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BSEC chief gives investors hope for market rebound

Staff Correspondent
01 Mar 2023 00:03:54 | Update: 01 Mar 2023 00:03:54
BSEC chief gives investors hope for market rebound
BSEC Chairman Shibli Rubaiyat-ul-Islam speaks at the opening ceremony of Trust Regional Equity Limited at a Dhaka hotel – Courtesy Photo

Chairman of the Bangladesh Securities and Exchange Commission (BSEC) Professor Shibli Rubaiyat-ul-Islam said there would be plenty of positive news centering the country’s capital market in the current year’s this month (March).

He made the remarks while addressing the launching ceremony of a stock brokerage house – Trust Regional Equity Limited – as the chief guest at a Dhaka hotel on Tuesday.

Admitting the matter that while all other markets were doing well, Bangladesh’s secondary market was undergoing some problems, the BSEC Chairman said the regulator has no control over the secondary market.

The securities regulator instead is focused on improving the country’s primary and bond markets, according to Professor Shibli Rubaiyat. Shibli also stated that Bangladesh’s business climate improved significantly, with creating ample opportunities for investors.

“The growth of the per capita income and gross domestic product (GDP) has been on the rise for years, with Bangladesh’s GDP size larger than those of many European countries, also that of Malaysia.”

With regard to investors’ concern over the probable withdrawal of the floor price from the country’s capital markets, BSEC Chairman repeatedly said the floor price would not be withdrawn in the immediate future.

Earlier in the day, the BSEC chairman met with leaders of the CEO Forum.

The BSEC boss at the meeting said there was no possibility of lifting the floor price in the country’s stock market.

He also urged the country’s investors not to become panicked over the issue.

Speaking at the opening ceremony, Tania Sharmin, chief executive officer of Trust Regional Equity Limited said, the company’s goal is to play roles in the development of the country’s capital market and to serve investors’ interests by following all securities laws.

Tarafdar Md Ruhul Amin, chairman of Trust Regional Equity, expressed his commitment to working towards the development of the capital market with the help of everyone’s sincere efforts.

The stock market regulator in August 2021 approved nine companies including Trust Regional Equity for trading right entitlement certificates on the Dhaka Stock Exchange.

Trust Regional Equity is a subsidiary of SAIF Powertec.

Incorporated in 2003, SAIF Powertec went public in 2014. The company now operates the Chittagong container terminal and the New Mooring container terminal for the Chittagong Port Authority.