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GP’s return to public market uncertain

Sarwar A Chowdhury
The uncertainty over the return of Grameenphone (GP) shares to normal trade now worries investors. The regulator as a short-term measure put five months ago the hot scrips in spot market to curb volatility.
The Securities and Exchange Commission, the regulator, is yet to take any decision on bringing the country's largest mobile phone operator to public market.
Even the SEC is not willing to make comments on the GP issue. The stockmarket regulator said commenting on the issue would be sensitive for the market.
The SEC placed the GP shares on the spot market in February this year in an effort to rein in volatility in the company's stock prices that reached an abnormal high that time.
The spot market allows an immediate equity sale on the exchange or over-the-counter.
The market watchdog put the GP shares on the spot market under trading regulations, which give the power for placing any instrument in the spot market, even on compulsory condition, to curb volatility in the prices of the security.
The SEC in February said putting the GP shares on the spot market would impact in two ways. Firstly, it said the supply of shares would increase, as shares will be ready for buying and selling in the next trading day, while shares are settled in three trading days in the normal market.
Secondly, the liquidity flow to the securities would be controlled, as cash or bank draft would have to be deposited to the bourses within one hour after the trading session.
Experts however said it is a temporary measure, and would not work for a long period.
Besides, they said spotmarket transactions gradually reduce the prospects of a company's share.
"It's a negative and disgusting factor for the market," said Salahuddin Ahmed Khan, a former chief executive officer of the Dhaka Stock Exchange (DSE).
The spot market increases the supply side, but reduces the demand, as cash is required to buy securities from the spot market.
But the Bangladeshi stockmarket investors are now much familiar with investing with financial adjustment facilities, which allow an inves-
tor to buy a stock immediately against the sale proceed after completing sale of another stock.
"The share trade in the public market reduces the gap between demand and supply," he said.
Placing GP shares on the spot market is a temporary measure, which does not work for long, when the market is riding on a forward-looking sentiment, said Khan, a professor of Finance at Dhaka University.
Besides, GP is the largest listed company, and if it is not being traded in the public or normal market, it will send a wrong signal to other big firms to be listed on the bourses, he said.
"The way they [SEC] are regulating the market is not well-thought," he said, adding that the regulator should initiate special drive to bring more companies to the market.
"Until new companies are introduced, the market cannot be controlled by taking shorttermsteps," he added.
The SEC should take a decision soon on the GP shares, said an investor.
On the DSE yesterday, each GP share traded between Tk 272.40 and Tk 260.00, before closing atTk269.90.
sarwar@thedailystar.net