DSE for quarterly reports of firms | The Daily Star
12:00 AM, July 21, 2008 / LAST MODIFIED: 12:00 AM, July 21, 2008

DSE for quarterly reports of firms

No Ruplai Bank share traded on resumption

The country's premier bourse yesterday proposed to make it mandatory for listed companies to submit financial statements in every three months so that adequate disclosure of corporate financial information is ensured in a short span of time.
Presently, the listed companies are required to submit financial statements in every six months, meaning the investors have to wait for a considerable period of time to know the information about the companies profitability and performance.
The Dhaka Stock Exchange (DSE) also proposed for weekly submission of information regarding net asset values (NAV) and portfolio positions of the mutual funds by the fund managers.
At present, these data are submitted to the bourse on monthly basis.
The Dhaka Stock Exchange (DSE) authorities made the proposals at a meeting in Dhaka.
“If the board approves it, the proposal will be sent to the regulator for final approval,” said a DSE official, who attended the meeting.
Meanwhile, no Rupali Bank share was traded on resumption of its trade yesterday, as there was no buyer for the state-run bank's share.
Sellers offered the shares at Tk 2686.50 per share, but no one was interested to buy them at that price.
Market operators said due to the circuit breaker the buyers were unable to offer prices any lower than Tk 2614. As per yesterday's circuit breaker, an investor could offer Tk 2614 as lowest and Tk 3194.50 as highest for buying or selling each Rupali Bank share.
Share trading of the bank remained suspended since November last year to check the unusual price fluctuation. Prior to suspension, the bank's share price was nose-diving or skyrocketing now and then on confusing news on the bank's sell-off.
However, the government in March this year cancelled the sell-off procedures, as Prince Bandar Bin Mohammed Bin Abdulrahman Al-Saud, who won the bid to buy Rupali Bank, failed to deposit the money on time in line with the bidding provisions.
Following the cancellation, the Dhaka Stock Exchange (DSE) in consultation with the Securities and Exchange Commission (SEC) decided in May this year to resume the Rupali Bank share trading after completion of dematerialisation of at least half of the bank's publicly held shares.
But, the DSE decided to resume Rupali Bank's share trading last week after around one-fourth of shares in the bank were demated, meaning paper shares are converted into electronic ones.
As of last week, around 1.80 lakh shares were demated, which is around one-fourth of the publicly held shares.
Meanwhile, the premier bourse started the week with downtrend like the previous week. The DSE General Index fell by 30.4 points, or 1.05 percent, to 2858.95 points, while the DSE All Share Price Index declined by 18.03 points, or 0.72 percent, to 2483.41 points.
A total of 2,13,39,971 shares worth Tk 307.31 crore changed hands. Of the issues traded, 56 advanced, 162 declined and nine remained unchanged.

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