DSE turnover tops Tk 9 bn mark
Dhaka, June 30 —Turnover on the Dhaka Stock Exchange on Tuesday crossed the Tk 9 billion mark for the first time ever, as investors shrugged off a hoax bomb threat that shut trading an hour earlier than the scheduled a day before. Daily turnover touched a new high at Tk 9.42 billion on the day the parliament passed the budget for FY 2009-10, smashing the previous high of Tk 8.34 billion on June 21. This is the fourth time this month that the daily transactions have leapt to a new height. On June 4 and 11, turnover on the bourse touched Tk 6.72 billion. It soared to Tk 7.81 billion on June 7. "This is what should happen…it is a positive sign that investment rose up despite the bomb threat yesterday [Monday]," Yaweer Sayeed, CEO of an asset management firm, told bdnews24.com. Usually, the last day of the financial year witnesses increased transactions, he added. "Institutional investors contributed heavily to Tuesday's turnover as they had to trade a lot on the last day [of the fiscal year] due to portfolio balancing," added Sayeed, who heads AIMS of Bangladesh. Salahudddin Ahmed Khan, former CEO of DSE, agreed with the investment manager. "The closing day's transaction is mostly due to institutional investors' trading." The amendments to budget, including some duty cuts, also induced the hike, added Khan, a professor of finance at the University of Dhaka. "But it's really good to see that investors knocked off the terrorist threat." The Chittagong Stock Exchange also saw a higher turnover, topping the 1 billion mark. Transactions reached to Tk 1.19 billion from trading of almost seven and a half million shares. The highest ever turnover on the port city bourse was Tk 1.63 billion on June 24. The total turnover of the country's twin bourses on Tuesday reached Tk 10.61 billion, also a new record. The previous high was at Tk 9.30 billion on June 21. Authorities had halted transactions at 1:15pm and then evacuated the building on Monday after the bomb threat was made over phone by an anonymous caller that the stock building will be blown off soon. The caller said that a bomb had been kept inside the building. The, an official said . DSE senior vice-president Saiful Islam told bdnews24.com on Monday that the hoax bomb threat was was to panic the investors. He said that 'a certain quarter' was trying to upset the market, which has been seeing rises over the past few days . "Dhaka Stock Exchange is one of the biggest organisations of the country...we think the move to create panic was aimed to unstable the [entire country]," Islam said.
Govt irks HC over delay in judiciary law passage in JS
Wed, Mar 11th, 2009 6:02 pm BdST
Dhaka, Mar11 – The government came under fire from the High Court Wednesday for the delay in the passage of the judiciary separation ordinance. In a suo moto rule, the court questioned the legality of the judicial magistracy after Feb 24, the day the ordinance made by the emergency government expired. The bench of justices ABM Khairul Haq and Abdul Hye gave the law secretary and the Supreme Court registrar to answer the rule by Mar 19. The judges wanted to know under what legal powers the judicial magistrates have been functioning after Feb 24. The court in the rule said that parliament did not pass the amended CrPC ordinances even 30 days after it was tabled in the maiden session. The ordinances expired on Feb 24 since those were not passed, according to section 93 of the constitution. The court solicited opinion of legal experts M Zahir and former attorney general Mahmudul Islam in the hearing on a petition on the appointment of staff to assist judicial magistracy and metropolitan magistracy. The lawyers were on the committee that reviewed the ordinances made by the interim government. They said they had suggested passage in parliament of the ordinance on the separation of the judiciary. The judiciary was made independent of the executive on Nov.1, 2007
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