DSE - Dhaka Mirror

DSE forms cell to help 15-member committee

Admin — Sat, 04 May 2013 03:41:06 +0000

Dhaka Stock Exchange in a board meeting on Tuesday formed a seven-member demutualisation cell to support the 15-strong committee it had formed last year to complete the bourse’s demutualisation process, according to a DSE office order issued on Thursday.
The DSE made the move after the parliament had passed the Demutualisation Act on Monday.
The DSE will now have to submit a demutualisation scheme to the Bangladesh Securities and Exchange Commission within 90 days of the gazette publication of the act.
The demutualisation committee would conduct all the necessary works as per the guidelines of the board while the cell would support the committee to accelerate its work, a member of the demutualisation cell told New Age.
DSE board and corporate affairs secretary Shaikh Mohammadullah will lead the demutualisation cell while three general managers, two deputy general managers and the bourse’s law consultant make the remaining six.
The Demutualisation Act says independent experts would hold the posts of chairmen of the Dhaka and Chittagong stock exchanges, not the owners-cum-directors of the bourses.
The BSEC will formulate the rules for appointing independent experts as bourse directors while capital market experts will apply to the commission for appointment as members of the boards of directors of the stock exchanges.
The management of a stock exchange must hold elections to its board of directors within 90 days
from the date of its demutualisation.

-With New Age input

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New DSE indices gain in 1st week

Admin — Sun, 03 Feb 2013 15:08:28 +0000

DSE Weekly Review
New DSE indices gain in 1st week
After a flat week, Dhaka stocks gained last week amid significant boost in turnover as the investors were hoping that the central bank would ease the monetary policy on political consideration.
DGEN, the benchmark general index of the Dhaka Stock Exchange, gained 1.51 per cent or 63 points, to close at 4,230.69 points. The DGEN ended flat by adding 0.63 points to the previous week after it had gained 34.074 points in the earlier one.
DSEX, the newly launched general index of the bourse that shows movements of share prices based on a free-float method, gained 80.40 points in its opening week while DS30, the newly introduced blue-chip index of the bourse that features movements of 30 best shares of the bourse, gained 28.26 points.
The average daily turnover of the bourse increased by 86.61 per cent to Tk 274 crore last week from the previous week’s Tk 146.83 crore.
Market operators said there were hopes among the investors that the Bangladesh Bank would ease the monetary policy on political consideration as it is the last year of the present Awami League-led government.
They said that the bank and other financial institutions were active on the trading floor last week and their strategy paid off at the end of the week as the BB on Thursday announced a monetary policy for the next six months of the current fiscal year, easing money supply.
‘There was a strong rumour that the BB would ease the monetary policy and some large investors banked on that rumour that dominated the market last week,’ said a stockbroker.
He said the rumour was fuelled by speculation that the BB might take decisions driven by public demands to back the government with the election round the corner.
‘Also, the overall economic condition last year was also not as bad as people had expected, which might have allowed the central bank to relax its grip slightly,’ he said.
The market operators also said that the newly launched indices of the bourse also perhaps made the investors positive about the market with a view that the market leaders were not totally indifferent to its prospects.
All the major sectors posted gains last week, led by non-bank financial institutions that gained 2.92 per cent, and pharmaceuticals that gained 1.88 per cent. Fuel and power gained 1.87 per cent while banks and telecommunications gained 1.85 per cent and 0.02 per cent respectively.
Among the 283 issues traded in the week, 200 advanced, 76 declined and seven remained unchanged.
United Airways topped the week’s turnover chart with shares worth Tk 101 crore changing hands.

-With New Age input

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DSE worst performing market in 2012

