore.

The shariah-based bond, issued by the government to finance the Important Rural Infrastructure Development Project-2 (IRIDP-2), carries an annual rental rate of 9.36 percent. The Bangladesh Bank (BB) held the auction in Dhaka on behalf of the government.

Shariah-based banks and financial institutions, Islamic banking branches and windows of conventional banks, institutional investors, and individual investors participated in the auction, the BB said in a statement. Given the overwhelming demand, the sukuk was allotted to investors on a pro-rata basis.

Interest in shariah-compliant instruments has been rising since their launch in December 2020. With yesterday’s auction, the total amount raised by the government through sukuk has exceeded Tk 53,000 crore.

The BB said the introduction of a short-term sukuk, alongside existing long-term Islamic securities, would strengthen liquidity management for shariah-based banks and financial institutions. The central bank plans to issue more sukuk bonds in days to come.

In this regard, Istequemal Hussain, director of the Debt Management Department at BB, told The Daily Star that they plan to raise Tk 30,000 crore in the next fiscal year through the issuance of various sukuk bonds, which will be open to individual investors.

The BB said the issuance expands shariah-compliant investment opportunities for Islamic financial institutions and individual investors.

The short-term sukuk will qualify as a Statutory Liquidity Reserve (SLR) asset for eligible banks and financial institutions, while Islamic banks will be able to use it as collateral to access the central bank’s Islamic Banks Liquidity Facility (IBLF).

Trading of the sukuk in the secondary market will begin today, allowing banks, financial institutions, insurance companies, provident and mutual funds, and individual investors to buy and sell the instrument. According to the BB, 727 successful bids from individual investors, provident funds, mutual funds, and deposit insurance entities were allotted sukuk worth around Tk 87.37 crore.

The Dhaka Stock Exchange (DSE) has found the factory of Active Fine Chemicals closed during an inspection, raising the number of non-operational listed manufacturing companies to 33.Geographic Reference

The inspection, conducted on Thursday, is part of the bourse's ongoing drive to verify the operational status of listed companies and provide investors with a clearer picture of their actual business status.

According to DSE data, 32 listed manufacturing companies went out of operation between 2016 and Sunday, while another company has remained shut since 2002.

The list of non-functional companies becomes even longer when troubled financial institutions are taken into account. Five Islamic banks are currently undergoing merger, while five non-bank financial institutions (NBFIs) have been selected for liquidation.

Market analysts say the growing number of inactive listed companies exposes deep-rooted structural weaknesses in the country's capital market and highlights long-standing failures in regulatory oversight.

Many of these companies raised funds from the public through the stock market years ago but later became victims of sponsor disputes, financial irregularities, loan defaults, prolonged financial distress, or legal battles. Some failed to modernise operations or lost competitiveness amid changing market conditions.

Several manufacturing companies struggled with rising energy costs and persistent shortages of gas, making operations financially unviable.

Hamid Fabrics, for example, suspended factory operations in June last year, citing inadequate gas pressure. The company informed investors that production had already been disrupted for nearly two years before the worsening gas crisis forced a complete shutdown.

Appollo Ispat Complex has remained closed since October 2020. The manufacturer of Rani Marka Dheutin, which went public despite strong objections from the then finance minister AMA Muhith, fell into trouble within three years of listing after allegations of embezzlement involving its former directors.

Meghna Pet Industries has remained non-operational since 2002, making it the longest-closed company among listed firms. Company officials could not be reached for comment, as its page on the DSE website provides neither a contact number nor the name of the company secretary.

Market participants say the absence of timely regulatory intervention has allowed many troubled companies to remain listed years after production ceased.

The physical inspection is part of the exchange's broader initiative to verify the operational status of listed companies, said Md Sajedul Islam, shareholder director of the DSE.

In recent months, the exchange has intensified inspections as companies have not disclosed their operational status to investors.

Stock prices surged while factories remained shut

With factories remaining shut, machinery lying idle, and workers gone for long, several non-operational companies have posted sharp price increases on the bourses. Analysts suspect speculative trading and price manipulation behind the rallies.

Shyampur Sugar Mills, which has remained closed since December 2020, saw its share price jump about 42 per cent over the past month. The stock gained another 8.73 per cent on Sunday to close at Tk 225.50.

Khulna Printing & Packaging, whose factory has not been producing anything for more than two years, rose 8.61 per cent on Sunday to Tk 16.40, its highest level in a month.

In some cases, companies appear to exist only on paper. Familytex (BD), for instance, no longer has any physical manufacturing assets. A recent investigation by a special team from the Chittagong Stock Exchange (CSE) found that the company's factory and other assets had already been sold to a private entity.Geographic Reference

There are always some investors who are attracted to highly speculative stocks, said Saiful Islam, president of the DSE Brokers Association of Bangladesh (DBA). A segment of traders deliberately takes high risks, betting on sharp price swings rather than company fundamentals.

"They believe that once a stock starts rising, the relatively low free float of these companies makes it easier to drive prices further in their favour," Mr Islam added.

Analysts warn that continued trading of stocks of non-operational companies erodes investor confidence and damages the credibility of the capital market. They urge the regulator to take prompt action against the firms, saying cleaning up the trading board is essential to protect investors and foster the long-term development of the equity market.

Responding to concerns over the growing number of non-operational firms, Md Abul Kalam, executive director and spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), said the stock exchanges are the frontline regulators and have the authority to take action against such companies.

"The stock exchanges can suspend trading or delist companies in accordance with the listing regulations," he added.

Listed conglomerate Beximco Limited has seen its share price collapse in the wake of the Bangladesh Securities and Exchange Commission's (BSEC) decision to remove its long-standing floor price, dealing massive losses to investors and erasing thousands of crores of taka in market value.

The BSEC allowed the stock to resume normal trading on 9 June, ending an extended period during which it had been locked at a floor price. Since then, Beximco shares have nosedived 74.20% across just 13 trading sessions, gutting approximately Tk7,706 crore from its market capitalisation.

According to data from the Dhaka Stock Exchange (DSE), Beximco shares closed at Tk28.40 today (25 June), down from Tk110.10 before the floor price was lifted, a loss of Tk81.70 per share over the period.

Market analysts said the prolonged floor price had created a significant gap between the stock's artificially maintained value and its actual market demand. Once the restriction was removed, the market quickly adjusted to reflect the stock's perceived fair value, triggering sustained selling pressure.

