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Share market: Two 96 scamsters active again?

By M Shamsur Rahman
As the share market bull run continued for the fifth day yesterday. there were rumours that at least two of the 1996 share scamsters were actively engaged in the trading, pushing some of the scrip prices up.
They .are buying huge number of shares. But unlike in 1996. they have devised a (Hfferent scheme this time, highly placed sources said.
"They are channelling funds through fund managers based abroad." said one source
He said these fund managers are buying shares on behalf of their clients based in Bangladesh. "Due to this buying spree, prices have been going up for the last few days."
The rumour found a lirm root In the minds of many people as It was in the air since early June that the market would rise from July and would reach around the 1000-pohit mark.
The Security and Exchange Commission (SEC) is closely mon-
itoring the situation and watching the trading pattern of top 20 brokerage houses, but it may take some time before it can detect anything wrong, the sources said.
Share crisis in the market
Seeing the upward trend, thousands of investors have started entering the market. Their mood is like that in 1996. said a number of leading stock brokers.
Talking to this correspondent. DSE Chairman Shahlkh Khan said he visited almost every brokerage house yesterday.
“Today (Sunday). I have seen many faces which had disappeared after the 1996 crash." he said.
Every brokerage house was packed with enthusiastic in -vestors Many of them appeared confused after selling shares as prices kept soaring, the DSE Chairman said. ®be Jaily ^iar 11
as prices continued to soar, investors stopped selling* their shares at one stage, resulting in a severe share crisis in the market.
After noon, the traders' screen showed a number of buying offers at very high prices, but there was no sale.
There was no share of Singer Bangladesh. Rangpur Foundry Ltd. Standard Cement. Delta Life Insurance. Ashraf Textile. Bangladesh Lamps, Bangladesh Thal Aluminium. GQ Ball Pen. Exelsior Shoes, IDLC. Kay & Que and Beximco companies.
DSE system finds it tough to handle huge orders
Meanwhile, the DSE computer system found it tough to handle huge orders placed by the Investors.
Many brokerage houses . complained to the DSE man • agement that their orders were executed five to six hours later.
Earlier, the orders used to be executed Instantly. Implementation of orders placed through WAN (wide area network) connections used to be a little slow.
But yesterday, orders placed through LAN (local area network) also became slow.
Asked. DSE Chief Executive Officer GQ Chowdhury said that their system was functioning beyond Its optimum level and they were finding It difficult to cope with such increased orders.
The turnover hit a four-year high of Tk 57.95 crore yesterday. involving 35310 transactions In five and a half hours.
Most of the prices hit circuit breaker
Most of the share prices yesterday hit the circuit breaker celling. Bexlmco Pharma reached Its highest limit ol 19.96 per cent, reaching Tk 71.50 from previous day's closing of Tk 63.00. AC1 also posted a 19.96 per cent rise, reaching Tk 64.30.
The other leading gainers of the day were Bexlmco Knitting. Excelsior Shoe. Mona Food, Kay & Que. Reckitt and Colman and Shinepukur Holdings.
DSE seeks police help to control kerb market
In the wake of huge transactions. the DSE authorities yesterday sought help from law en -forcers to restrict the kerb market from growing out of proportion.
In a letter to the Dhaka Metropolitan Police Commissioner, the DSE CEO said, the stock market is the legal place for trading shares. As prices are rising in the stock market, the kerb market may become active like that in 1996.
“Such illegal kerb market can lead to chaos in the stock market." the CEO said in the letter seeking help.
SEC observing market cautiously
Acting Chairman of the Securities and Exchange
Commission (SEC) Munir Uddin Ahmad said that they were observing the market cautiously to make sure (hat every one plays fairly In the market.
Ahmad said monitoring and surveillance officials are on alert and monitoring the market closely.
He said government should release shares in the market by making many of its companies public.
"Jamuna Multipurpose Bridge can be turned Into a public limited company and funds can be raised from the market to create more bridges In the country’." Ahmad said.
Market reaches four-year high.
The DSE All Share Price Index made the highest single day gain in four years yesterday. reaching of 745.47 points from previous day s 663.46 points.
Of 185 issues traded, prices of 176 gained and seven suffered loss while seven issues remained unchanged
The market capitalisation reached Tk 7058.30 crore.