Admin — Sun, 13 Jan 2013 15:52:34 +0000

Country’s premier bourse the Dhaka Stock Exchange was the worst performing stock market last year in comparison with the major stock markets across the globe.
According to the latest DSE data, the bourse’s benchmark general index, DGEN, lost 20.26 per cent till November 2012, whereas other Asian and global indices gained during the period.
The DGEN, however, gained 62 points in December, but it lost a total 1,038 points or 19.74 per cent in 2012, stretching a bear run to the second year, according to New Age calculation.
In Asia, Pakistan’s Karachi 100 was the best performing index during the period with a gain of 36.50 per cent while India’s BSE 30 advanced by 22.60 per cent during the same period of time.
Thailand’s SET was the second best, advancing by 36.10 per cent during the period when Taiwan’s Taiwan Weighted gained 13.30 per cent, Malaysia’s KLSE Composite rose by 12 per cent and Indonesia’s Jakarta Comp increased by 6.90 per cent.
Among the Asian giants, Japan’s Nikkei 225 gained 5.10 per cent, Hong Kong’s Hang Seng advanced by 22.30 per cent and Singapore’s Straits Times gained 26.10 per cent.
The DSE data also showed among the European giants, Germany’s DAX gained 29.70 per cent in 11 months (till November) of 2012 and UK’s FTSE 100 gained 10.70 per cent.
The Dow Jones Industrial Average of the USA stock market increased by 8.40 per cent during the period, the DSE data showed.
Officials of the DSE said they were yet to prepare year-end global comparison.
They, however, said that the DGEN’s marginal gain in December would have no impact on the global comparison as the other major markets gained in the period.
The DGEN had risen to as high as 8,918.51 points on December 5, 2010 with a record turnover of Tk 3,249.57 crore before it crashed.
The downtrend continues till now.
In 2011, the DGEN had lost 3,032 points since the market crash in late 2010.
Seventeen new securities — sixteen equity stocks and one mutual fund — raised Tk 1,186 crore from the country’s capital market through initial public offerings in 2012 but failed to perform as per the expectations of the investors.
Bangladesh Securities and Exchange Commission in November, 2011 announced a 21-point market stimulus package in line with the instruction of prime minister Sheikh Hasina to bring back normalcy to the market.
The package was provided to raise liquidity supply to the market by offering institutional investors, especially banks, some incentives.
Majority of the steps announced in the stimulus package had been implemented on paper and so failed to fetch the investors expected return, market operators said.
They said the government’s failure in dealing the Padma Bridge financing issue dominated the market sentiment throughout the year.
They also said that the BSEC’s move to impose a mandatory 2 per cent shareholding on listed company directors and consequent legal battle also hurt the investors.
A decreased participation of the financial institutions in the market amid a liquidity shortage also depressed the general investors, they added.

-With New Age input

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DSE CEO resigns over board ‘interference’

Admin — Thu, 10 Jan 2013 15:48:43 +0000

The chief executive officer of Dhaka Stock Exchange, Musharraf M Hussain, on Wednesday resigned after the board of directors grilled the management team led by
Musharraf on the day before over repeated ‘operational failures’.
‘I have decided to resign as the board’s approach towards the management had hurt my dignity,’ Musharraf told New Age when asked about the issue.
He said that the DSE lacked proper corporate culture which is a major barrier to the development of the capital market.
‘Although the DSE regulation provides the management full independence, in reality the board intervenes while making almost every decision,’ he said.
DSE officials said the bourse’s board, a body elected by brokerage houses, came down heavily on the management in a meeting on Tuesday and the CEO of the bourse Musharraf faced all the heat following a system failure of the new trading software MSA-Plus.
‘The board has received the CEO’s resignation but he had not mentioned any allegation against the board in the letter,’ DSE senior vice-president Ahmed Rashid Lali told New Age.
Ahmed, however, declined to make further comments on the issue.
The DSE CEO in the last two months had faced three show-cause notices from the Bangladesh Securities and Exchange Commission for different operational failures.
In December, the DSE management was served two show-cause notices as the bourse’s new trading software MSA-Plus witnessed repeated system failures.
Trading on the DSE was delayed for one hour on two separate occasions when Envoy Textile and Generation Next Fashion made their debuts on the bourse.
In the recent system failure, trading of 12 brokerage firms was suspended
last month as the MSA-Plus failed to provide
trading terminals to those firms.
DSE officials, however, said that MSA-Plus software and vendor were selected by the DSE board and the board should take responsibility for any failure of the software.
In November, the BSEC served a show-cause notice on Musharraf after a DSE investigation report, on United Airways anomalies, was leaked to the media before it was submitted to the commission.
The DSE investigation report claimed that the earning per share of United Airways showed misleading earning per share calculation in 2010 as it did not adjust deferred tax properly in its revenues.
The row between the DSE and the BSEC intensified further after the United Airways had submitted an application seeking
steps from BSEC about the leakage, which was
carried by a number of newspapers.
At the same time, the DSE board also faced a show-cause notice for questioning the BSEC decision to approve Orion Pharma’s initial public offerings at a price of Tk 60, which the DSE claimed ‘unreasonably high’.
Later, some DSE board members led by its president Rakibur Rahman met the BSEC chairman M Khairul Hoassain and resolved the disputes surfaced on Orion Pharma.
The board members also shifted the responsibility to the management saying that both the reports were prepared and handled by the management.
The previous CEO of the bourse, Shatipati Moytra, also resigned under the pressure from the board of directors.
As per the procedure, the resignation has to be approved by the board and then sent for the BSEC consent.