Over the past 13 trading sessions, approximately 2.2 million shares changed hands, including nearly 2 million in the last four sessions alone. However, only around 330,000 shares were traded today. With sellers significantly outnumbering buyers, the stock has remained pinned near its daily lower limit.

The sharp fall has also triggered a dramatic erosion in the company's market capitalisation. Before the floor price was lifted, Beximco's market value stood at around Tk10,385 crore. It has since declined to approximately Tk2,678 crore, a loss of nearly Tk7,706 crore in under three weeks.

Market participants said shareholders have borne the brunt of the decline, particularly retail investors, who collectively hold more than one-third of the company's outstanding shares.

The sharp fall has also led to a dramatic erosion in the company's market capitalisation. Before the withdrawal of the floor price, Beximco's market value stood at around Tk10,385 crore. It has now declined to approximately Tk2,678 crore, resulting in a loss of nearly Tk7,706 crore in market value within less than three weeks.

Market participants said shareholders have been the biggest casualties of the decline, particularly retail investors who collectively hold more than one-third of the company's outstanding shares.

Selling pressure emerged immediately after the floor price was removed. Large volumes of sell orders entered the market, but a lack of buyers limited actual transactions and accelerated the price decline.

Senior officials of several brokerage houses told The Business Standard that many investors had been unable to sell their holdings for years while the stock remained under the floor price mechanism.

"Investors finally got the opportunity to exit after the floor price was lifted. However, the absence of buyers has caused the price to fall rapidly," said one brokerage executive.

Conversations with investors revealed that many are willing to accept significant losses simply to free up capital and redeploy it elsewhere.

Abu Asad, an investor, told TBS that while he can now sell his shares, the price has fallen so sharply that exiting means taking a substantial loss.

Many investors are reportedly willing to absorb heavy losses but remain unable to sell due to a lack of buying interest. Some have criticised the regulator for not lifting the floor price earlier, alongside other companies, arguing that market conditions were more favourable at the time and that the delay ultimately deepened losses for retail investors. The floor price mechanism was first introduced on 19 March 2020 to shield the stock market from the fallout of the Covid-19 pandemic. While the restriction was gradually lifted for most listed companies, Beximco and Islami Bank Bangladesh PLC remained subject to it for an extended period.

On 8 June, BSEC decided to remove the floor prices of both Beximco and Islami Bank, allowing their shares to trade freely from the following day. The regulator said the move was aimed at restoring normal price discovery and improving market liquidity.

However, Beximco immediately came under intense selling pressure, resulting in significant losses for investors.

Analysts attribute the decline to several factors, including prolonged uncertainty surrounding the company, concerns about its business operations, discussions regarding debt and financial liabilities, and the adjustment of a share price that had remained artificially fixed for years.

Despite the sharp decline, some investors see the situation as an opportunity. They argue that shareholders who had been trapped in the stock can now reallocate their investments elsewhere, though most retail investors have already suffered substantial capital losses.

According to the company's shareholding structure as of May 2026, sponsors and directors hold 33.11% of Beximco's shares, institutional investors 32.59%, foreign investors 0.94%, and general investors 33.36%.

With more than one-third of the company's shares in the hands of retail investors, the collapse in share price has directly affected a large number of small shareholders.

Listed on the stock market in 1995, Beximco is the flagship company of the Beximco Group, one of Bangladesh's largest business groups. The company has a paid-up capital of approximately Tk943 crore and around 94.32 crore outstanding shares. Its industrial facilities are located in Kashimpur, Gazipur.

Market observers said the stock's eventual stabilisation will depend on the company's future business prospects, financial restructuring efforts, investor confidence, and the return of buying interest.

According to them, Beximco is now undergoing a genuine price discovery process after years under the floor price regime. However, that adjustment has already erased thousands of crores of taka in market value and inflicted heavy losses on a vast number of investors.

The Dhaka Stock Exchange (DSE) closed the week on a mixed note today (25 June), with the benchmark DSEX index posting a net decline of 9 points over five trading sessions.

The market gained ground in three of the five sessions, accumulating 98.62 points, but losses of 107.19 points in the remaining two days proved heavier, dragging the index into negative territory for the week.

Stocks extended their rally into a third consecutive session yesterday, with the DSEX rising 36 points as turnover climbed 18% to Tk1,110.74 crore.

Trading opened on a positive note at 10am, with the benchmark indices advancing from the outset as a majority of stocks gained in value. The upward momentum held throughout the session, sustaining gains until the market closed at 2pm. Of the 395 issues traded, 273 advanced, 68 declined, and 54 remained unchanged.

Pragati Insurance led the gainers, with its share price rising 9.90% to Tk83.2. Sonargaon Textile followed with a 9.58% gain to Tk96, while Green Delta Mutual Fund added 8.57% to close at Tk3.8.

On the losing side, Beximco Ltd topped the decliners, shedding 9.84% to Tk28.4. International Leasing and Premier Leasing both fell 8.33%, closing at Tk1.1 and Tk1.2 respectively.

EBL Securities, in its daily market commentary, said the benchmark index ended the week marginally lower despite a late recovery, as early-week profit-taking following the post-budget rally outweighed a subsequent rebound driven by bargain hunting in undervalued stocks.

The brokerage noted that the market opened on a subdued note, with investors locking in gains from recently appreciated stocks amid uncertainty over near-term policy direction.

Momentum returned from midweek, however, as bargain hunters moved in to accumulate equities, a trend supported by the Finance Minister's reaffirmation of the government's commitment to long-term capital market development.

The recovery extended through the latter part of the week, aided by easing concerns over the Strait of Hormuz and expectations of market-friendly policy developments, allowing the index to claw back most of its earlier losses. The appeal of tax rebate benefits also encouraged fresh investor exposure to the capital market, the brokerage added.

The Dhaka Stock Exchange (DSE) extended its upward momentum for a second consecutive session today (24 June), as renewed buying interest in undervalued stocks helped the benchmark index close higher despite early selling pressure.

The DSEX, the prime index of the bourse, gained 11 points to settle at 5,616, while the blue-chip DS30 index edged up to 2,127.

Market breadth remained positive, with 182 issues advancing against 150 decliners, while 65 securities remained unchanged. Turnover also saw a notable increase, rising 14% to Tk940 crore, indicating improved participation from investors.

According to EBL Securities, the market maintained its positive trajectory as investors continued to accumulate fundamentally strong yet undervalued stocks amid expectations of market-friendly developments. Easing concerns over global shipping disruptions, particularly in the Strait of Hormuz, also contributed to a more optimistic market sentiment.

