Uncertainty In Stock Market Still persists
DSE, CSE resume trading on Sunday after 66 days break
Trading in both the bourses - Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) will reopen from Sunday at the beginning of the week. Trading at DSE Tower at Nikunja in the city will take place from 10:30am to 1:30pm without any break instead of regular trading hours from 10:30am to 2:30pm
The new treading hours will be short by one hour.
Bangladesh Securities and Exchange Commission (BSEC) on Thursday decided to reopen trading after a 66-day break from March 26 in the wake of the outbreak of the coronavirus pandemic and lockdown on public movement and economic activities.
DSE issued a press release in this regard on Thursday while CSE chairman Asif Ibrahim has confirmed the development. Both the bourses are ready to reopen trading from Sunday, senior bourse officials said in the wake of the BSEC decision.
The Bangladesh Securities and Exchange Commission (BSEC) has given permission to reopen the bourses subject to the condition of strictly following the government safety guidelines as per WHO advices and compliance of the social distancing on the floor to keep the spread of the pandemic under halt.
The decision was taken at a BSEC commission meeting presided by its new chairman Prof Shibli Rubayat Ul Islam said a statement issued by the securities market regulator.
It was the first commission meeting of the newly appointed chairman while appointment of one more commissioner yet to be made.
The DSE lost key index by 683 points, wiping out market capitalization of Tk44,000 crore prior to its closure as of March 18 since Bangladesh confirmed the first three cases of coronavirus outbreak on March 8. On March 19, BSEC launched a new circuit breaker to halt the free-fall that yielded positive outcome in the indexes.
The new emergency circuit breaker rule was set so that the prices of securities do not go below their average prices from the previous five sessions - from March 19.
The government on Wednesday appointed professors Mizanur Rahman and Shaikh Shamsuddin Ahmed as commissioners of the Bangladesh Securities and Exchange Commission for the next four years.
The Financial Institutions Division of the finance ministry issued a notice in this regard on the day.
Mizanur is a professor of in the department of accounting and information systems of the Dhaka University while Shamsuddin Ahmed is a professor of the department of finance of the Dhaka University. Prior to this appointment, Shamsuddin Ahmed served as a director of Janata Bank.
The government will appoint another commissioner to the commission soon after the Eid holidays. The BSEC consists of a chairman and four commissioners.
The chairman and two commissioners were appointed over completion of the tenure of M Khairul Hossain, the longest serving chairman of the stock market regulator, on May 14.