Stocks
No chance lifting floor price: BSEC
Chairman of Bangladesh Securities and Exchange Commission, BSEC Professor Shibli-Rubayat-Ul Islam stated that there will be no chance of lifting the floor price.
He affirmed this information to Orthosongbad on Tuesday, September 18 from Morocco.
Rumors or Hearsays that the floor price is likely to go up, the country’s stock market has started to drop in a while. The BSEC chairman went to Morocco to attend the International Organization of Securities Exchange IOSCO meeting last Thursday.
On the previous day, the head of the Bangladesh Capital Market Regulatory Authority took charge of the vice chair of the organization.
As the BSEC chairman went abroad, a twist is once again spreading rumors about the floor price. Rumors are spreading in the stock market that the floor price should be carried away soon to keep pace with the international bourses.
The head of the regulatory agency believes that there is a chance to destabilize the capital market by breaking this rumor. He told Orthosongbad that the current commission will not take any decision that harms the common investors to save someone’s interest.
In the meantime, bourses continue to fall since the last working day of last week Thursday. According to the data of DSE, the main index of the Dhaka Stock Exchange, DSE fell by 12 points on Tuesday as well.
And on Monday ‘DSEX’ lost 65 points. The DSE’s main index fell by 100 points after 4 straight days of decline since the last closing workday, Thursday.
Bangladesh Securities and Exchange Commission, BSEC re-introduced the floor price in the stock market on July 28 to prevent continuous price deficit. The Dhaka Stock Exchange witnessed hikes in the price index on the next working day after the floor price was introduced.
On that day DSE’s flagship index ‘DSEX’ score 153 points, out of 382 companies that participated in the transaction on that day, the share prices of 362 companies increased. Also, after the implementation of the floor price, the market capitalization of the stock market increased by Tk 21 thousand crores in the first week.
While most shares remained unchanged at floor prices, relaxes returned to a section of investors. Hence, there are rumors that the floor price will be lifted from time to time among investors.
Just recently, a plot twist is trying to create a headache in the market by spreading such rumors. The issue of check cashing has been added to the rumors. However, due to irregularities in various brokerage houses through cheques, BSEC issued an order to buy shares in cash.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
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