However, the session was not without volatility. The market faced selling pressure from the outset, with cautious investors booking profits. Sellers dominated trading until mid-session, but a resurgence of buying interest in the latter half helped the market recover and close in the green, reflecting growing confidence in near-term prospects.

Sector-wise, engineering stocks led turnover, accounting for 14% of total transactions, followed by pharmaceuticals at 13.8% and general insurance at 11.4%.

In terms of performance, financial institutions, IT, and mutual funds posted the highest gains, while miscellaneous, ceramic, and paper sectors faced corrections.

Among individual stocks, Beximco Pharmaceuticals topped the turnover chart, followed by Summit Alliance Port and BRAC Bank.

Nahee Aluminum, Saif Powertec, and Regent Textile emerged as top gainers, while Beximco Limited, International Leasing, and Peoples Leasing led the losers.

Beximco Pharmaceuticals recommended a 47.5% cash dividend to its shareholders for the fiscal year 2024-25 ended 30 June.

The company declared the dividend at a board meeting held today (23 June), according to the company source.

During the fiscal year, its consolidated net profit stood at Tk699.88 crore, which was Tk586.67 crore.

To approve the audited financial statement and the dividend the company will set the annual general meeting time and venue following the High Court order. It also set the record date for 2 August.

Besides, the company reported that its consolidated net profit stood at Tk704 crore in the first nine months of FY26.

Earlier, the regulator had permitted the Beximco Pharma to hold a special board meeting to approve and publish its five overdue quarterly financial statements, mitigating the looming risk of a delisting from the London Stock Exchange (LSE).

The trading of Beximco Pharma remained temporarily suspended on London's Alternative Investment Market (AIM) from 2 January 2026, as it failed to publish its annual financial results within the stipulated time frame.

Amid rising concerns raised by foreign institutional investors to the Bangladesh Securities and Exchange Commission (BSEC), the regulator has permitted Beximco Pharmaceuticals to hold a board of directors meeting.

During the interim government, the BSEC appointed nine independent directors to the board of Beximco Pharma, as well as to two other listed group entities: Beximco Ltd and Shinepukur Ceramics.

Beximco Pharma legally challenged the regulator's decision by filing a writ petition, which remains pending in court. Citing the matter as sub-judice, the company has not allowed the BSEC-appointed independent directors to take their seats on the board.

The benchmark index of the Dhaka Stock Exchange (DSE) rebounded today (23 June) after two consecutive sessions of decline, though falling turnover signalled that many investors remained on the sidelines.

Market analysts said the recent price correction had created attractive entry points in fundamentally strong stocks, prompting fresh buying in select counters and pushing the index higher.

Despite the recovery, overall sentiment remained cautious, with many participants adopting a wait-and-see approach as they assessed the market's near-term direction. Trading activity weakened accordingly, with turnover falling below the previous session's level.

Gains were largely driven by buying interest in large-cap and fundamentally sound stocks, which offset selling pressure elsewhere. Analysts said continued accumulation of quality stocks could support further recovery, though subdued participation suggested investors remained wary of the broader market outlook.

The DSEX index of the Dhaka Stock Exchange rose by 51 points to settle at 5,605 yesterday. The blue-chip DS30 index increased by 17 points to 2,127, while the Shariah-based DSES index advanced 10 points to 1,139.

Market turnover stood at approximately Tk828 crore, marking a 5.48% decrease compared to the previous trading session. Out of the total issues traded, 279 advanced, 55 declined, and 61 remained unchanged, indicating broad-based positive market participation.

Market insiders said the sudden suspension of trading in the shares of two companies and the formation of an investigation committee to examine unusual price movements and trading activities in six companies negatively impacted investor sentiment. As a result, the market witnessed sustained selling pressure over the past several sessions.

According to them, such regulatory actions came at a time when investor confidence was gradually returning to the market. The decisions created uncertainty among investors, prompting many to adopt a cautious stance and increase selling, which weighed on overall market performance.

They argued that before investor confidence is fully restored, measures of this nature can have an adverse effect on market sentiment. While acknowledging the need for regulatory oversight of unusual price movements and suspicious trading activities, they believe the issues could have been addressed through alternative mechanisms that would have minimised disruption and avoided triggering negative reactions among investors.

In its daily market review, EBL Securities said the capital bourse resumed its upward trajectory as bargain hunters seized the opportunity to accumulate perceived undervalued scrips following two consecutive sessions of profit-taking, while the Finance Minister's recent reaffirmation of the government's commitment to the market's long-term development also supported a rebound in overall market sentiment.

According to the brokerage, although the market initially extended the previous session's selling pressure, sentiment improved as the session progressed, with buyers exerting sustained buying interest and driving broad-based price appreciation across the majority of listed scrips.

On the sectoral front, pharmaceutical stocks accounted for the highest share of turnover at 16.1%, followed by banking stocks at 12.3% and engineering stocks at 11.2%.

Most sectors posted gains during the session. The travel and leisure sector led the advance with a 4.5% return, followed by general insurance (3.8%) and financial institutions (3.4%). In contrast, the miscellaneous sector was the only major loser, declining 2.0%.

Meanwhile, the Chittagong Stock Exchange (CSE) also ended the day in positive territory. The Selective Categories' Index (CSCX) rose 4.6 points while the All Share Price Index (CASPI) gained 36.0 points.

BRAC EPL Stock Brokerage said in its daily market report that all major large-cap sectors closed in positive territory today. The non-bank financial institution (NBFI) sector led the gains with a 3.40% rise, followed by food and allied 0.91%, engineering 0.63%, fuel and power 0.62%, telecommunication 0.61%, pharmaceutical 0.57%, and banking 0.18%. Meanwhile, block transactions accounted for 3.7% of the day's total market turnover.

The integrity of Bangladesh's capital market is facing a severe credibility crisis as 51 listed companies – representing over 12% of the bourse – continue to flout mandatory disclosure requirements by failing to publish their financial results.

While international bourses like the London Stock Exchange (LSE) enforce an "automatic suspension" for even minor reporting delays, the Bangladesh Securities and Exchange Commission and the Dhaka Stock Exchange continue to rely on nominal daily fines that many companies simply ignore.

Of these 51 non-compliant firms, a staggering 20 have already shuttered their operations. Despite having no active production or revenue, these "ghost companies" remain on the trading board, where their shares are often subject to manipulation, trapping the capital of unsuspecting retail investors in a total information vacuum.

