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Big fall in shares after raising floor price

by Afonso
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After one-and-a-half years, on the first day of lifting the floor price or the minimum limit of transactions, the index fell heavily in the stock market. The main index of DSE lost 96 points on Sunday. The volume of transactions has also decreased.

Meanwhile, the CEO Forum, an organization of chief executives of brokerage houses, held a meeting to address the market. In the meeting, it was decided not to sell shares from the dealer account and to buy new shares.

Last Thursday, the regulatory body BSEC lifted the minimum trading limit or floor price for the shares of all but 35 companies. The selling pressure of almost all companies’ shares increased as soon as trading began without the floor price on Sunday. In this, the main index of DSE fell by almost 200 points at the beginning of the day. However, the index lost 96 points after the transaction was corrected.

Meanwhile, the brokerage houses held a meeting to keep the market stable. After the meeting, the leaders of Merchant Bankers Association (BMBA) said that the current system will have a positive role in the stock market. For those shares where there are no buyers, sell orders will not be placed. Investment will also be increased from the dealer account.

President of the organization Chhaydur Rahman said, ‘We will buy 1 to 5 crore taka in each dealer account today. We will not give any sale to dealer account today. I would humbly request the investors to observe the market situation patiently without creating panic.

The BMBA president said that institutional investors will invest anew from now on. In this, analysts expect the market to regain normal momentum in the future.

BSEC’s former chairman Farooq Ahmed Siddiqui said, ‘People’s confidence in the market will decrease a little, it is normal. Still I will say, it didn’t perform as badly as I expected. Performed well. Once the initial nervousness is over, I think the market will gain momentum.’

Out of 386 companies traded on DSE on Sunday, 296 shares fell. Only 36 companies have increased their prices. During this time, the total amount of shares traded was 588 crores and 87 lakhs of taka.



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