DSE turnover hits all-time high at Tk550cr
In the backdrop of a overpriced Dhaka Stock Exchange (DSE) with turnover hitting all-time high at Tk 550 crore yesterday, the Securities and Exchange Commission (SEC) will review the market situation in an internal emergency meeting today.
According to the sources in the marker regulator, decisions regarding interim measures would be taken at the meeting to cool down the overpriced market.
SEC chairman, members, and executive directors will be present at the meeting, the sources said.
SEC Chairman Faruq Ahmad Siddiqi, at a meeting with foreign investors, also said that the market regulator would take interim measures to cool down the market.
“There is a huge mismatch between demand and supply,” he said, adding that ensuring adequate supply of new securities is the ultimate way to a sustainable market.
Experts also reiterated their concern over the present market condition saying that the market is highly overpriced and the trend is very frightening.
They also raised questions over the recent liquidity glut into the market, asking, "What is the source of this excess fund?"
“My uncanny feeling is that the stock market in its present state is not sustainable,” said Yawer Sayeed, managing director and chief executive officer of AIMS of Bangladesh.
Most of the selling and buying in the Dhaka stock market are based on rumours and speculations, which is not a good sign, he said.
“The investors, especially the retailers, should be very careful while investing on stocks. The investors should check directly with a company instead of depending on available information or rumours,” he suggested.
The previous highest turnover on the DSE on June 4 stood at Tk 498.52 crore.
Yesterday the price indices also closed higher on the premier bourse with the gainers dominating the losers.
The DSE General Index rose by 25.35 points, or 0.8 percent, to 3179.54 points, while the DSE All Share Price Index increased by 18.61 points, or 0.69 percent, to 2693.43 points.
Of the issues traded, 132 advanced and 103 declined with nine unchanged. A total of 3,84,46,210 shares changed hands.
Like the DSE, the turnover on the Chittagong Stock Exchange (CSE) also hit the all-time high at Tk 88.31 crore.
The price indices also closed higher with the gainers dominating the losers.
The CSE Selective Categories Index rose by 0.44 percent to 6059.43 points, while the CSE All Share Price Index increased by 0.36 percent to 9368.8 points.
Of the issues traded, 100 advanced, 54 declined and five remained unchanged.
A total of 79,91,895 shares changed hands on the port city bourse.
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