DSE membership value surges to Tk 153.119 million
FE Report | Friday, 20 June 2008
The value of a Dhaka Stock Exchange (DSE) membership rose to Tk 153.119 million, the ever highest in the history of country's stock market.
Bank Asia Ltd, Premier Bank Ltd and Industrial and Infrastructure Development Finance Company Ltd offered the record price to buy three DSE memberships each Thursday in a competitive bidding.
With the latest entry of three members, the total number of DSE members rose to 238.
A total of 15 companies submitted their bids to buy the membership of the country's prime bourse, but three companies won the bids as they offered the highest price.
"We did not expect that the offer will be so high as we mentioned in the advertisement that any bid below Tk 80 million will not be entertained," a DSE source told the FE.
Market operators said the offers to buy the DSE membership at such an 'astronomical price' reflects the recent dominance of institutional members in the DSE trading amid a robust growth of the country's securities market.
The total market capitalization of DSE now hovers near $ 13 billion in testimony to the thriving growth achieved mainly after the political change in January of 2007.
The total market capitalization of DSE was below $ 5.0 billion in December of 2006.
Earlier, per DSE membership was sold at Tk 40 million in 2007, Tk 23.60 million in 2006 and Tk 15.58 million in 2005.
DSE sources said DSE sold the memberships to finance the cost of DSE Tower, now being constructed at Nikunja near Zia International Airport.
"We will soon approve the new membership in our next board meeting," one DSE director said.
Meanwhile, seven institutional members continued to bag the top positions among the most active 10 members in the DSE trading in recent months.
The institutional members are LankaBangla Securities, AB Bank Foundation, ICB Securities Trading Ltd, IDLC Securities, Dhaka Bank, Prime Finance and Investment Securities and NCC Bank Ltd.
Bank Asia Ltd, Premier Bank Ltd and Industrial and Infrastructure Development Finance Company Ltd offered the record price to buy three DSE memberships each Thursday in a competitive bidding.
With the latest entry of three members, the total number of DSE members rose to 238.
A total of 15 companies submitted their bids to buy the membership of the country's prime bourse, but three companies won the bids as they offered the highest price.
"We did not expect that the offer will be so high as we mentioned in the advertisement that any bid below Tk 80 million will not be entertained," a DSE source told the FE.
Market operators said the offers to buy the DSE membership at such an 'astronomical price' reflects the recent dominance of institutional members in the DSE trading amid a robust growth of the country's securities market.
The total market capitalization of DSE now hovers near $ 13 billion in testimony to the thriving growth achieved mainly after the political change in January of 2007.
The total market capitalization of DSE was below $ 5.0 billion in December of 2006.
Earlier, per DSE membership was sold at Tk 40 million in 2007, Tk 23.60 million in 2006 and Tk 15.58 million in 2005.
DSE sources said DSE sold the memberships to finance the cost of DSE Tower, now being constructed at Nikunja near Zia International Airport.
"We will soon approve the new membership in our next board meeting," one DSE director said.
Meanwhile, seven institutional members continued to bag the top positions among the most active 10 members in the DSE trading in recent months.
The institutional members are LankaBangla Securities, AB Bank Foundation, ICB Securities Trading Ltd, IDLC Securities, Dhaka Bank, Prime Finance and Investment Securities and NCC Bank Ltd.