Bourse wants share sales ban on BSRM Steels’ directors
Dhaka stocks gained for the second day on Wednesday with the turnover of the bourse hit a 14-month high at Tk 1,288.42 crore as investors remained hopeful about the World Bank loan for the Padma bridge.
DGEN, the benchmark general index of Dhaka Stock Exchange, gained 1 per cent, or 46.72 points, in choppy trading to close at 4,678.83 points.
Turnover of the bourse increased to Tk 1,288.42 crore on the day from that of Tk 1,089.74 crore in the day before.
Wednesday’s turnover of the bourse was the highest since July 31 in 2011 when the turnover was Tk 1,341.26 crore.
Market operators said the investors remained optimistic about the market trend.
They said the investors became cheerful following latest development on the WB loan issue surrounding leave of prime minister’s adviser Mashiur Rahman.
A stockbroker said large-scale individual investors and some powerful cartels became very active at the market that resulted in gradual rise in the turnover.
Of the 275 issues traded on the day, 187 advanced, 81 declined and seven remained unchanged.
Meanwhile, the DSE on Wednesday requested the Securities and Exchange Commission to impose a ban on share selling by the sponsors of BSRM Steels Mills in the public market.
‘The sponsor directors of the company should only be allowed to trade shares in the block market. We have sent a letter to the SEC about the BSRM Steel,’ DSE president Rakibur Rahman told reporters.
The corporate sponsor of BSRM Steel, H Akberali and Co Limited, on September 17 informed the DSE about its intention to sell 50 lakh shares of the company in the prevailing market price.
H Akberali and Co in the last three weeks expressed intention to sell 50 lakh shares of which sales of 20 lakh shares were executed, said DSE officials.
‘The market is in a good shape as the large-scale investors are becoming market-oriented once again. Such a move by any company sponsors can demoralise the investors,’ Rakibur said.
The share price of BSRM Steel rose sharply in the last one month from Tk 75.5 to Tk 95.6.
Courtesy of New Age
