Faulty test run of mobile app disrupts stock trading

Nine brokerage houses of the Dhaka Stock Exchange could not take part in yesterday's stock trading due to malfunctions caused by the test run of a mobile app on share transactions.

Twenty other brokerage houses, including leading LankaBangla Securities, also faced disruptions throughout the day while executing trade orders.

The DSE went for the test run of the mobile app, which is aimed at allowing investors to trade through their mobile devices from anywhere, at one of its eight silos. All 29 brokerage houses are included in each of the silos.

“The DSE implemented some planned and tested upgrades required for the deployment of the new mobile application in its order management system,” the bourse said in a statement.

“The main cause of the failure is still under investigation. The DSE team is working with its application partner Flextrade,” according to the statement.

The DSE is expected to launch the new app—DSE-Mobile—in February.

Saifur Rahman, spokesperson and an executive director of Bangladesh Securities and Exchange Commission, said they are following the issue and have already sat with the chief technical officer of the DSE.

“We are concerned about the issue. We hope the DSE will be able to fix the technical problems before the beginning of tomorrow's [today's] trading,” he said.

As trading was disrupted at 29 brokerage houses, turnover dropped 19.5 percent to Tk 358.57 crore from the previous day, which is also the lowest since December 27 last year.

Stocks also extended their losing streak for sixth consecutive sessions yesterday with DSEX, the benchmark index of DSE, declining 24.13 points or 0.52 percent, to finish the day at 4,585.98 points.

Of the traded issues, 90 advanced, 185 declined and 43 securities closed unchanged on the premier bourse.

Al-Arafah Islami Bank dominated the turnover chart with 1.44 crore shares worth Tk 22.57 crore changing hands, followed by Alltex Industries, Olympic Industries, ITC and Emerald Oil Industries.

Among the major sectors, fuel and power declined 1.37 percent in market capitalisation, followed by engineering that fell 1.18 percent and pharma 0.43 percent.

Conversely, banks increased 0.53 percent, followed by food and allied 0.28 percent and textile 0.18 percent.

Alltex Industries was the day's best performer with 9.79 percent in gains, while Northern Jute Manufacturing Company was the worst loser, shedding 5.48 percent.

Chittagong stocks also fell yesterday with the bourse's benchmark index, CSCX, declining 42.31 points or 0.49 percent to finish the day at 8,579.04 points.

Losers beat gainers as 145 declined, 70 advanced and 32 finished unchanged on the Chittagong Stock Exchange.

The port city bourse traded 1.41 crore shares and mutual fund units worth Tk 33.32 crore in turnover.