'Sub-judicial' shield

Market analysts and industry insiders point to a systemic failure in corporate governance, heavily exacerbated by legal loopholes that companies frequently exploit to avoid public disclosure.

According to existing company laws, if a firm fails to hold its Annual General Meeting (AGM) within the stipulated timeframe, it must secure High Court approval to convene the meeting at a later date.

Companies routinely use this sub-judicial status as a tactical shield, arguing that they cannot legally publish quarterly or annual results while the broader AGM matter is pending in court. This practice effectively leaves shareholders in a complete information vacuum, unable to assess the value of their holdings or the actual health of the companies they own.

For instance, Bangladesh Welding has not published an annual report since 2019, while Keya Cosmetics and Shurwid Industries have kept their books closed to the public since 2020.

Other high-profile defaulters include Beximco Limited, Shinepukur Ceramics, Keya Cosmetics and S Alam Cold Rolled Steel, all of whom have stalled their reporting cycles.

Banks, non-bank financial institutions (NBFIs), and insurance companies are being granted relaxations in listing regulations, as their ability to publish financial statements is contingent upon approval from their primary regulators, such as Bangladesh Bank and the Insurance Development and Regulatory Authority (Idra), according to the DSE.

Domestic forbearance vs global discipline

The regulatory response in Bangladesh remains notably soft compared to global practices. Currently, the DSE imposes a daily penalty of Tk5,000 for delayed quarterly reports and Tk500 for annual reports. However, a senior DSE official admitted that most companies do not pay these fines until they require a specific regulatory approval from the exchange.

"We are essentially a fine-collector, not an enforcer of listing integrity," the official told The Business Standard. "We only collect the arrears when a company comes to us for other regulatory jobs."

This stands in stark contrast to the London Stock Exchange, where any delay in submitting audited accounts triggers an automatic trading suspension to maintain market integrity. If the failure persists for six months, the company is permanently delisted.

Case study of Beximco Pharma

This disparity in enforcement recently hit home for Beximco Pharmaceuticals, which is dual-listed on the LSE's Alternative Investment Market. While the BSEC in Dhaka allows for prolonged reporting delays, the Alternative Investment Market suspended Beximco Pharma's shares on 2 January as soon as it missed its reporting deadline.

The delay was caused by a legal battle over the BSEC's appointment of independent directors to the board. Faced with the risk of being permanently delisted from the London market, foreign investors pressured the BSEC to intervene.

Consequently, the regulator was forced to grant a special waiver, allowing the company to hold a board meeting with its existing directors (excluding the disputed BSEC appointees) solely to approve and publish the financial statements. This incident underscored how international pressure, rather than domestic rules, often drives transparency for local heavyweights.

A breeding ground for manipulation

Operational reports from the DSE confirm that "paper companies" like Appollo Ispat, Aramit Cement, Emerald Oil, and Khulna Printing remain listed despite being out of operation. Even more alarming are cases like Familytex, which possesses no physical assets, and Generation Next, whose top management is reportedly out of contact and residing abroad.

Abul Kalam, a spokesperson for the BSEC, acknowledged that the regulator has historically been hesitant to delist firms, preferring to keep them on the board in hopes of a turnaround. However, investment experts warn that this "wait-and-see" approach is damaging.

"When you allow 51 companies to hide their financials, the market becomes a breeding ground for 'blind' speculation and pump-and-dump schemes," said the managing director of a leading brokerage firm.

"The BSEC must adopt an aggressive stance similar to the LSE, where reporting delays lead to immediate trading halts. Without automatic suspensions, the burden of corporate failure will continue to fall on retail shareholders who are trading based on rumours rather than facts."

Saiful Islam, president of the DSE Brokers Association, said that following the BSEC's directive, the DSE has already taken steps to curb market manipulation. He expressed hope that both the BSEC and the DSE would take necessary action against non-operational companies to safeguard the interests of investors.

The SME stock index soared more than 43 per cent in the six months through June 22 this year, driven largely by abnormal gains in most stocks despite weak corporate earnings and the absence of significant business developments.

Data shows that 17 out of the 20 listed SME stocks registered gains ranging from a modest 0.5 per cent to as much as 153 per cent during the period. As a result, the market capitalisation of the SME board climbed more than 38 per cent to Tk 24.16 billion.
Many of the SME stocks experienced unusual upward movements despite reporting lower earnings, stagnant business growth and no major corporate disclosures that could drive such substantial price surges.The SME sector's financial performance remained under pressure in FY25 as economic activity slowed following the political transition in August 2024. Most SME companies reported year-on-year profit declines for the fiscal year amid weak demand, higher operating costs and cautious business sentiment.

Against this backdrop, investors chased SME stocks, raising concerns that the rallies were driven by speculative trading and market manipulation.

Prices of four SME stocks - Al Madina Pharma, Apex Weaving, Master Feed and Web Coats - more than doubled on the platform during the period.
Al Madina Pharma's stock jumped 153 per cent to Tk 71.3 per share since December last year, despite the company reporting a 33 per cent decline in profit year-on-year to Tk 11.8 million in FY25.Following the abnormal price surge, the Bangladesh Securities and Exchange Commission (BSEC) asked the Dhaka Stock Exchange (DSE) to investigate the trading activities surrounding the stock.Bangladesh economic outlook

The probe will examine whether there was any coordinated market manipulation, abnormal trading activity among investors, or insider trading involving undisclosed price-sensitive information.

Apex Weaving and Finishing Mills also saw its stock price double from the level of December 30 by June 22, even though production at the company has remained suspended for a prolonged period due to gas and electricity disconnections and unpaid utility bills.

Web Coats, a manufacturer of premium paper and board products, posted a 151 per cent rise in its stock price to Tk 28.9 by Monday, although its profit fell 29 per cent year-on-year to Tk 38.4 million in FY25.

"The limited free-float shares and relatively low liquidity of SME companies make them vulnerable to speculative trading," said Md Sajedul Islam, a director of the DSE.

When the broader market shows a rising trend, some investors tend to flock to speculative stocks in pursuit of quick gains, causing prices to surge without any fundamental reason, he said.

Mr Islam advised investors to remain cautious and focus on companies with strong earnings prospects, sound corporate governance and sustainable business models instead of chasing momentum-driven rallies.
Akramul Alam, head of research at Royal Capital, said many investors were increasingly betting on small-cap companies to make quick profits as the broader market maintained an upward trajectory over the past several months.The benchmark DSEX of the prime bourse gained nearly 14 per cent, or 689 points, during the six months through Monday, supported by expectations of stronger regulatory reforms to deepen the capital market under the newly elected government.

