FE Report (November 3, 2010)
Dhaka Stock Exchange (DSE) president Shakil Rizvi thanked Prime Minister Sheikh Hasina and Finance Minister AMA Muhith for their move to offload more shares of eight listed state-owned companies within next twenty days.
The DSE president Tuesday expressed gratitude to the Prime Minister and the Finance Minister (FM) at a press briefing, saying that the two have come forward to make the market sustainable by offloading the shares of state-owned enterprises (SoEs).
The Finance Minister Sunday said more shares of some eight SoEs would be floated within the next three weeks, while that of 24 non-listed SoEs by the year-end.
"It was our long-pending demand for the sake of stock market," the DSE president said.
"It's not true that the government will lose its control over the companies if it fails to keep 51 per cent shares under its grip. Many countries of the world are able to maintain their control over the companies by keeping only 10 or 20 per cent shares," he said.
The DSE president said the transparency and accountability of the SoEs would increase along with the companies' enhanced involvement with the stock market.
In reply to the reporters' queries, Shakil Rizvi emphatically said that DSE was not involved in index manipulation.
"The index is not wrong, some parameters were implemented according to prior consultation with the SEC," he said.
At the press briefing, DSE vice president Rafiqul Islam and immediate-past president Rakibur Rahman were present.
The decision to make available more shares of listed public sector enterprises, according to market insiders, would help cool down an overheated market.
The DSE general index (DGEN) has gone up by nearly 600 points over a period of last one year because of the gross mismatch between demand and supply of stocks in the market.
The market has been witnessing a rush of funds to the market from both individual and institutional investors.
Dhaka Stock Exchange (DSE) president Shakil Rizvi thanked Prime Minister Sheikh Hasina and Finance Minister AMA Muhith for their move to offload more shares of eight listed state-owned companies within next twenty days.
The DSE president Tuesday expressed gratitude to the Prime Minister and the Finance Minister (FM) at a press briefing, saying that the two have come forward to make the market sustainable by offloading the shares of state-owned enterprises (SoEs).
The Finance Minister Sunday said more shares of some eight SoEs would be floated within the next three weeks, while that of 24 non-listed SoEs by the year-end.
"It was our long-pending demand for the sake of stock market," the DSE president said.
"It's not true that the government will lose its control over the companies if it fails to keep 51 per cent shares under its grip. Many countries of the world are able to maintain their control over the companies by keeping only 10 or 20 per cent shares," he said.
The DSE president said the transparency and accountability of the SoEs would increase along with the companies' enhanced involvement with the stock market.
In reply to the reporters' queries, Shakil Rizvi emphatically said that DSE was not involved in index manipulation.
"The index is not wrong, some parameters were implemented according to prior consultation with the SEC," he said.
At the press briefing, DSE vice president Rafiqul Islam and immediate-past president Rakibur Rahman were present.
The decision to make available more shares of listed public sector enterprises, according to market insiders, would help cool down an overheated market.
The DSE general index (DGEN) has gone up by nearly 600 points over a period of last one year because of the gross mismatch between demand and supply of stocks in the market.
The market has been witnessing a rush of funds to the market from both individual and institutional investors.
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