বিপর্যয় কাটিয়ে উঠছে সিএসই বিপর্যয় কাটিয়ে উঠছে সিএসই

বেশির ভাগ শেয়ারের দাম বাড়ার মধ্য দিয়ে রবিবারের বিপর্যয় কিছুটা হলেও কাটিয়ে উঠেছে চট্টগ্রাম এঙ্চেঞ্জ (সিএসই)। তবে শেয়ারের লেনদেন ও টাকার পরিমাণ আগের দিনের চেয়ে কম হয়েছে। শেয়ার কেনাবেচায়ও বিনিয়োগকারীদের ছিল সাবধানি দৃষ্টি। যে কারণে শেয়ার লেনদেনের পরিমাণ ছিল গত দুই সপ্তাহের মধ্যে সবচেয়ে কম। এদিকে গত শনিবার বাজার পরিস্থিতি নিয়ে ঢাকায় ডিএসই ও সিএসইর যৌথ সংবাদ সম্মেলনকে ঘিরে গতকালও বিনিয়োগকারীদের মধ্যে ছিল মিশ্র প্রতিক্রিয়া। নতুন বিনিয়োগকারীদের শেয়ারবাজারে আসতে নিষেধ করায় ক্ষোভ প্রকাশ করেন তাঁরা।
লঙ্কাবাংলা সিকিউরিটিজের বিনিয়োগকারী মোহাম্মদ শাহনেওয়াজ বলেন, 'বাজার পরিস্থিতি খারাপ হলে সংশ্লিষ্ট কর্তৃপক্ষ উদ্বেগ প্রকাশ করতেই পারে। তাই বলে নতুন বিনিয়োগকারীদের আপাতত বাজারে আসতে বারণ করা ঠিক হয়নি। এতে শেয়ারবাজার সম্পর্কে সাধারণ মানুষের মনে নেতিবাচক ধারণা আসবে। এ কারণে রবিবার এক দিনেই যে হারে শেয়ারের দরপতন হয়েছে তাতে আজকের সামান্য দরবৃদ্ধিতেও সে ক্ষতি কাটিয়ে ওঠা সম্ভব নয়।' তিনি বলেন, 'যেকোনো শেয়ারের যখন অস্বাভাবিক দর বৃদ্ধি শুরু হয় তখন এসইসি থেকে কোনো ব্যবস্থা নেওয়া হয় না। সাধারণ বিনিয়োগকারীদের হাতে শেয়ার আসার পরই তাঁরা এমন ব্যবস্থা নেন।'
নাম প্রকাশে অনিচ্ছুক একটি সিকিউরিটি হাউসের ঊর্ধ্বতন কর্মকর্তা বলেন, 'বুকবিল্ডিং পদ্ধতিরও সংস্কার হওয়ার দরকার। এই পদ্ধতিতে কোনো একটি কম্পানির দর নির্ধারণের পর তা সরাসরি পুঁজিবাজারে না এনে আইপিওর মাধ্যমে সাধারণ বিনিয়োগকারীদের হাতে দেওয়া উচিত।'
এ ব্যাপারে সিএসইর প্রধান নির্বাহী ড. আবদুল্লাহ মামুনের দৃষ্টি আকর্ষণ করা হলে তিনি কোনো মন্তব্য করতে রাজি হননি। তবে বাজার পরিস্থিতির উত্থান-পতন নিয়ে উদ্বেগ প্রকাশ করে তিনি কালের কণ্ঠকে বলেন, 'শেয়ারের সরবরাহ ও চাহিদা সামঞ্জস্যপূর্ণ না হওয়ায় এ ধরনের সমস্যা বেশি হচ্ছে।'
এদিকে বেশির ভাগ শেয়ারের দর বৃদ্ধি সত্ত্বেও গতকাল সিএসইতে ১৫৬ কোটি টাকার শেয়ার লেনদেন হয়েছে। অথচ রবিবার সিএসইতে বিপর্যয়কর পরিস্থিতির মধ্যেও ২১৭ কোটি টাকার শেয়ার লেনদেন হয়েছিল। গতকাল ৩৮ হাজার ১৯০ বারে শেয়ার লেনদেন হয়েছে এক কোটি পাঁচ লাখ ৮৪ হাজার, যা আগের দিনের চেয়ে ৫৬ লাখ ৫৫ হাজার কম। সার্বিক মূল্যসূচকও গতকাল ১৭৫ পয়েন্ট বেড়েছে। সিএসই সূচক বেড়েছে এক দশমিক ২৮ শতাংশ। দিনশেষে লেনদেন হওয়া ১৮৫টি কম্পানির মধ্যে ১২০টির দর বৃদ্ধি পেয়েছে, দরপতনের তালিকায় ছিল ৫৯টি।

