SEC meeting with stock exchanges today
FE Report | Tuesday, 10 June 2008
The Securities and Exchange Commission (SEC) Monday held a daylong meeting to review the current market situation but could not take any decision to cool down the overheated market.
However, the market regulator will sit today (Tuesday) at 12:30 pm with the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) to review the current market situation. The meeting was called against the backdrop of current overvalued market with huge daily transaction.
Today's meeting is expected to find out the possible ways to rein in the over-heated market, according to a source.
"After a marathon meeting, the commission could not take any decision for cooling down the overheated market as the market already got enough signal," said a source in the commission.
The speculation that the possible measures might come out from the commission's emergency meeting has pulled the market down heavily on Monday.
The market has become overvalued due to dearth of quality shares, said a market operator. What is most important right at the moment for making the market sustainable is to boost the supply of scrips, he added.
Meanwhile, Dhaka Stock Exchange (DSE) board in a meeting Monday okayed the listing of Titas Gas Transmission and Distribution Company Limited.
Titas will float shares worth Tk 2.15 billion under the Direct Listing Rules.
It is the largest IPO in the stock market.
Share trading of Titas depends on its submission of Information Documents (ID) in the stock exchange, sources said.
"We are ready to start the trading of the company, but we can do it once the ID is submitted," a DSE source said.
Titas will offload 25 per cent of its stake in the stock market with the face value of Tk 100 per share.
However, the market regulator will sit today (Tuesday) at 12:30 pm with the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) to review the current market situation. The meeting was called against the backdrop of current overvalued market with huge daily transaction.
Today's meeting is expected to find out the possible ways to rein in the over-heated market, according to a source.
"After a marathon meeting, the commission could not take any decision for cooling down the overheated market as the market already got enough signal," said a source in the commission.
The speculation that the possible measures might come out from the commission's emergency meeting has pulled the market down heavily on Monday.
The market has become overvalued due to dearth of quality shares, said a market operator. What is most important right at the moment for making the market sustainable is to boost the supply of scrips, he added.
Meanwhile, Dhaka Stock Exchange (DSE) board in a meeting Monday okayed the listing of Titas Gas Transmission and Distribution Company Limited.
Titas will float shares worth Tk 2.15 billion under the Direct Listing Rules.
It is the largest IPO in the stock market.
Share trading of Titas depends on its submission of Information Documents (ID) in the stock exchange, sources said.
"We are ready to start the trading of the company, but we can do it once the ID is submitted," a DSE source said.
Titas will offload 25 per cent of its stake in the stock market with the face value of Tk 100 per share.