Courtesy of New Age

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Stocks back to black on WB loan optimism

Admin — Wed, 19 Sep 2012 11:22:01 +0000

Stocks returned to the black yesterday riding on investor optimism fuelled with renewed possibility of World Bank’s loan revival for the Padma bridge.
DGEN, the benchmark General Index of Dhaka Stock Exchange, finished the day at 4,632.10 points, after surging 53.20 points or 1.89 percent.
Media reports on the one-month leave of Mashiur Rahman, the prime minister’s economic affairs adviser, stroked investor sentiments positively as it demonstrated the government’s intent to get the $1.2 billion loan from World Bank for Padma Bridge construction, LankaBangla Securities said.
“Investors’ optimism about the Padma bridge financing helped the market to have a broad based rally,” stated IDLC Investments.
A strong liquidity inflow supported by optimistic buying by the investors pulled the market and helped it break above 4,600 points, it said.
“Cement rallied strongly at the news of possible breakthrough about the latest of World Bank financing,” the merchant bank said.
Turnover rose 14.49 percent to Tk 1,089 crore, compared to the previous day.
A total of 2.14 lakh trades were executed with 22.47 crore shares and mutual fund units changing hands.
Newly listed companies continued to dominate the top gainers list. Financial sector companies had corrections after posting gains.
Among all the major sectors, information technology rose 7 percent, followed by textile at 6.92 percent and cement by 4.54 percent. Banks closed in the red.

-With The Daily Star input

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Stock market stimulus package announced

Admin — Thu, 24 Nov 2011 08:38:57 +0000

The Security and Exchange Commission on Wednesday announced the stock market stimulus package which included some immediate steps to the relief of mostly institutional inventors and pledges for some special schemes for non-institutional investors.
The commission chair, M Khairul Hossain, in the afternoon announced a number of steps including relaxation of the capital market exposure calculation system for banks and extension to the deadline for adjusting single borrower exposure limit for banks up to December 31, 2013 to stabilise the stock market and to protect the right of the small-scale investors.
The stimulus package contained short-, mid- and long-term steps from the commission and other regulators. The short-term steps provision for the exclusion of bank’s investments in subsidiary merchant banks and brokerage houses from the capital market exposure calculation. Long-term equity investments of banks would also be excluded from such calculation.
The commission said that banks would be allowed to practice net-off system instead of the existing net loss system in bank’s loss provisioning of stocks.
The short-term steps also include allowing merchant banks to collect 49 per cent of their capital from sources other than parent companies.
The steps provision for withdrawal of 10 per cent capital gains tax on foreign firms and non-resident Bangladeshis, expediting the reimbursement of commissions for foreign brokerage houses, 30 per cent mandatory stake for sponsors/directors and immediate investments of life insurance funds.
The mid-term measures, planned to be implemented in three months, include the opening of investment advisory services and equity research publications to facilitate investors, academics and policy-makers.
A process of raising capital for merchant banks and subsidiary companies and a corporate governance guideline would be finalised as part of the mid-term steps.
The long-term steps, planned to be implemented in four to six months, include formulation of a financial reporting act to ensure the quality of auditing and accounting disclosure of listed companies.
Such steps also provision for the strengthening of the Insider Trading Rules, update of the Investor Protection Rules and the demutualisation of the stock exchanges.
The commission would strengthen its surveillance and monitoring system and make the mutual fund sector more attractive in the long term.
The commission chairman also announced to form a six-member committee to recommend a special scheme in two months for small-scale investors who had suffered heavy losses in the depression that spanned 11 months.
The committee, headed by the Investment Corporation of Bangladesh managing director, Mohammad Fayekuzzaman, also includes one representative each of the Securities and Exchange Commission and the banking division, managing director of the Central Depository of Bangladesh Ltd and chief executive officers of the Dhaka and the Chittagong Stock Exchange.
‘The announcement appears to be positive. It will surely give a breathing space to institutional investors, especially banks,’ Mahmood Osman Imam, a professor of finance in Dhaka University, said.
When his attention was called to the issue of reduction of the cash reserve requirement and the statutory liquidity ratio, which was in the SEC proposal but was not announced as part of the stimulus package, Osman said, ‘The government might consider the macro economic impact of the matter as such a reduction could increase inflation.’
The Dhaka Stock Exchange president, Shakil Rizvi, in his reaction to the package, said that the package would have a positive impact on the market.
The benchmark general index of the Dhaka Stock Exchange, before the announcement of the package on Wednesday, meanwhile, lost 4 per cent, or 224.30 points, to close the day at 5,372.65 points.
Market operators said that speculations about the inclusion of reduction of the cash reserve requirement and the statutory liquidity ratio among investors and profit-taking sell-offs pulled the index down on the day.