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Stocks plummet on bourses’ warning, SC ruling

Stocks prices at Dhaka and Chittagong bourses plunged on Sunday following the warning issued by chiefs of the bourses in the wake of overheated market and the Appellate Division’s ruling staying the high court order that had stayed the regulators’ directives on share credit and forced sales of share by investors.
   The general index of Dhaka Stock Exchange lost 187.80 points, or 2.51 per cent, to close at 7,229.54 points. It was the biggest single-day drop of the bourse’s key index after 204-point fall on July 25 this year.
   The selective categories index of Chittagong Stock Exchange shed 364.96 points, or 2.59 per cent, to finish at 13,708.64 points on Sunday.
   ‘The market fell sharply as the Securities and Exchange Commission is now allowed to enforce its directives on share credit and forced sales of shares after order of the Appellate Division of the Supreme Court,’ said Shakil Rizvi, president of the DSE.
   He said the corrections were necessary as the market rose sharply in the previous 11 trading days.
   Dhaka stocks opened the day’s trading with steep fall as investors started to offload their possessions after the chief of the bourses warned investors of huge losses in the wake of an overheated market at a press conference on Saturday.
   After the initial jolt, the market regained slightly only to drop heavily from 11:30am after investors came to know that the SEC got a Supreme Court stay in favour of its petition against a High Court stay order on its directives on September 27, DSE sources said.
   The DSE general index gained 437.11 points in 11 days since September 23.
   The authorities of the bourses at a briefing on Saturday also sought the prime minister’s intervention to offload shares of state-owned enterprises for cooling down the market.
   Small investors, however, criticised the timing of the bourses’ warning move and said the move was taken belatedly.
   ‘Small investors suffered most for today’s [Sunday] fall,’ said Omar Faruk, a small investor. ‘Authorities concerned should have taken steps earlier to protect the interest of small investors.’
   Another small investor Tanvir Ahmed said the bourses’ warning put psychological pressure on investors. ‘Small investors became panicky because of the warning and they rushed to offload shares,’ he said. ‘Sunday’s Supreme Court order also contributed to the selling pressure.’
   Salahuddin Ahmed Khan, a former chief executive officer of the DSE, said the corrections were needed. ‘The government should offload shares of SoEs to control the overheated market,’ he added.
   The daily turnover at DSE on Sunday stood Tk 2,364.76 crore, down by Tk 406.33 crore from the previous trading day.
   The DSE’s all shares price index shed 156.64 points, or 2.52 per cent, to finish at 6,067.49 points.
   Of the total 240 issues traded at the bourse, 212 declined, 25 advanced, and three remained unchanged.
   Premier Bank topped the turnover leaders with 1.62 lakh shares valued at Tk 99.76 crore traded on the day.
   The other turnover leaders were Exim Bank, Peoples Leasing and Financial Services, United Commercial Bank, Beximco, One Bank, Standard Bank, First Security Islami Bank, Shajalal Islami Bank and Square Pharmaceuticals.
   Fu-Wang Ceramic was the day’s biggest gainer, posting a 15.11-per cent rise in its share prices, while Imam Button was the worst loser on the day.

