Dhaka bourse's index hits a five-month high

The benchmark index of the Dhaka Stock Exchange (DSE) rose to hit a five-month high today when the major index surpassed the 6,000-point mark, extending its gaining momentum for the fourth successive day.

Meanwhile, Rubayat-Ul Islam, chairman of the Bangladesh Securities and Exchange Commission, stepped down on Saturday night five days after the fall of Prime Minister Sheikh Hasina-led Awami League government in the wake of a mass uprising.

Buoyed by the development of the country's political landscape, investors are making fresh bets on large-cap and blue-chip stocks with the hopes of the return of good governance in the capital market.

Shares of large-cap and blue-chip stocks such as Islami Bank Bangladesh, Grameenphone, BRAC Bank, BAT Bangladesh, Robi Axiata, BSRM Ltd, United Commercial Bank, IFIC Bank, City Bank and National Bank displayed strong performance today.

The share price of Islami Bank Bangladesh, Grameenphone, BRAC Bank and BAT Bangladesh made double-digit growth with a rise of 18.61 percent, 17.30 percent, 11.84 percent and 11.59 percent respectively.

The benchmark index of the Dhaka bourse, the DSEX, rose 91.09 points, or 1.54 percent to close the day at 6,015.

Similarly, the DSES index for the shariah-compliant companies ticked up 10.36 points, or 0.81 percent to 1,285.27 and the DS30 index for the blue-chip firms went up by 51.62 points, or 2.42 percent to 2,184.35.

Of the issues that changed hands on the DSE, 173 advanced, 207 closed lower and 20 did not see any price movement.

Turnover, which indicates the total value of the shares trading on the DSE, increased 25.12 percent to Tk 2,010 crore compared to the previous day's total market turnover.

AB Bank topped the gainers' list with a rise of 10 percent, while Crystal Insurance Company shed the most, losing 2.99 percent.

The Chittagong Stock Exchange (CSE) also witnessed the rising trend as its All-Share Price Index edged up by 482.70 points, or 2.87 percent to settle the day at 17,282.46.