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Call for separate trading floor for low-profile firms

Star Business Report
The listed companies' association yesterday proposed a separate trading floor for low-profile companies to help ease the current volatility in the stockmarket.
The separate trading board will also benefit the retail investors, said Salman F Rahman, president of Bangladesh Association of Publicly Listed Companies.
Presently, the indices reflect the weighted price movement of both high- and low-profile companies.
“The companies now under B
and Z categories and the firms under the over-the-counter market will be placed on the second trading floor,” said Rahman, also vice-chairman of Beximco Group.
He was addressing a press briefing at Gulshan Club in Dhaka after a meeting of the association.
“We have also decided to ask the SEC to set a limit of priceearnings (PE) ratio sector-wise. When the companies will touch the highest limit of PE, they will be sent to the second trading board, as those prices will be overheated,” he said.
The investors can easily find the over-valued shares, as the PE limit will help them, he explained.
He said the listed companies with big market capitalisation want to give a price support to their own shares in the light of a bearish trend in the stockmarket.
"I talked with 15 companies and we have decided to give a price support to our own company's shares to rein in the falling trend and panic sell-offs,” said Rahman, also a director of the Dhaka Stock Exchange.
For example, he said, if a company's share price isTk 150 and it
starts to decline, the firm's sponsor directors will announce a price such as Tk 100, saying that at this level they will buy shares.
"Our price limit will not help push up the prices, but will stop panic sale and also help the investors to get back confidence,” he said, adding that individual companies will decide on the price limit considering the market situation.
However, he said, a problem has been arisen about declaring the price limit due to securities rules.
The association has already written a letter to the SEC
requesting it to give a notification so that the sponsor directors can announce the price limit.
The association also decided to request the SEC and the Dhaka bourse to recalculate the benchmark index of the premier bourse.
“We urged the SEC to ban the DSI index, as it is a meaningless index, and to transform the DSE-20 index into DSE-30,” he said.
He said the association has decided to develop a scheme to help the investors who trade with credit.
He, however, did not elaborate on the scheme, saying the matter is a price sensitive issue.