However, Mr Alam warned that SME companies generally carry higher business and liquidity risks than large-cap firms."Investors should carefully examine financial statements, governance practices and business fundamentals before making investment decisions," he said.

Meanwhile, two SME stocks that previously played a major role in driving the SME index higher - Himadri and Yusuf Flour Mills - experienced significant corrections during the period.

Himadri's stock price fell 27 per cent to Tk 480 per share between December 30 last year and June 22 this year, while Yusuf Flour Mills dropped 26 per cent to Tk 1,622 during the period.

The Financial Express previously published a series of reports highlighting abnormal price movements in several SME and small-cap stocks, particularly Himadri and Yusuf Flour Mills.

Little-known SME stock Himadri exhibited abnormal price increases, reaching Tk 10,000 per share in November 2023 despite a lack of supporting fundamentals.
In November 2024, the securities regulator fined one individual and three firms a total of Tk 17 million for manipulating Himadri's stock price.Yusuf Flour Mills peaked at Tk 6,352 in June 2024 without any apparent reason for investors to bet on the stock, leaving market experts in awe, as shares of many well-performing firms offering handsome profits and dividends were nowhere near that level.

Even after the corrections, Himadri and Yusuf Flour Mills remain significantly overvalued, with price-to-earnings (P/E) ratios of 126 and 114 respectively as of Monday.

Beximco Pharmaceuticals has moved a step closer to resolving the boardroom standoff that put its London listing at risk, after Bangladesh’s stock regulator gave the company the go-ahead to hold a board meeting and finally sign off on its overdue accounts.

The Bangladesh Securities and Exchange Commission (BSEC) has given consent to the drugmaker convening a board meeting to approve audited financial statements for the year to June 30, 2025.

Clearing that backlog could help the company meet the rules of London’s Alternative Investment Market (AIM) and avoid cancellation of its securities from trading in London.

The latest regulatory decision follows months of uncertainty triggered by a legal dispute over board composition.

After the political changeover in 2024, the BSEC appointed nine independent directors to Beximco Pharma following a directive from the finance ministry. Beximco Pharma challenged the move in court. Its board has not met to approve accounts, or publish results, since.

In a disclosure to the Dhaka Stock Exchange (DSE) yesterday, the pharma company said its board would meet today to consider the delayed accounts.

Mohammad Asad Ullah, company secretary of Beximco Pharma, said, “The previous board will hold the board meeting as the new board remains under the litigation process.”

“This approval was given by the BSEC,” he added.

In its letter granting consent, the BSEC said it gave the go-ahead “for the protection of greater interest of the investors, accords its consent to hold the meeting of the board of directors of Beximco Pharmaceuticals PLC for the purpose of approval and publication of the financial statements of Beximco Pharmaceuticals PLC and its subsidiaries”.

Md Abul Kalam, spokesperson of the BSEC, said the decision was taken to protect both investors and the country’s market reputation

“To save the image of the country and for the interest of investors, the regulator allowed the board meeting,” he said.

Beximco Pharma is currently the only Bangladeshi company listed on AIM. Kalam said the possibility of delisting would have implications for the credibility of Bangladesh’s capital market.

The governance dispute has had consequences for shareholders, too. Since the legal dispute began, Beximco Pharma has not published quarterly results or annual financial statements.

The absence of audited accounts led to the suspension of trading in its global depositary receipts on AIM on January 2.

Under London Stock Exchange rules, a company must publish audited annual accounts within six months of its financial year ends. If trading remains suspended for six months, admission can be cancelled unless issues are resolved.

As the deadline approached, concerns grew among investors that the suspension could result in delisting.

Shares in Beximco Pharma fell 1.58 percent to Tk 143 on the Dhaka Stock Exchange yesterday, having risen earlier in the week on hopes of a breakthrough.

Speaking on condition of anonymity, a top official of a brokerage house said the regulator’s involvement has been read by investors as a signal that the matter is finally being taken seriously.

Pragati Life Insurance Limited has recommended a 15% cash dividend and a 10% stock dividend for the financial year ended 31 December, 2025, following a board review of its audited financial statements.

The announcement was made through a price-sensitive information disclosure published by the Dhaka Stock Exchange yesterday (21 June). Shareholders on record as of 14 July, 2026 will be eligible for the dividend, pending approval at Annual General Meeting (AGM).

The company said the stock dividend has been recommended to support building construction and modernisation, increase paid-up capital, and facilitate further investments.

DSE also announced that there would be no price limit on the trading of the company's shares today following the corporate declaration.

Investor sentiment remained positive after the announcement, with the company's share price rising 2.64% to Tk186.90 on the Dhaka Stock Exchange yesterday.

Alongside the dividend declaration, Pragati Life also released its unaudited financial results for the first quarter (January-March) of 2026.

According to the life revenue account, the company's surplus, defined as the excess of total income over total expenses including claims, stood at Tk38.24 crore during the quarter, compared with Tk15.73 crore in the corresponding period of the previous year. This represents a year-on-year increase of approximately 143%.

The company's Life Insurance Fund also recorded significant growth. As of 31 March, 2026, the fund stood at Tk818.56 crore, compared with Tk674.87 crore a year earlier, reflecting an increase of about Tk143.69 crore.

In the first quarter (January- March) 2026, the company paid Tk100 crore out of Tk105 crore claims.

Established in 1996, Pragati Life Insurance is one of the oldest private-sector life insurers in Bangladesh. The company offers a range of life insurance products, including individual life policies, group insurance schemes, pension plans, and savings-based insurance products. It serves customers across the country through an extensive branch network.

Market observers say the dividend declaration sends a positive signal to shareholders. The strong growth in both quarterly surplus and the Life Insurance Fund indicates an improvement in the company's financial position.

Amid increasing competition in the insurance sector, the robust growth in income and fund size is expected to strengthen investor confidence in the company's future prospects.

The proposed dividend, however, remains subject to approval by shareholders at the AGM and the necessary regulatory clearances.

The stock market suffered its sharpest fall in months today (22 June), with investors rushing to sell amid concerns over stricter regulatory surveillance and year-end profit-booking.

The Dhaka Stock Exchange (DSE) lost around Tk6,000 crore in market capitalisation in a single session as sellers dominated trading from the opening bell.