-With New Age input

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Stocks plunge ahead of stimulus announcement

Admin — Thu, 24 Nov 2011 08:34:46 +0000

Speculation over non-inclusion of CRR, SLR reduction spread panic
Dhaka stocks plunged by 224 points on Wednesday in late panic-driven selling following a rumour in mid-session that the government’s stimulus package which would be announced after trading hours would not include reduction of banks’ cash reserve requirement and statutory liquidity ratio.
DGEN, the benchmark general index of the Dhaka Stock Exchange, on the day lost 4 per cent, or 224.30 points to close the day at 5,372.65 points.
In the previous four sessions, the index gained 947 points as prime minister Sheikh Hasina last week intervened to bring back stability in the market following 560 point plunge in three days when the market reopened after nine days of EID holiday.
On Wednesday, the DSE turnover crossed Tk 1,000-crore mark, to Tk 1,051.39 crore, for the first time after July as investors went into heavy selling.
The market opened with optimism on Wednesday as the DGEN gained around 150 points in 45 minutes after the trade began.
But after mid-hour, the DGEN nosedived when a rumour spread that the Securities and Exchange Commission which was scheduled to announce a stimulus package for investors who had sustained heavy losses in 11-month depression would not include reduction of banks’ cash reserve requirement and statutory liquidity ratio in the package.
Besides, some investors also became jittery after a news broke that the High Court had scrapped a petition by three former officials of a brokerage house to be relieved of a 1996 stock scandal case.
‘Investors knew that tussle was going on between Bangladesh Bank and SEC over the reduction of the CRR and SLR. But investors hoped that BB would reduce CRR and SLR, even if it is by a little margin, following the prime minister’s intervention,’ said a stock broker.
He said investors went for a panic-driven sell-offs in late trading as most of the retail investors considered lowering CRR and SLR as the most vital booster for the market.
‘There was a rumour in the market during Wednesday mid-hour that the stimulus package might not contain lowering CRR and SLR, and the retail investors reacted negatively,’ he said.
In some cases, there were very few sellers for many scrip in early trade and in late trading there was no buyer for the same scrip.
The SEC chairman in the afternoon announced the stimulus package without any announcement on reduction of CRR and SLR.
In December 2010, the Bangladesh Bank increased the CRR from 5.50 per cent to six per cent and the SLR from 18.50 per cent to 19 per cent to curb inflation.
Dhaka Stock Exchange suffered the first stocks crash in December-January last, when its general index lost more than 1,000 points. It has been alleged that heavy share sales by the banks to comply with the central bank’s regulations, increase their CRR and SLR, and reduce single-party exposure to the allowable limit of 10 per cent of their liabilities by August, caused the crash.
After the prime minister last week asked stakeholders including BB and SEC to come up with a stimulus package for investors, the SEC in the last few days negotiated with the central bank about lowering the CRR and the SLR but the BB turned down its proposal considering its macro-economic impact.
Mahmood Osman Imam, a professor of finance at Dhaka University, said, ‘The government might be concerned about the macro-economic effect of the matter and perhaps could not consider the proposal for now.’
He, however, said, ‘Although the index plunged, the rise of turnover was still positive.’
Akter H Sannamat, a market analyst, said, ‘Profit taking motive of some investors following the surge of share prices in the last few days compounded with speculation on stimulus package taking the market down below the expected level of price correction today.’
He said the stimulus package was certainly a booster for the market and the investors should behave rationally to carry on the momentum.
‘The government proved its concern about stabilising the market and now the investors should play their game with safe hand,’ he said.
He also said that investors should not get panicked about any such case that includes only few people.
‘The investors can play a major role in the market and should not be concerned about any case that includes a few people.’
Of the 259 issues traded on the day, 24 advanced, 233 declined, and two remained unchanged.

