Regulator allows three closed-end ICB funds to become open-end

Bangladesh Securities and Exchange Commission yesterday allowed three closed-end mutual funds of the Investment Corporation of Bangladesh to be converted into open-end growth funds.

The conversion permissions of the three funds, managed by ICB Asset Management Company, a subsidiary of state-run ICB, came at a meeting of the stockmarket regulator, according to a press statement.

The funds -- 3rd ICB, 4th ICB and 5th ICB -- will now be turned into open-end funds.

Meanwhile, stocks ended the week higher.

DSEX, the benchmark index of the premier bourse, rose 22.24 points, or 0.51 percent, finishing the day at 4,357.53 points.

Like the previous two trading sessions, the index ended in the black, as investors resumed their buying spree, LankaBangla Securities said in its regular analysis.

IDLC Investments, a merchant bank, said: “Attractive stock prices due to the recent downturn in market enticed bargain hunters to remain active.”

Turnover, another important indicator of the market, also increased 7.1 percent to Tk 412.96 crore, with 12.62 crore shares and mutual fund units changing hands on the DSE.

Of the traded issues, 167 advanced and 104 declined, with 44 securities closing unchanged on the premier bourse.

LankaBangla Finance dominated the turnover chart with its transaction of 62.84 lakh shares worth Tk 21.16 crore, followed by Aman Feed, BSRM, Orion Infusion and Keya Cosmetics. Among the major sectors, food and allied rose 1.92 percent in market capitalisation, followed by non-banking financial institutions that went up 1.84 percent, fuel and power 1.25 percent, engineering 1.03 percent and textiles 0.98 percent.

Conversely, telecom and cement declined 1.32 percent and 1.14 percent respectively in market capitalisation.

LankaBangla Finance was the day's best performer with 9.84 percent gains, while Samata Leather Complex was the worst loser, shedding 7.22 percent.

Chittagong stocks also rose yesterday with the bourse's benchmark index, CSCX, increasing 30 points, or 0.36 percent, to finish the day at 8,140.85 points.

Gainers beat losers as 115 advanced and 84 declined, while 36 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 1.02 crore shares and mutual fund units worth Tk 35.17 crore in turnover.