The benchmark DSEX index plunged 85 points, or 1.51%, to 5,554, while the blue-chip DS30 index fell 35 points to 2,110.

Market breadth remained overwhelmingly negative, with 319 stocks declining, 36 advancing, and 34 remaining unchanged. Turnover on the DSE dropped 13% to Tk876 crore. Market insiders described the sell-off as being driven by a "surveillance ghost" haunting investors.

Following directives from the newly reconstituted Bangladesh Securities and Exchange Commission (BSEC), the DSE has strengthened its real-time market surveillance to curb manipulation. The bourse recently suspended trading in three companies over unusual price movements and launched investigations into rallies in at least seven other stocks.

Ashequr Rahman, managing director of Midway Securities Limited, said fears over real-time surveillance contributed to the market decline, although fiscal year-end portfolio adjustments were also a key factor.

"Institutional investors and high-net-worth individuals are liquidating holdings before the fiscal year ends on 30 June. They want to realise gains and recalibrate their investment strategies for the coming year," he told The Business Standard.

Ashequr said the DSE should establish transparent criteria for selecting stocks for investigation to avoid perceptions of bias and unnecessary panic among investors.

Saiful Islam, president of the DSE Brokers Association (DBA), said regulators are mainly targeting the manipulation of non-operational or "paper" companies that have repeatedly trapped retail investors.

According to Sheltech Brokerage Limited's daily market review, investor sentiment was also weakened by renewed geopolitical tensions and domestic political uncertainty. Selling pressure was evident from the start of trading as investors avoided taking fresh positions.

The pharmaceutical sector accounted for the largest share of turnover at 16.4%, followed by engineering and textiles. However, nearly all sectors ended lower.

The miscellaneous sector posted the steepest decline, falling 3.5%, followed by information technology and non-bank financial institutions. People's Leasing and Fareast Finance were among the top gainers, while Dominage Steel and Beximco ranked among the worst losers.

The bearish trend extended to the Chittagong Stock Exchange, where the CASPI index fell 167 points to 15,082. Turnover, however, jumped 145% to Tk74.42 crore, indicating heavy selling activity.

The capital bourse kicked off the week on a negative note today (21 June) as widespread profit-taking snapped a two-session winning streak, dragging the benchmark index down.

The DSEX, the prime index of the Dhaka Stock Exchange (DSE), shed 21 points to settle at 5,639. Meanwhile, the blue-chip DS30 index managed to buck the trend slightly, gaining 2 points to reach 2,145.

Market breadth heavily favoured the bears, with only 71 issues advancing, 298 declining, and 27 remaining unchanged.

A cautious investor stance also dampened trading participation, causing daily turnover to plunge 16% to Tk1,002 crore compared to the previous session.

According to the daily market review by EBL Securities, the benchmark index retreated in the first session of the week as profit-taking in recently appreciated stocks heavily outweighed selective buying in perceived fundamentally attractive scrips.

The brokerage firm added that the market came under sustained selling pressure from the opening bell, as widespread profit-taking gained momentum throughout the session, weighing on the majority of listed scrips and pushing the market into negative territory.

Mirroring this view, Sheltech Brokerage Limited noted that market sentiment was largely influenced by investors' profit-taking following the recent advance.

The brokerage highlighted that despite a strong start to the session, supported by buying pressure in selective large-cap stocks, the market failed to sustain its early gains as profit-taking pressure intensified from mid-session onward.

On the sectoral front, pharmaceuticals accounted for the highest share of turnover at 13.5%, followed closely by engineering at 12.5% and textiles at 11.8%.

Most of the sectors displayed negative returns, out of which services fell by 3.9%, miscellaneous dropped by 3.4%, and general insurance corrected by 2.1%, exerting the most downward pressure.

On the flip side, telecommunication, pharmaceuticals, and food sectors bucked the trend to exhibit the highest returns on the bourse today, gaining 1.5%, 0.5%, and 0.3% respectively.

The primary index draggers pulling down the market included Olympic Industries, United Commercial Bank, Asiatic Laboratories, National Bank, and Summit Alliance Port.

Despite the correction, Beximco Pharmaceuticals, Summit Alliance Port, IPDC Finance, and Robi emerged as the top traded stocks of the day.

In terms of individual performance, Prime Finance First Mutual Fund led the gainers with a 7.61% jump, followed by Simtex Industries at 5.70% and KDS Accessories at 4.64%.

On the losing side, Meghna Pet and Beximco Limited hit the bottom by plummeting 9.87% each, followed by Regent Textile which lost 9.67%.

The port city bourse, the Chittagong Stock Exchange (CSE), also mirrored the capital city's bearish tone.
The CSCX index ended 61 points lower at 9,327, while the CASPI broad index plummeted 104 points to close at 15,249. Trading activity on the CSE witnessed a massive contraction as its daily turnover dropped by 64% to stand at a meager Tk30 crore.

The Bangladesh Securities and Exchange Commission (BSEC) has instructed the Dhaka Stock Exchange (DSE) to strengthen its surveillance system through effective real-time monitoring and control measures aimed at curbing market irregularities and protecting investors.

The instruction was given at a meeting held between the regulator and the DSE surveillance team at the BSEC headquarters in Agargaon yesterday.

BSEC Acting Chairman Tanwir Habib Rahman, along with Commissioners Nahid Mahtab and Md Nafeez Al Tarik, and other senior officials attended the meeting. The DSE was represented by its Managing Director Nuzhat Anwar and Acting Chief Regulatory Officer Mohammad Shafiqul Islam Bhuiyan, among others.

According to a BSEC press release, the meeting focused on the development and modernisation of the capital market, with particular emphasis on maintaining market integrity and protecting investors’ interests.

The regulator also stressed the need to prevent all forms of market manipulation and misconduct, while discussing surveillance and oversight issues at the stock exchange. BSEC officials said a transparent, accountable and efficient capital market is essential for sustainable market development. In line with international best practices, the commission directed the DSE to enhance its real-time surveillance capacity and adopt necessary monitoring tools.

The meeting also covered plans to upgrade and modernise the surveillance system to improve investor protection and overall market supervision.

The move reflects the regulator’s efforts to restore investor confidence and ensure a fair and orderly market through stronger oversight and improved technology.

The capital bourse kicked off the week on a negative note today (21 June) as widespread profit-taking snapped a two-session winning streak, dragging the benchmark index down.

The DSEX, the prime index of the Dhaka Stock Exchange (DSE), shed 21 points to settle at 5,639. Meanwhile, the blue-chip DS30 index managed to buck the trend slightly, gaining 2 points to reach 2,145.