-With New Age input

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DSE turnover crosses Tk 8b mark

Admin — Wed, 23 Nov 2011 02:55:27 +0000

Buoyed by a number of measures to lift the stockmarket, turnover at the Dhaka Stock Exchange crossed Tk 8 billion on Tuesday, surpassing by a staggering nearly Tk 3 billion transaction of the day before. The bullish run has been continuing for the past couple of days after the bourse authority and the National Board of Revenue declared moves to prop up the ailing market following meetings with the prime minister and the finance minister.
Mutual funds and shares worth Tk 8.03 billion changed hands at the main bourse before the close of trading on Tuesday. On Monday, the turnover stood at Tk 5.19 billion, exceeding that of Sunday by nearly Tk 440 million.
A turnover above the Tk 8 billion mark was last recorded on August 2 when shares worth Tk 8.82 billion changed hands.
The DSE general index shot up 194 points in the first five minutes of trading. At 2.30pm, the index registered a 300-point gain. However, the index dropped a little to close at 5,596.96 points, a gain of 278.28 points or 5.15 percent from the opening. Gainers heavily outweighed losers 250 to 8.
“Investors are regaining confidence after market regulator SEC and the top brass of the government stepped in to bolster the market. New investments are coming which is spiking trade,” Merchant Bankers’ Association chief Mohammad A Hafiz told bdnews24.com.
He was hopeful that the market will stabilise soon, saying: “We have to be careful so that nobody holding a responsible position makes negative remarks and negative decisions about the market are taken.”
On Monday, the DSE decided at a meeting that the sponsor directors of all listed companies have to hold at least 30 percent stakes, and those below the level must buy back their shares within six months.
It also decided to dissolve all but audit and demutualisation committees.
The National Board of Revenue said that a clarification has been sent to the SEC that confirms the decision taken at a meeting with the prime minister on Wednesday about not questioning source of funds invested in the market and that undisclosed income can be freely invested.
The decisions came after the indices plunged to new lows over the past week leading to street protests and then intervention from the prime minister.
On Wednesday night, Sheikh Hasina chaired a high-profile meeting that led to a number of decisions to prop up the stockmarket.
On Monday, turnover at DSE crossed the Tk 5 billion-mark with the general index gaining slightly on a selling spree, apparently buoyed by the news of the incoming capital market stimulus package.
At closing, the turnover stood at Tk 5.19 billion exceeding last day’s high by Tk 440 million and hitting the highest since trading resumed after the nine-day recess for Eid-ul-Azha.
The SEC declared on Sunday night following a meeting of capital market stakeholders and the finance minister that a ‘complete package’ to stabilise the shaky market and guard the interests of retail investors will be announced in a day or two.

-With The Independent input

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Face value of shares, MF units to turn Tk 10 from Dec

