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BSEC, BB, ICB asked to closely monitor market situation

FE Online Report | Published: February 05, 2018 21:55:10 | Updated: February 07, 2018 10:53:04


A high-profile meeting, amid freefall of indices in both the bourses, has suggested greater coordination between the securities regulator and the central bank.

It also called for discharging due responsibilities by all stakeholders to help stabilise the prevailing stock market situation.

Sources concerned said the meeting also laid emphasis on strengthening the monitoring and supervision to avert any possible debacle.

The suggestions were made on Monday as the finance ministry sat with the Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Bank (BB) and Investment Corporation of Bangladesh (ICB) to discuss the prevailing stock market situation.

Asked, Senior Secretary to the Financial Institution Division Eunusur Rahman said over telephone, “We sit often to discuss overall situation. We tried to understand today whether any step needs to be taken to tackle present stock market situation.”

Without elaborating further, he said the meeting discussed the overview of the latest share market condition.

Following the unveiling of the monetary policy for January-June period last week, where banks’ advanced and deposit ratio saw a revision, indices in both Dhaka and Chittagong stock markets have been witnessing a steep fall.

The Dhaka Stock Exchange (DSE) lost 307 points or 5.0 per cent of the DSE key index during the fall over the period of last five consecutive days.

Besides, the Chittagong Stock Exchange’s (CSE) all Share Price Index fell by 914 points or 4.80 per cent during the period.

The meeting sources said BSEC, BB and ICB – all three were asked to remain conscious about their responsibilities to tackle the situation. They were also asked to closely monitor the market situation.

An official who attended the meeting said, “As the DSE made gain during Monday’s last session compared to the massive fall during the opening session, we discussed the overall market situation.”

The BSEC and ICB officials reportedly told the meeting that the bourses were recovering slowly and they were hopeful that the situation would improve within a day or two.

 

syful-islam@outlook.com

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