Market breadth heavily favoured the bears, with only 71 issues advancing, 298 declining, and 27 remaining unchanged.

A cautious investor stance also dampened trading participation, causing daily turnover to plunge 16% to Tk1,002 crore compared to the previous session.

According to the daily market review by EBL Securities, the benchmark index retreated in the first session of the week as profit-taking in recently appreciated stocks heavily outweighed selective buying in perceived fundamentally attractive scrips.

The brokerage firm added that the market came under sustained selling pressure from the opening bell, as widespread profit-taking gained momentum throughout the session, weighing on the majority of listed scrips and pushing the market into negative territory.

Mirroring this view, Sheltech Brokerage Limited noted that market sentiment was largely influenced by investors' profit-taking following the recent advance.

The brokerage highlighted that despite a strong start to the session, supported by buying pressure in selective large-cap stocks, the market failed to sustain its early gains as profit-taking pressure intensified from mid-session onward.

On the sectoral front, pharmaceuticals accounted for the highest share of turnover at 13.5%, followed closely by engineering at 12.5% and textiles at 11.8%.

Most of the sectors displayed negative returns, out of which services fell by 3.9%, miscellaneous dropped by 3.4%, and general insurance corrected by 2.1%, exerting the most downward pressure.

On the flip side, telecommunication, pharmaceuticals, and food sectors bucked the trend to exhibit the highest returns on the bourse today, gaining 1.5%, 0.5%, and 0.3% respectively.

The primary index draggers pulling down the market included Olympic Industries, United Commercial Bank, Asiatic Laboratories, National Bank, and Summit Alliance Port.

Despite the correction, Beximco Pharmaceuticals, Summit Alliance Port, IPDC Finance, and Robi emerged as the top traded stocks of the day.

In terms of individual performance, Prime Finance First Mutual Fund led the gainers with a 7.61% jump, followed by Simtex Industries at 5.70% and KDS Accessories at 4.64%.

On the losing side, Meghna Pet and Beximco Limited hit the bottom by plummeting 9.87% each, followed by Regent Textile which lost 9.67%.

The port city bourse, the Chittagong Stock Exchange (CSE), also mirrored the capital city's bearish tone.
The CSCX index ended 61 points lower at 9,327, while the CASPI broad index plummeted 104 points to close at 15,249. Trading activity on the CSE witnessed a massive contraction as its daily turnover dropped by 64% to stand at a meager Tk30 crore.

The Dhaka Stock Exchange (DSE) has resumed halting share trading under its real-time surveillance mechanism, a practice that had largely fallen out of use for nearly a decade.

In the past two weeks, the DSE halted trading in Sonargaon Textiles, Shyampur Sugar Mills and Bangladesh National Insurance, each after citing “unusual price movements”.

Trading resumed in all three the following day, but industry officials say the monitoring provides early warning signals to investors that there might be suspicious trading, which helps them make critical decisions.

“As this type of trading halt has not been practised in the market for many years, it seems unusual -- however, it’s business as usual,” said Nuzhat Anwar, managing director of the DSE. “We will always do that to protect investors’ interests.”

Real-time surveillance is a common practice to correct market distortions, and the DSE is equipped to do that, she said, adding that the stock exchange is getting support from the regulator in this regard.

The mechanism works in stages. Once a halt is triggered, the exchange asks the company whether it has any undisclosed price-sensitive information. If irregularities are suspected, it investigates whether unusual trading or malpractice occurred, and can take action accordingly.

Abul Kalam, spokesperson of Bangladesh Securities and Exchange Commission, said the halts serve as an early warning signal to investors that trading in a particular security may be suspicious.

He explained that previously, formal enquiries into suspicious trading took too long, that ordinary investors would buy into the stock in the meantime, unaware of the suspected irregularity, and suffer losses when the correction came.

“Now they are receiving early warning signals,” he said.

The real-time monitoring practice was last used around a decade ago before being discontinued. The DSE has authority under its listing rules to halt, suspend or delist securities.

The price data illustrates how sharply the targeted stocks had run up. Shyampur Sugar Mills, a junk-category stock, had surged 66 percent to Tk 239 in the month before the halt. It has since corrected around 30 percent to Tk 167, according to DSE data.

Shares of Sonargaon Textiles more than doubled from Tk 42 to Tk 87 over a month, and fell about 8 percent to Tk 80 after trading was halted.

Bangladesh National Insurance rose 46 percent to Tk 116 before the halt, and has since dropped around 9 percent.

Separately, the DSE board has decided to develop software to monitor investors’ funds and shareholding positions in real time, aimed at curbing misappropriation by brokers through consolidated customer accounts.

The move comes against the backdrop of thousands of investors falling victim to embezzlement at several brokerage firms over the past five years.

Saiful Islam, president of the DSE Brokers’ Association, welcomed the real-time surveillance but said a one-day suspension alone is not sufficient.

He noted that shares of companies that have been out of production for years continue to surge periodically, misleading investors.

Islam called on the exchange to publicly disclose the names of companies that have remained out of production for extended periods and to follow global practice, where such companies face trade suspension until they resume operations and are eventually delisted if they do not.

According to listing regulations, a company will be delisted if it remains out of production for three years. However, stock exchanges are reluctant to delist companies in Bangladesh as investors have strongly protested such decisions in the past, a top official of the Dhaka bourse said.

Islam hopes that the current DSE board will begin enforcing the rule. “Otherwise, the market will remain full of junk stocks year after year.”

The scale of the problem is significant. Of 396 listed shares, 125 are classified as Z category or junk stocks, while 75 are low-performing B category companies. Only 196 are A-category stocks, according to DSE data.

Around Tk3,000 crore worth of closed-end mutual funds under the trusteeship of the Investment Corporation of Bangladesh (ICB) are set to face conversion into open-end funds or liquidation under newly introduced mutual fund rules.

Of the 20 mutual funds under ICB's trusteeship, 18, including eight managed by ICB Asset Management Company, have fallen within the scope of the new regulations. This is even though the funds' original maturity periods run from 2027 to as late as 2033.

Under the rules, any closed-end mutual fund whose average trading price remains at a discount of 25% or more to its cost-based Net Asset Value (NAV) over six months must be converted into an open-end fund or liquidated.

The trustee must convene an extraordinary general meeting (EGM), seek unit holder approval, and obtain subsequent clearance from the Bangladesh Securities and Exchange Commission (BSEC). A decision requires at least 75% support from votes cast.

