Spot market trading directive for five firms lifted | The Daily Star
12:00 AM, September 04, 2007 / LAST MODIFIED: 12:00 AM, September 04, 2007

Spot market trading directive for five firms lifted

DSE turnover crosses Tk 200cr

The Securities and Exchange Commission (SEC) yesterday withdrew the directive for trading of shares in the five companies under spot market.
The stock market regulator in a letter asked Dhaka and Chittagong stock exchanges to place the five companies under public market with effect from Wednesday, according to Dhaka Stock Exchange (DSE) website.
Against the backdrop of skyrocketing of share prices, the SEC on July 22 directed the bourses to place BRAC Bank Ltd, Power Grid Company of Bangladesh (PGCB), Dhaka Electric Supply Company (Desco) Ltd, Summit Power Ltd and AB Bank Ltd under the spot market, which offers no money adjustment facility.
In the spot market, the securities are sold in exchange for cash instantly. Usually, the spot market transactions of shares of a company take place on the last three days before the company's book closure or record date.
Meanwhile, turnover on the DSE yesterday crossed Tk 200 crore after more than one month, thanks to continuous rallying, especially in banking sector shares.
The total turnover on the premier bourse reached Tk 214.79 crore. On July 30, the turnover hit Tk 207.54 crore.
The DSE recorded the highest turnover of Tk 275.17 crore on July 22.
Market insiders said despite the arrest of former prime minister Khaleda Zia, the banking sector shares continued surging. They said it seems the market gets used to recent political developments in the country.
They attributed the surge to an amendment in the Banking Companies Act 1991, approved by the government last week, which allows the banks to raise paid-up capital up to Tk 2 billion from existing Tk 1 billion.
Joint forces arrested Khaleda and her younger son Arafat Rahman Koko yesterday morning. The Anti-Corruption Commission Sunday night filed its first graft case against Khaleda, her younger son Arafat and 11 others.
Along with turnover, the price indices also closed higher with the gainers dominating the losers. The DSE General Index rose by 11.76 points, or 0.46 percent, to end at 2528.48 points, while the DSE All Share Price Index slightly increased by 2.72 points, or 0.12 percent, to finish at 2114.6 points.
Of the issues traded, 105 gained, 71 declined and 18 remained unchanged. A total of 8,221,054 shares changed hands on the prime bourse.
At the end of the day, National Bank topped the turnover leaders with 74,320 shares worth Tk 9.65 crore. The other turnover leaders were Prime Bank, Summit Power, Dhaka Electric Supply Company, Southeast Bank, Square Pharma, Pubali Bank, City Bank, Eastern Bank and Mutual Trust Bank.
Meanwhile, price indices on the Chittagong Stock Exchange (CSE) fell slightly. The CSE Selective Categories Index declined by 2.89 points, or 0.06 percent, closing at 4239 points, while the CSE All Share Price Index fell by 28.11 points, or 0.43 percent, ending at 6501.65 points.
A total of 1,028,436 shares worth Tk 25.89 crore were traded on the port city bourse. Of the issues traded, 52 advanced and 36 declined with nine unchanged.

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