Stocks
HC Quotes: Why SME Market not open for all?
HC: High Court wants to know why the small capitalized companies (SMEs) in DSE are not open to all investors. At the same time, even if there is a floor price, why it is not present in the SME, the High Court has given a notice to BSEC to show the reason in this regard. The High Court has suspended the investment limit in the SME for the next three months & has ordered BSEC to respond in this matter within the next 7 working days.
In the meantime, on Sunday, November 13, Judge Md. Ashfakul Islam and Md. Suhrawardy filed a writ in a High Court bench comprising. Business News Portal published the news from Orthosongbad that headlined ‘Falling prices in SMEs, investors fear loss of capital’‘ and attached as a source in the writ petition. This information is known from related sources.
According to sources, BSEC has mandated a minimum investment which limits of Tk 30 lakh for investing in SME platforms. In this Writ, ensuring investment facilities in SMEs for all, guidance is asked on the imposition of floor price. Writ No. 13749 filed in High Court Bench. Advocate Mustafa Kamal of the Supreme Court filed the writ on behalf of Raju Hasan.
It was known that the BSEC, the capital market regulatory body, cancel the OTC market of two stock exchanges (DSE and CSE) on September 16 last year. On that day, the commission decided to delist 29 companies and transfer 41 companies to SME and ATB (Alternative Trading Board).
Later, the same last year, September 30, trading started on the SME platform of the DSE. On that day, transactions were initially launched on DSE’s SME platform with 6 companies. Currently there are 15 companies listed in SME. Out of this, the shares of 13 companies are being traded regularly.
The investment amount for the latest SME platform investment was determined on September 22 this year. In an order signed by BSEC Chairman Professor Shibli Rubayat-Ul-Islam, it is stated that to be an eligible investor in the SME Trades, there should be a minimum investment of 30 lakh takas in the stock market.
According to the sources, it has been mentioned that restricting investment in SMEs is against the constitution.
In the meantime, the share price of the SME Platform increased at the beginning of the trading, but later the price of most of the shares fell below half. On November 2, Orthosongbad published a news regarding this issue.
Dhaka Stock Exchange DSE, Bourses on the first working day of the week, March 27, ended with price index drops & turnover hikes.
This information is known from DSE sources.
317 crores 60 lakh shares were traded in DSE on this day. 30 crores 62 lakhs more trading was done in DSE today compared to the previous workday, 23 March, Shares worth Tk 286 crores 97 lakh shares were traded in DSE last time, Thursday.
The benchmark index DSEX dropped 11.38 points or 6,203. The Shariah-based index DSES shed 3.56 points or 1,349, and the blue-chip index DS30 lost 2.60 points or 2,215.
Of the issues traded, 28 advanced, 72 declined, and 183 remained unchanged.
Legacy Footwear Limited ranked top gainer on DSE, the share price increased by Tk 5.6 paisa or 9.96 percent. On this day, the share was last traded at Tk 61.80 paisa.
On the other hand, Islamui Commercial Insurance Company Ltd ranked top loser on the DSE, the share price dropped by Tk 1.3 paisa or 4.71 percent. On this day, the share was last traded at Tk 26.30 paisa.
DSE topped on trade Unique Hotel & Resorts PLC 41 crores 52 lakh 86 thousand takas of shares of the company have been traded.
A total of 52 companies’ shares were traded in the Block on Dhaka Stock Exchange, 25 lakh 74 thousand 877 shares of the companies were traded. The financial value of which is 18 crore 76 lakh taka.
One of the listed companies, Salvo Chemical Industry Limited, discloses its financial reports for the second quarter, (October-December 22). This source is known from DSE.
The company’s earnings per share (EPS) was Tk 0.37 paisa in Q2 of the current financial year. EPS was Tk 0.80 paisa during the same period last year. As of December 31, 2022, net asset value (NAVPS) was loss of Tk 15.42 paisa.
The company reported EPS has been decreased due to increase in costs because of high raw material price in local and import prices, currency devaluation and increase in energy price which adversely affected overall profitability of the Company.
/NR
One of the Listed Companies, Prime Islami Life Insurance Limited has recommended 2 percent cash Dividend to its investors for the Financial Year ending December 31, 2022.
This source is known from DSE.
The Annual General Meeting (AGM) of the company will be held on May 29 through the digital platform. The record date for this has been fixed at April 17.
/NR