Data show that the discount between market prices and cost-based NAVs for the 18 affected funds ranges from 30% to 76% – well above the 25% threshold – making conversion or liquidation mandatory, subject to unit holder voting.

BSEC Executive Director and spokesperson Abul Kalam told The Business Standard that trustees would arrange unit holder meetings and implement whichever decision clears the 75% threshold.

The process became entangled in legal complications after investors filed writ petitions challenging the rules, prompting the High Court to issue a status quo order. On 9 June, BSEC directed trustees to proceed with conversion or liquidation.

Two days later, it issued a follow-up letter instructing trustees to continue while excluding the interests of petitioning unit holders – a move that alarmed market participants who feared compliance could be construed as a violation of the court order. ICB consequently sought clarification from the regulator and withheld action.

The impasse ended on 17 June when the Appellate Division's Chamber Court stayed the High Court order, clearing the path for the process to resume. Lawyers said trustees may now move forward, though an ICB trustee official said the organisation had yet to receive fresh instructions.

"We heard about the stay order, but have not received any instruction from the commission. We have already written to them seeking guidance," the official said.

Stakeholders continue to object to certain provisions, particularly Section 62, of the new rules. A senior asset management official, speaking anonymously, noted the rules were framed under the previous commission and called on the new commission to engage asset managers and trustees on their concerns.

Bangladesh RACE Asset Management, which has also filed a writ petition, is scheduled for a hearing on 22 June.

ICB Asset Management Company operates nine mutual funds, eight of which are caught by the new rules, with discounts to cost-based NAV ranging from 47% to 67%. All six funds managed by Bangladesh RACE Asset Management PCL also exceed the threshold and face conversion or liquidation.

Across the broader mutual fund industry, total approved fund size stands at Tk13,090 crore – 35 closed-end funds accounting for Tk4,431 crore and 105 open-end funds for Tk8,659.5 crore.

Shares of Beximco Pharmaceuticals gained 8 percent over the last two trading sessions on the Dhaka Stock Exchange (DSE), closing at Tk 145.3 yesterday, following reports that the company may be delisted from the London Stock Exchange.

Investors and brokers view potential efforts to prevent the delisting as a positive development, believing they could help resolve the issues that have weighed on the company’s shares since the filing of a petition challenging the appointment of independent directors to its board.

Although the drug maker’s business performance remained strong, its stock came under pressure due to the absence of financial disclosures.

The issue dates back to 2024, when the Bangladesh Securities and Exchange Commission (BSEC) appointed nine independent directors to Beximco Pharmaceuticals following a directive from the finance ministry.

The company subsequently filed a petition with the High Court challenging the decision. Since then, the board has not met to approve or discuss financial results, and the company has not published quarterly earnings reports or annual financial statements.

The lack of financial disclosures led to the suspension of trading in the company’s global depositary receipts (GDRs) on the Alternative Investment Market (AIM) of the London Stock Exchange on January 2.

The suspension was imposed after Beximco Pharmaceuticals failed to publish its audited annual report and accounts for the financial year ended June 30, 2025, by the AIM deadline of December 31, 2025, as well as subsequent financial disclosures.

Under Rule 19 of the AIM Rules for Companies, an AIM-listed issuer must publish its audited annual report and accounts within six months of the end of its financial year.

Under Rule 41, if securities remain suspended from trading for a continuous period of six months, the London Stock Exchange will generally cancel their admission to trading unless the underlying issues are resolved.

The Bangladesh Securities and Exchange Commission (BSEC) has urged the Dhaka Stock Exchange (DSE) to strengthen real-time market surveillance and regulatory controls to prevent market manipulation and protect investors' interests.

The call came during a meeting between BSEC officials and the DSE surveillance team at the commission's office today (21 June), where the two sides discussed measures to modernise the capital market surveillance system and improve market oversight, a BSEC press release says.

The meeting was attended by BSEC Acting Chairman Tanwir Habib Rahman, commissioners Nahid Mahtab and Md Nafiz Al Tariq, as well as senior officials from the commission's surveillance department. DSE Managing Director Nuzhat Anwar and Acting Chief Regulatory Officer Mohammad Shafiqul Islam Bhuiyan represented the stock exchange.

According to the release, discussions focused on the development and modernisation of the capital market, enhancing transparency, and preventing irregularities and manipulation to safeguard investors.

The DSE briefed the commission on recent measures it has taken to curb market manipulation. The stock exchange said it has been temporarily halting trading in shares of companies when unusual price movements or trading patterns are detected.

BSEC assured the exchange of its support in building a transparent, accountable and effective capital market.

The commission also advised the DSE to adopt international best practices in market oversight, including real-time surveillance systems and other necessary regulatory measures to deter manipulation.

Recently, the DSE suspended trading in shares of Shyampur Sugar Mills and Sonargaon Textiles following sharp and unusual price increases. Trading in both stocks resumed the following day after the temporary suspension was lifted.

The mutual fund sector led gains on the Dhaka Stock Exchange (DSE) today (18 June), posting a 4.3% return as investor sentiment surged following a key court ruling that cleared the way for the restructuring of closed-end funds.

The rally was triggered after the Chamber Court of the Appellate Division stayed a High Court order that had halted the conversion or liquidation of closed-end mutual funds. The order, issued by Justice Farah Mahbub following a petition by the Bangladesh Securities and Exchange Commission (BSEC), removed a major legal obstacle to implementing the regulator's latest directive.

Under regulations introduced in May 2026, closed-end mutual funds trading at discounts of 25% or more to their Net Asset Value (NAV) must either convert into open-end funds or be liquidated.

Market participants said the move could revive the long-underperforming sector by providing an exit route for investors whose holdings had traded at steep discounts for years.

The impact was immediate. Of the 36 listed closed-end mutual funds, only two posted losses during the trading session.

First Janata Bank Mutual Fund and Trust Bank First Mutual Fund hit the 10% upper circuit limit, while LR Global Bangladesh Mutual Fund One gained 9.38% and Green Delta Mutual Fund advanced 8.82%.

The broader market also extended its upward trend. The benchmark DSEX rose 39 points to 5,661, while the blue-chip DS30 index gained 30 points to close at 2,143. Turnover stood at Tk 1,197 crore, reflecting strong market participation.

Beyond mutual funds, the cement and telecommunications sectors also performed strongly, registering gains of 2.5% and 1.6%, respectively.