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Political troubles: biggest risk to capital market

LankaBangla survey gauges market sentiments

SARWAR A CHOWDHURY
The stockmarket will remain moderately bullish in 2014, but political instability will be the biggest risk to the capital market and the economy, according to a recent survey of a leading stockbroker.
Some 60 percent of the respondents in the survey, conducted by LankaBangla Securities, expressed optimism that the market would remain bullish this year.
The respondents were sceptic about the volume of market turnover as the majority — 65.2 percent—expected that the turnover would hover between Tk 300 crore and Tk 800 crore.
A total of 102 persons from different backgrounds participated in the Bangladesh Capital Market Sentiment Survey 2014, conducted between December 24 last year and January 5 this year.
Political instability will be the biggest risk to the economy in 2014, according to 96 percent of the respondents, while 42.5 percent said political chaos was the biggest risk to the capital market.
In addition, a fifth of the participants thought that lack of investors' confidence would appear to be a big risk to the market.
Political instability was also identified by 48 percent of the respondents as the main reason for poor foreign investment in Bangladesh's capital market.
"Also, 45.3 percent said lack of corporate governance of listed companies and failure of the regulatory bodies are to be held responsible for the low participation of foreign investors," LankaBangla Securities said in its report.
The majority—71.6 percent—of the respondents felt that the demutualisation of the stock exchanges would bring more transparency and boost confidence of investors.
While around half of the participants expected that the level of integrity in the capital market will be better this year, while 44.8 percent expected market integrity to remain roughly at the same level.
"To help improving investors' trust and building of market integrity in 2014, 31 percent of the participants suggested that action should be taken to improve the transparency of financial reporting and Over 85 percent indicated that projection of listed company financials through equity research will improve the process of investment-related decision making in the capital market.
Around 70 percent respondents thought permitting investment advisory services at individual level under strict regulatory supervision will increase the market stability.