BSEC Chairman on a meeting with PM regarding Stock Market issues
To increase the mobility in the stock market Prime Minister Sheikh Hasina has given directions on several issues. PM gave this instruction in a meeting with Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam on Sunday (January 15) at Ganabhaban.
The source is known from the meeting.
Shibli Rubayat-Ul-Islam briefed Prime Minister Sheikh Hasina about the capital market situation in the meeting today. During that time, he pointed the various steps taken for the development of the stock market. The prime minister gave necessary directions to develop the stock market in the same way as the country’s economy is developing.
In the meeting, it was discussed about the intervention of Bangladesh Bank was to keep investment in bonds out of stock market exposure, to keep the Investment Corporation of Bangladesh (ICB) depository fund out of the stock market exposure limit and to keep 1 percent common (provisioning) against loans to stock market-related institutions.
However, the Prime Minister directed to take urgent measures regarding the policy changes or steps that need to be taken in the progress of the stock market.
From the sources, with the intervention of Bangladesh Bank, an initiative has been taken to amend the Bank Company Act to keep investment in bonds out of stock market exposure. According to reliable sources, this law will be passed in the next cabinet meeting. And the prime minister as of now seriously looked at the fact that it should be passed quickly.
Meanwhile, an initiative has been taken to keep ICB Depository Fund outside the ambit of stock market exposure limit. This initiative has been taken with the aim of increasing the purchasing power of ICB and making the stock market progressive. If this initiative is implemented, ICB will regain the ability to invest about 6 thousand crores in the stock market. And the Prime Minister has given directions for the speedy implementation of this matter. ICB will prepare a proposal through a board meeting and send it to Bangladesh Bank. Later, the head of government said that Bangladesh Bank will take necessary steps to pass this matter quickly.
Hence, Bangladesh Bank DGM Md Aminur Rahman Chowdhury has been plotting for 12 years with the aim of obstructing the progress of the stock market and destroying the image of the government. He has tried to destroy the stock market in various ways during his tenure in Bangladesh Bank’s Department of Off-Site Supervision. This has been brought to the notice of the Chief Minister. The Prime Minister directed to take urgent measures regarding the policy changes or steps that need to be taken in the progress of the stock market. And the Prime Minister said that she will give directions to assist the concerned departments in the quick implementation of these steps, which she herself will supervise.
DSE Aims to Attract Japanese Investments in the Stock Market Soon
Dhaka Stock Exchange (DSE) Chairman, Dr. Hafiz Muhammad Hasan Babu, announced his intention to attract Japanese investments to the stock market in the near future.
He made these remarks during a budget-related press conference held at a hotel in the capital city on Tuesday (June 6). Dr. Hasan emphasized the importance of actions rather than mere words, expressing his desire to demonstrate progress through tangible outcomes. He shared his numerous aspirations for the DSE and emphasized the need for collaboration to realize people’s dreams. This collaboration would require not only the government’s support but also the assistance of journalists.
Furthermore, Dr. Hasan mentioned the need to provide uninterrupted income from bonds, as the bond market is currently facing obstacles, partly due to taxes. He expressed the desire for a comprehensive evaluation of taxes as a final measure to ensure stability. Dr. Hasan also highlighted the importance of reducing the corporate tax rate for listed and non-listed companies by 10% compared to the dividend tax rate. Additionally, he proposed reducing the VAT rate from 15% to 10%.
Dr. Hasan reassured that despite any disappointment surrounding the budget, there is a strong willingness to take proactive steps in the stock market. These steps aim to restore people’s confidence in the market. The press conference was attended by Rubaba Dowla, the Independent Director of Dhaka Stock Exchange, and Professor Abdullah Al Mamun, among other officials from DSE.
Index Collapse on Bourse, Turnover Hits Tk 1000cr
Dhaka Stock Exchange DSE, Bourses on the third working day of the week, June 6, ended with price index & turnover drops.
This information is known from DSE sources.
1 thousand 86 crores 88 lakh shares were traded on this day. 169 crore 80 lakhs less trading was done in DSE today compared to the previous workday, 4 June, Shares worth Tk 1 thousand 256 crore 68 lakh shares were traded last time, Monday.
The benchmark index DSEX dropped 40.10 points or 6,316. The Shariah-based index DSES lost 10.00 points or 1,372, and the blue-chip index DS30 dropped 9.47 points or 2,188.
Of the issues traded, 25 advanced, 157 declined, and 182 remained unchanged.
Trust Islami Life Insurance Limited ranked top gainer on DSE, the share price increased by Tk 5.40 paisa or 9.96 percent. On this day, the share was last traded at Tk 59.60 paisa
Mir Akhter Hossain Ltd ranked top loser on the DSE, the share price dropped by Tk 6.00 paisa or 10.00 percent. On this day, the share was last traded at Tk 54.00 paisa.
DSE topped on trade is Associated Oxygen Ltd 52 crore 94 lakh takas of shares of the company have been traded.
A total of 378 companies shares were traded in the Block on Dhaka Stock Exchange, 1 crore 17 lakh 23 thousand 483 shares of the companies were traded. The financial value of which is 63 crore 59 lakh taka.
Sonali Aansh EPS drops on Q3 Financials
One of the listed companies, Sonali Aansh Industries Limited, discloses its financial reports for the third quarter, (January – March 23). This source is known from DSE.
The company’s earnings per share (EPS) of Tk 0.30 paisa in Q3 of the current financial year. EPS was of Tk 1.78 paisa during the same period last year. EPS was Tk. 1.32 for July 2022-March 2023 as against Tk. 3.05 for July 2021-March 2022.
NAV per share was Tk. 1145.61 as on March 31, 2023.
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