Apr 16, 2014, 5:19 pm (BST)
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Leading sponsor to buy shares to meet new regulation
DHAKA, Dec 11 (BSS) - A leading sponsor-director of one of the major corporate houses announced today his intension to buy shares from stock market to comply with a recent regulation, set out the stock market regulator.

Salman F Rahman, one of the sponsors-directors of the Beximo Limited and Beximco Pharmaceuticals Limited reported his intention to Dhaka Stock Exchange (DSE) to buy 10 lakh shares, five lakh of each of the companies, according to a web positing of the DSE.

It said Rahman would buy the shares at prevailing market price through stock exchange within next 30 working days.

The Securities and Exchange Commission (SEC) on November 22 made it mandatory for sponsors, promoters and directors to hold 30 percent stake in their companies listed with stock exchanges in six months.

This new directive is expected to help create strong demand in the market and thus would prevent shares prices from the continuous fall.

Dhaka stock, however, finished the opening trading session today with further fall in the price index on selling pressure when demand side was too weak to keep the share prices from sliding.

The DSE index lost 85.49 points or 1.73 percent to close at 4846.80 when 216 issues incurred loss, 31 gained and six were unchanged.

The daily turnover was Taka 204 crore, which was marginally higher than Thursday's Taka 202 crore.
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