Stocks post modest gain at opening

Country's two prime bourses have reported a steady rise today, supported by the investors' activism during the first one-and-half-hour trading session, following the minimum shareholding ultimatum issued by Bangladesh Securities and Exchange Commission (BSEC).

Earlier, the securities regulator issued a letter to sixty one directors of twenty-two listed companies, who failed to maintain the mandatory rule of holding a minimum two percent of shareholding of their companies' paid-up capital, as per the securities laws.

BSEC issued a 45 working days ultimatum to ensure shareholding rules for the directors in order to continue their directorships, otherwise they would be removed from the related company's board.

According to several brokerage house officials, those directors are now going to buy shares within the 45-day time frame in order to comply with the law, as per the securities regulator's directive. Such a movement will boost the investors' confidence.

They further added that the securities regulator will provide opportunities for perpetual bond transactions on the main trading floor of both stock exchanges, which too will work to boost investors' confidence. 

DSEX, the prime index of the Dhaka Stock Exchange (DSE), upturned by 13.88 points – or 0.34 percent - to reach at 4,015 till 12:00 pm.

Moreover, the Shariah-based DSES index has gained 2.04 points to settle at 925, and the blue-chip index DS30 gained 5.58 points to stand at 1,352.

Turnover on the DSE trading floor has been elevated by 21 percent to Tk81.45 crore in the first session.

Out of the 287 issues traded during the same time frame, 74 company's share prices advanced, 20 declined, and 193 remained unchanged.

Meanwhile, the benchmark index CASPI at the Chittagong Stock Exchange (CSE) has climbed 43.96 points to close at 11,408.