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Stock turnover up by Tk 16 crore

By SY Bakht
The volume of turnover at the Dhaka Stock. Exchange (DSE) during the first eight months of this year outstripped the total turnover of 1991 by over Taka 16 crore.
The revival of the stock-market along with a significant surge In the demand for shares came in the backdrop of the 'bold' liberalisation steps along with the fiscal measures taken by the government in line with transforming into the market economy, said Aminul Islam Khan, chairman of DSE.
According to the latest available DSE figures, the total turnover Jor this year upto August stood at about Taka 28 crore with the trading of 37,99,022 shares.
On the other hand, a total of 18.70,512 shares were traded
during the January to December period of 1991 with a total turnover of about Taka 11.6 crore.
The record single day turnover of Taka 1.37 crore was set at DSE on June 13 last
In an interview to The Daily Star, 'the DSE chairman pointed out that the share market was boosted after the government allowed non-residents to operate in the secondary market and also to invest on primary issues with the provision to take back the imported capital along with the capital gains and dividends.
Local interest in the share market was revived when the capital gains tax was abolished and the six per cent development surcharge and the four per cent Jamuna bridge levy was withdrawn, he added
The moment the government allowed repatriation of the capital gains in January this year, the foreign investors started streaming in," the DSE chairman said, adding "they are more interested in capital gains than dividend income."
An estimated Taka six crore was invested In the stockmarket by the foreign investors during the,period.
At present there are 142 listed securities with DSE, of which, there are 131 companies, six mutual funds and five debentures.
The total number of listed shares stands at 16,97.69,998 while the total amount of listed capital of all securities is about Taka 578.18 crore with a total market capital of about Taka 1,315 crore.
Originally set up In 1954, initially as a secondary market behind Karachi, the DSE was shut down In 1972 when industries were nationalised.
Following the establishment of the Investment Corporation of Bangladesh In 1976 with an emphasis to develop the private sector, DSE was revived with only 9 listed companies at the end of the same year.
In 1986, the stock-market was boosted when the ongoing privatisation drive was taken up and 12 public sector units including Rupali Bank was parttally privatised with 49 per cent of the shares put up for public subscription.
There are currently 195 members in the DSE acting as brokers In buying and selling shares, of them only about 50 arc active.
Some observers criticised a section of the brokers for their lack of expertise and Inactivity which is hindering the development of a proper market mechanism.
A recent study conducted by two Korean experts recommended the conversion of the individual membership at the DSE into corporate ones.
Initiated by the Asia Foundation. the study also recom mended banning DSE members from engaging In other professions for ensuring future development and expansion of the stock market In the coun try.
The chairman of the DSE also acknowledged that inter nal reforms in the stock exchange and regulatory changes may be needed to deal with the rapidly expandipg stock market.
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