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BSEC, DSE Unite to Combat Gossip: Sheikh Shamsuddin

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Attempting to influence the market in various ways, gossip spreads, creating a cycle that impacts the Capital market. This leads to losses in the stock market, affecting investors. The cycle always seems to benefit from the rumors. To protect the market from such gossip, Dr. Sheikh Shamsuddin Ahmed, Commissioner of the Bangladesh Securities and Exchange Commission (BSEC), has advised not to turn a deaf ear to such rumors.

Recently, BSEC Commissioner Dr. Sheikh Shamsuddin Ahmed held an urgent meeting with Dr. A.T.M. Tariquzzaman, Managing Director of the Dhaka Stock Exchange (DSE), regarding the issue of gossip. At this time, he advised investors accordingly.

According to meeting sources, both BSEC and DSE are jointly committed to preventing any kind of gossip-creation attempt. Both institutions are dedicated to making the stock market dynamic and ensuring the utmost protection of investors’ interests.

Sources indicate that recently there have been various rumors circulating regarding the conflict between the Bangladesh Securities and Exchange Commission (BSEC) and the Dhaka Stock Exchange (DSE). BSEC Commissioner Dr. Sheikh Shamsuddin Ahmed stated that it is baseless and mere gossip. Dr. A.T.M. Tariquzzaman, Managing Director of DSE, echoed the same sentiment.

Recently, the country’s stock market has been affected by influential gossip spread on social media platforms like Facebook groups. Gossip often creates instability in the stock market, fostering a speculative atmosphere. Just a few days ago, rumors about floor prices created instability in the market, followed by rumors about shares in the ‘Z’ category, perpetuating a cycle of instability. As efforts are made to dispel these rumors, various baseless rumors are being spread between the regulatory bodies BSEC and DSE. Rumors are circulating Despite the BSEC Chairman’s absence from the commission. Such gossip contributes to market instability, although stakeholders have assured that these rumors are baseless.

Additionally, during Ramadan, a type of gossip regarding transactions also circulates in the stock market. Typically, the stock exchange determines transaction times. However, it is necessary to inform the regulatory authority. Since the country has two stock exchanges, it’s convenient for transactions to occur simultaneously on both. Otherwise, discrepancies in transactions, indices, and prices may arise. Hence, to facilitate coordination, transaction times are fixed.

On this matter, Dr. Sheikh Shamsuddin Ahmed stated, “We work for the overall interest of the market. The interests of investors are paramount. We have endured difficult times over the past three years due to the coronavirus pandemic. Everything was at a standstill. During this time, we have endeavored to keep the market operational.”

He further added, “When it comes to work, differences of opinion may arise. However, we must work within the framework of the law. We have no distance with DSE. The commission and the exchange work with the same objective for the betterment of the stock market. Accepting rumors for the sake of the market’s interest will not be tolerated. There is no conflict between the two institutions. Both are steadfastly working towards the same goal.”

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6 Stock Market Giants Awarded National Export Trophy

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In recognition of their contributions to foreign exchange earnings and job creation for the fiscal year 2021-22, 77 companies received the National Export Trophy. Among them, six companies are listed on the country’s stock market, spanning various sectors.

Prime Minister Sheikh Hasina presented the trophies to the representatives of these companies at a ceremony held at the Osmani Memorial Auditorium in the capital on Sunday, July 14.

The awarded listed companies are:

Pharmaceuticals:

Gold Medal: Beximco Pharmaceuticals
Bronze Medal: Square Pharma

Textiles:

Silver Medal: Square Textiles Limited

Ceramics:

Gold Medal: Shinepukur Ceramics

Electronics:

Gold Medal: Walton Hi-Tech Industries

EPZ-Based 100% Bangladeshi-Owned Garment Industry (Knit and Woven):

Bronze Medal: Shama Denims

The ceremony was also attended by State Minister for Commerce Ahasanul Islam Titu, Chairman of the Parliamentary Standing Committee on Commerce Tipu Munshi, Commerce Secretary Md Selim Uddin, Vice Chairman of the Export Promotion Bureau (EPB) Md Anwar Hossain, and President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam.

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Bearish Market Sees Rally for 3rd Consecutive Day

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Dhaka Stock Market DSE, Bourse on the first working day of the week, 14th July, ended with a losing performance in Indices and Turnover from the previous working session. This information is known from DSE sources.

622 crore 25 lakh taka shares were traded on this day. 42 crore 3 lakh less tradings were done in DSE today compared to the previous workday, July 11th, Shares worth Tk 664 crores 28 lakh shares were traded last time, Thursday.

The benchmark DSEX decreased 23.99 points or 5,482 The Shariah-based index DSES lost 4.82 points or 1,202 and the blue-chip index DS30 dropped by 5.24 points or 1,937.

Of the issues traded, 70 advanced, 297 declined and 30 remained unchanged.

Far Chemicals Industries Limited ranked top gainer on DSE, the share price increased by Tk 2.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 22.50 paisa.

Sonali life Insruance Company Limited ranked top loser on the DSE, the share price dropped by Tk 2.30 paisa or 3.00 percent. On this day, the share was last traded at Tk 74.40 paisa.

DSE topped on trade is Taufika Food & Loevello Ice Cream PLC Limited 27 crore 90 lakh takas of company shares have been traded.

A total of 47 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 2 crore 3 lakh 99 thousand 277 shares of the companies were traded. The financial value of which is 43 crore 18 lakh taka

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Techno Drugs Debuts on DSE with 10% Share Price Jump

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Pharmaceutical manufacturer Techno Drugs Limited has commenced trading on the Dhaka Stock Exchange (DSE) today, Sunday, July 14, following its initial public offering (IPO) under the book building method. This information was confirmed by DSE sources.

Listed under the Pharmaceuticals and Chemicals sector, Techno Drugs’ trading code on the DSE is ‘TECHNODRUGS,’ and the company code is 18499.

The company’s shares began trading at Tk26.40 each.

Techno Drugs raised Tk1 billion through its IPO, with a total subscription of Tk24.87 billion . Of this, Tk24.12 billion came from general investors, and Tk611.75 million from eligible investors.

The IPO subscription period ran from June 9 to June 13. The company set the cut-off price at TK34 per share, with shares being offered to investors at a 30% discount, or Tk24 per share.

Shares were allocated to IPO applicants on July 2, 2024, with more applications received than available shares, resulting in a proportional allocation. Domestic investors who applied for shares worth Tk10,000 received 11 shares each, while those who applied for shares worth Tk1 million received 1,166 shares each.

In contrast, expatriate Bangladeshi investors received 20 shares for every Tk10,000 applied for, and 2,016 shares for every Tk1 million applied for.

The company plans to use the IPO proceeds to purchase new machinery, for BMRE (Balancing, Modernization, Rehabilitation, and Expansion) at its Narsingdi factory, construct a building at its Gazipur factory, partially repay loans, and cover issue management costs.

According to the audited financial statements for the fiscal year ending June 30, 2023, the company’s net asset value per share (NAVPS) was Tk27.74 , including revaluation, and Tk22.57, excluding revaluation.

For the fiscal year in question, Techno Drugs reported earnings per share (EPS) of Tk2.08 , with a weighted average EPS of Tk3.25 over the past five years.

Imperial Capital Limited and EBL Investments Limited are managing the IPO issue.

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