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Floor price removed for 23 more stocks, retained for only 12

DSE turnover tops Tk1,000 crore after six months

The securities regulator on Monday removed the floor price for a further 23 stocks and left only 12 large-cap scrips still under the restrictive measure, after observing a tolerable negative impact from the first-stage of floor withdrawals for 379 listed stocks, mutual funds, and corporate debt instruments.

Having the majority of its listed shares under regular trading, turnover at the Dhaka Stock Exchange (DSE) surged to over Tk1,000 crore on Monday after six months.

Baraka Power, Bangladesh Submarine Cable Company, BSRM Steels, Confidence Cement, DBH Finance, Doreen Power, Envoy Textiles, HR Textile, IDLC Finance, Index Agro, KDS Accessories, Kattali Textile, Malek Spinning, National Housing Finance, National Polymer, Padma Oil, Saiham Cotton, Shasha Denims, Sonali Paper, Sonar Bangla Insurance, Shinepukur Ceramics, Summit Power and United Power shares will be in regular trading from Tuesday.

The floor price restriction would remain for only 12 stocks until further notice, the Bangladesh Securities and Exchange Commission (BSEC) said on Monday evening.

Share prices cannot go below the floor for the following: Anwar Galvanizing, British American Tobacco Bangladesh, Beximco Limited, BSRM Limited, Grameenphone, Islami Bank, Khulna Power, Meghna Petroleum, Orion Pharma, Renata Limited, Robi Axiata, and Shahjibazar Power Company.

The securities regulator imposed the floor price on 28 August 2022 and withdrew it for all but 35 stocks on Sunday.

The floor price removal prompted a sharp fall in stocks, but they subsequently bounced back to post moderate losses during the closing hours on Sunday and Monday.

Source: The Business Standard
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