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Monday, September 16, 2019

Emergency meeting on share market today

Staff Reporter  :
The Finance Ministry has called an emergency meeting on Monday to discuss the present state of the share market.
The meeting will be held at the NEC conference room at 11am.
Finance Minister AHM Mustafa Kamal will preside over the meeting.
Governor of Bangladesh Bank, Chairmen of National Board of Revenue (NBR), Bangladesh Securities and Exchange Commission, Investment Corporation of Bangladesh, Insurance Development and Regulatory Authority, Bangladesh Development Bank, Financial Reporting Council, Dhaka and Chittagong Stock Exchange have been invited to attend the meeting.
Besides, Managing Directors of State-Owned Commercial Banks have also been asked to attend the meeting. It has been learnt that the meeting has been convened to discuss the prevalent condition of the stock market. It would try to identify reasons behind the recent fall in share price indices and discuss measures to prop up the jittery markets with policy supports.
Meanwhile, stocks were finished almost flat on Sunday, with turnover hitting nearly two-month low, as investors mostly followed cautious stance.
DSEX, the prime index of the Dhaka Stock Exchange, went up by 8.34 points to settle at 4,942, snapping a recent sharp decline.
Market analysts said the bargain hunting by investors started after stock prices fell sharply in recent bearish spell coupled with institutional support helping the market to close green.
An analyst, however, said the prolonged bearish trend kept most of the investors in gloomy mood and they maintained cautious stance, taking the market turnover nearly two months low.
He noted that most of the investors maintained cautious approach amid lack of confidence, the government moved to divert "idle funds" of state-owned entities, the telecom regulator's wrangling with GP coupled with soaring non-performing loans etc.
The DS30 index, comprising blue chips, advanced 1.86 points to finish at 1,738. However, the DSE Shariah Index shed 2.54 points to close at 1,154.
A total number of 103,483 trades were executed in the day's trading session with trading volume of 76.93 million shares and mutual fund units.
The market-cap of the DSE stood at Tk 3,695 billion on Sunday, from Tk 3,694 billion in the previous session.
Gainers took a modest over the losers of 352 issues were traded, 184 closed higher, 118 ended lower and 50 remained unchanged on the DSE trading floor.
National Tubes topped the turnover chart with shares worth nearly Tk 323 million changing hands, followed by JMI Syringes, Beacon Pharma, Wata Chemicals and Legacy Footwear.
Global Insurance was also the day's best performer, posting a gain of 10 per cent while Al-Haj Textile was the day's worst loser, plunging by 9.98 per cent.
However, the port city's bourse, the Chittagong Stock Exchange, kept losing with its All Shares Price Index (CAPSI) -- CASPI-shedding 8.46 points to close at 14,973 and the Selective Categories Index - CSCX - losing 4.0 points to finish at 9,091.
Here also, the gainers beat the losers as 122 issues closed higher, 94 lower and 39 remained unchanged on the CSE.
The port city bourse traded 4.20 million shares and mutual fund units worth nearly Tk 322 million in turnover.
On September 11, the broad index of Dhaka Stock Exchange hit a 33-month low amid depressed market outlook.
The country's prime bourse broad index lost 75.79 points on the day plunging below the 5,000-point mark.
On December 21, 2016, the index fell to 4,924.