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SC stays HC ruling on regulators’ share credit directives

The Appellate Division of the Supreme Court on Sunday stayed a high court order staying the Securities and Exchange Commission’s directives on share credit and forced sales of shares by investors.
   The High Court on September 27 stayed for three months the SEC’s directives that asked stock brokers and bankers to go for forced selling of shares if any investor failed to adjust margin loans based on the newly introduced net asset value based calculation method by September 30.
   The court also halted the new system on calculating earning per share as introduced by the SEC.

The full bench of Appellate Division, headed by chief justice ABM Khairul Haque, stayed the HC stay order till the disposal of the writ petition filed with the HC by two investors challenging the SEC directives.
   Attorney general Mahbubey Alam moved the appeal of the SEC.
   The HC earlier passed the stay order after hearing a writ petition filed by two investors — M Morshadur Rahman and Mohammad Shahnewaz Jewel — challenging the legality of the SEC directives that had been issued to the stock brokers and merchant bankers for applying the ‘margin call requirements’.
   The HC bench of Justice Mamnoon Rahman and Justice Syeda Afsar Jahan also asked the authorities concerned to explain in four weeks why the SEC’s directives issued on September 6 and September 21 would not be declared illegal.
   The commission’s September 6 directive asked the brokers and merchant bankers to go for forced sales within September 30 while its September 21 directive asked the brokers and bankers to calculate earning per share of any issue on the basis of ‘diluted earning per share on income from continuing core operations’ while considering price earning ratio of any securities for disbursing credits.
   As per the SEC rules, any issue that has price earning ratio over 40 is not eligible to get margin loans.
   Abul Kalam Azad who moved the petition for the investors said that the SEC’s directives were reinstated after the SC order.
   Rokonuddin Mahmud and Fazle Noor Taposh also stood for the investors.
   The SEC took the steps to rein in fund inflow in the over-heated capital market as prices of most of the shares soared breaking all records almost on every trading day.
   The petitioners, however, argued that the investors would suffer huge losses if they were forced to sell their shares within September 30 at the current prices which are lower than their purchasing prices.

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Stock exchange leaders warn of disaster

Leaders of the country's two bourses warned of dire consequences in the wake of an "overheated market".

"Investors should invest at their own risk in this overheated market," Shakil Rizvi, president of Dhaka Stock Exchange said Saturday.

Over the last two weeks the Dhaka stocks' key market index rose 500 points, setting new records. The daily transaction, over the same period, peaked to Tk 28 billion, surpassing the previous high of Tk 24 billion.

Share prices are continuously rising for the last two weeks and there is no indication that it will cool down soon, according to Rizvi.

"If this goes on then the market will surely face disaster."

Meanwhile, Chittagong Stock Exchange president Fakhor Uddin Ali Ahmed urged investors to stop pouring funds in this 'over-heated' market.

"Investors will burn their fingers if they invest now."

The bourses jointly organised a press meet on Saturday at a city hotel.

Both the presidents urged the government to strengthen the regulator.

"The Securities and Exchange Commission needs to be strengthened so that it can protect the investor by strict monitoring and surveillance activities," said the DSE president.

The capital market cannot perform well if the regulator is challenged for its decisions, he added.

President of the port city bourse urged investors not to pay heed to rumours.

"It is not the time to invest."

Ahmed suggested checking fundamentals of issues before making any investment decision.

To avoid any disaster, the stock exchange leaders recommended floating shares of state run enterprises (SOE).

"This ominous situation can be avoided by floating more issues of the SoEs that are already in the capital market," said the CSE president.

The DSE president warned the government that any delay would bring about catastrophic consequences.

"There are 2.8 million capital market investors from every corner of the country and if a slump starts then it would be hard to gain confidence for many years."

"Government should do something about the SOEs right now before it is too late," said Shakil.

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