Admin — Wed, 24 Aug 2011 01:46:06 +0000

The Securities and Exchange Commission on Tuesday decided that the face value of shares of all companies and units of all mutual funds would have to be converted to Tk 10 from December 1.
Of the 231 companies listed with the Dhaka Stock Exchange, currently 124 companies have shares of Tk 100 face value and 107 of Tk 10.
Of 36 listed mutual funds, 14 have units of Tk 100 face value, and one has units of Tk 1.
The commission took the decision to set a uniformed face value of shares and mutual fund units in line with a recommendation made by the finance ministry and a suggestion of the probe committee on the January’s stock market crash.
‘The commission decided to make the face value of all the scrip and mutual fund units uniformed to eradicate any confusion among the investors,’ SEC executive director Saifur Rahman told a press briefing.
He said, as of December 1, the face value of all shares and mutual fund units would be Tk 10 and the rule would be applicable for all future issues too.
He said the commission also set November 30 as the record date for all the companies for converting the face value of their shares, if it was more or less than Tk 10.
He said, ‘The companies will need to go through a lengthy process to convert the face value of shares.’
‘First, they will have to pass the proposal in their respective boards and then in emergency general meetings of shareholders. After that they will have to submit the proposals to the SEC for approval,’ he explained.
He, however, said, if any company failed to convert the face value of its scrip by the deadline, the SEC would halt the trading of the scrip for an indefinite period.
The probe committee on January’s stock market debacle, in its report, made a strong recommendation for making a uniformed face value of shares as it found a number of manipulations during splitting of the face value of different scrip.
Finance minister Abul Maal Abdul Muhith, while making the report public, said the government was considering the suggestion of going for a uniformed face value of shares in one of its term-to-term actions.

-With New Age input

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Dhaka stocks post rise but turnover falls sharply

Admin — Fri, 19 Aug 2011 11:45:06 +0000

Dhaka stocks posted a sharp rise on Thursday, although the turnover dropped to a two-and-a-half-month low amid cautious trading as uncertainty about the market stability lingered on.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 74.09 points, or 1.22 per cent, to close the day at 6,118.01 points.
Although the index registered a gain after three losing sessions, the turnover of the bourse dropped to Tk 337.02 crore amid thin trading from that of Tk 435.67 crore on the previous day. The bourse had a lower than Thursday’s turnover on May 29 at Tk 330.97 crore.
‘As the market made such a jump after a few days of fall, investors took a wait-and-see policy to see whether the rise would sustain or not,’ said Saiful Islam, chief executive officer of BRAC EPL Stock Brokerage Ltd.
‘It is the key reason for the low turnover today,’ he said.
Saiful said, if the market could sustain the momentum, the transaction volume would increase automatically.
Market operators said some investors went for panic-selling on Wednesday, fearing that the latest government move to detect the source of undisclosed money would lead the market to fall further.
They said the government decision to change the laws regarding undisclosed money might discourage investment and, so, also affect the turnover.
‘It’s not that a bulk of undisclosed money is waiting to be invested in the capital market as no significant amount of it has been invested so far. But, such a move will emit a negative signal to the investors, who are investing taxed money,’ said a stockbroker.
He, however, said, ‘Today’s low turnover indicates the market will not sustain.’
Finance minister Abul Maal Abdul Muhith on Tuesday said the government was making some changes to the Statutory Regulatory Order relating to money-whitening to stop investment of money laundered or obtained through terror routes in the capital market.
Market operators also said at the moment the market needed more funds and only active participation of institutional investors could meet that need.
Sources at the Investment Corporation of Bangladesh said the corporation on Thursday bought shares worth Tk 24.16 crore and sold shares worth Tk 17 crore.
General investors on the day held a meeting in front of the main entrance to the DSE building after the trading session, from which they demanded immediate resignation of the finance minister, terming him the main culprit behind the prolonged depression in the capital market.
They also urged the prime minister to take immediate steps to stabilise the market ahead of the Eid-ul-Fitr.
‘We have been passing a severe financial crisis for a long time now. Ahead of the Eid, the prime minister should do something to stabilise the market so that we can celebrate the Eid as well,’ said an investors from the meeting.
Investors frequently staged demonstrations in Motijheel in the last two weeks in protest against the free fall of share prices.
Of the 258 issues traded on Thursday, 236 gained, 20 lost, and two remained unchanged.
All the major sectors including banks, non-bank financial institutions, fuel and power, mutual funds, and telecommunication gained on the day.
Beximco topped the list of the turnover leaders on of the day, with its shares worth Tk 13.52 crore changing hands. The rest of the turnover leaders on the Top-10 list included Lafarge Surma Cement, Square Pharmaceuticals, Fu Wang Foods, Titas Gas, Grameenphone, City Bank, Grameen Mutual Fund One, MI Cement, and Keya Cosmetics Ltd.

-With New Age input

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