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Stock market upswing

Trading of 16 firms suspended

Star Report
The Securities and Exchange Commission (SEC) yesterday suspended trading of 16 companies with weak fundamentals following an abnormal surge in their share prices.
Ilie companies, dubbed as Z Group for failing to declare dividend or hold regular annua) general meetings, are Bengal Steel Ltd., Karim Pipe Ltd., AB Biscuit Ltd., Dhaka Vegetable Ltd., Paragon Leather, Rupan Oil Ltd., National Oxygen Ltd., STM, Gem Knitwear, Bangla Process, TBL, JH Chemical, Mark Bd Shilpa, Tcxpic Industries Ltd., Highspeed Ship and Meghna
Vegetable.
Following the move, the Dhaka Stock Exchange (DSE) General Index that had been on a sudden and 'abnormal’ bull-run since Saturday lost 9.23 points to close at 973.88. However, the DSE-20, an index of blue chip companies, gained 42.06 points yesterday to close at 1300.52.
Since Saturday, the stock market started running uphill when the DSE General Index was 881.736 points and the DSE-20 Index 1133..
The SEC found no logic in the price wildfire, as the financial health of many weak companies does not support the swing.
Analysts Tuesday cautioned
investors as they found no rationale behind the price run.
"Investors are requested to make investment decisions after considering both fundamental and technical analysis of securities. They are also requested not to invest in securities whimsically/' the SEC advised.
Welcoming the SEC move, Yawer Sayeed, chief executive officer of Asset & Investment Management Services (AIMS) of Bangladesh Ltd., said: "The market correction was overdue. There was a lot of selfing pressure which pushed the turnover up."
Despite the SEC move, share
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before the next governing body meeting of Bangladesh Export Processing Zones Authority (Bepza) of which Prime Minister Khaleda Zia is the chairperson.
Aman was reluctant to give details of the committee meeting and its recommendations.
Emerging from the meeting, he told journalists that the committee report was yet to be finalised.
On recommendations of the committee, he said: "Everything necessary for the welfare of workers would be done."
Industry Secretary Shoaib Ahmed, Bepza Executive Chairman M Mofizur Rahman, representatives from labour, foreign, commerce and law ministries and the Board of Investment were present.
Bepza would seek time from the Prime Minister's Office on Saturday for the next board meeting, said its Executive Chairman Mofizur Rahman.
The report said government's move to convince the US to give another three years to allow trade unionism failed as the US trade representative officials turned down the proposal.
On trade union activities, the report said if the decision was taken, three labour related acts would have to be implemented in the exclusive industrial zones. The laws are: the Employment of Labour (Standing Orders) Act, 1965, the Industrial Relations Ordinance, 1969 and the Factories Act, 1965. The effectiveness of the laws was suspended in the zones by the Bepza act.
The report also illustrated probable positive and negative impacts of trade union activities in the zones.
The report saw chances of getting duty free market access to the US, negative image abroad, negative attitude of the US in signing agreements with Bangladesh, difficulties in getting US support in international forums and movement of buyers to other countries in the wings of trade unionism.
It also saw vulnerability of $675 million investment in country's six EPZs, negative impacts on future investment, decline in annual export of goods worth about $1.2 billion from the EPZs and drying up of business of several hundred mills and factories linked with the zones in the wake of allowing workers rights.