Share trading on both the stock exchanges will resume by first day of June even if national holidays for Covid-19 continue, says Bangladesh Securities and Exchange Commission’s newly appointed Chairman Prof. Shibli Rubayat Ul Islam.
“We will hold our first commission meeting after Eid holidays where we shall decide about resumption of share trading,” the former Dean of Business Administration, Dhaka University said.
As most of the Covid affected countries in Europe and USA are running their capital market during lock down, Bangladesh’s share trading should continue operation, he said.
Prof. Rubayat said the commission will go for tough action against stakeholders if anyone is found involved in any wrong doings or spread of rumor.
Asked about whether the Dhaka Stock Exchange (DSE) is ready for share trade resumption, the DSE Chairman Yunusur Rahman said “We had requested the SEC in a letter a month ago to resume market operation during holidays. But due to changes of the commission it could not hold meeting,”
We opted to keep market open even in the lockdown period as other countries did. Trading at stock exchanges should to be included in the list of organizations providing emergency services amid the ongoing lockdown.
The DSE former President and Director Md. Rakibur Rahman said the Prime Minister had given us a lifeline for continuing share trade anytime by setting up a floor price.
“This is a revolutionary decision. Keeping capital market vibrant by injecting stimulus money is a wrong formula. If anyone feels bothered to continue operation during Covid-19 he can keep his operation suspended,” Rakibur Rahman said.
He requested the SEC chairman for not inviting the traders to buy shares or sell them from capital market. “This is not his role. He should monitor the market and ensure corporate governance properly,” Mr. Rahman added.
The trading on both the bourses remained closed and flattened the curve since March 26 following the announcement of lockdown due to infection of COVID-19.
As the main income source of investors is the stock market for trading share, and as the market has been closed since March 26 due to coronavirus; small investors and brokerage houses have been badly affected as a result.