BB measure blamed for slide in Dhaka bourse

With the continuation of downward trend in Country’s premier bourse Dhaka Stock Exchange for the third consecutive day yesterday, DSE noted that the dowenfall was the outcome of some recent steps taken by the central bank.
Dhaka Stock Exchange, the premier bourse, sees the central bank’s recent intervention in the market as main reason for the downward trend.
“Securities and Exchange Commission (SEC) is the regulator of the capital market which can intervene if necessary. Bangladesh Bank should not meddle in,” DSE President Rakibur Rahman told reporters yesterday.
“None should go beyond jurisdiction,” he said, adding that intervention in the market is not a job of Bangladesh Bank.
The latest initiative of the central bank will ultimately hamper the growth of the market, Rahman said.
Bangladesh Bank recently asked all banks to submit monthly reports on their stock portfolios.
Banks from now on must submit detailed information about their stock portfolios by categories of purchase, mortgage, and deposit, according to a BB circular that has already been issued to the chief executives of all banks.
The monthly reports must be submitted within seven days of the next month to the Department of Off-sight Supervision of Bangladesh Bank on a regular basis.
Meanwhile, trading at the country’s main bourse finished in the negative for the fourth consecutive day although brokers still have termed it as correction. 
All three indices slipped along with the turnover in DSE yesterday.
The benchmark DSE General Index (DGEN) ended at 2883.36 with a drop of 33.7 points.
All Shares Price Index (DSI) shed 25.0008 points to close the day at 2417.85.
The blue-chip share index slipped to 2219.77, down by 109.63 points.
Out of issues 227 traded, 114 progressed, 99 declined and 14 remained unchanged.
The total turnover dropped as shares worth Tk 4.9 billion were traded yesterday, which were Tk 5.616 billion on the previous day and Tk 7.305 billion on Sunday.
The market started to go downbeat from the very beginning of the day, which continued until the end.
Beximco retained its top position as turnover leader as its shares worth Tk 348.25 million were traded.
It was followed by Titas Gas. The state-owned gas distribution company lost two points with a turnover of Tk 318.02 million.
AB Bank came third with 314.66 million in turnover thanks to its 9 points progress.
Grameen One Scheme Two posted an advancement of 1.3 points to finish at Tk 59 with its shares worth Tk 204.79 million traded.
Bangladesh Online ended at 105.50 points, up by a single point, with its shares worth Tk 192.32 million exchanged hands.
BATBC advanced by 12.6 points to close at 258.80. Its turnover was Tk 185.59 million.
The turnover of Aims 1st M.F. stood at Tk 175.31 million after it gained 0.61 points to close at 15.69. Islami Bank lost 200 points to end at 586.
BEXTEX also lost 0.2 points to close at 61.30 while Beximco Pharma lost 0.5 points to end the day at 178.30.
The day’s biggest gainer was Takaful Islami Insurance Limited as it ended at 389. Its share prices rose by 30.75 points after a turnover of Tk 27.181 million.
It was followed by Apex Foods, Standard Ceramic, Sonali Aansh, BATBC, Pharma Aids, Apex Spinning, Confidence Cement, S Alam Cold Rolled Steels and Aims 1st M.F.
Janata Insurance was the biggest loser of the day with its share prices sliding by 7.5 points to close at 689.25.
1st Lease International, Delta Spinners, Aftab Automobiles, Imam Button, Karnaphuli Insurance, Monno Jute Stafflers and Federal Insurance were also leading losers. Chittagong stocks also followed the same trend, as its all three indices dropped.
CSE All Share Price slipped by 0.274 per cent to close at 10110.55. CSE Selective Categories Index ended at 6332.95, down by 0.379 per cent. And CSE-30 saw 0.664 per cent fall to finish the day at 7893.28.
Out of 151 issues traded, 63 progressed, 80 declined and eight remained unchanged. 
 
Courtesy of The Independent