DHAKA: Following disagreements between Dhaka and Chittagong Stock Exchanges over the trading hours, authorities of the two bourses have applied to the Securities and Exchange Commission for changing the transaction time.
The DSE authorities have prayed for restoring its transaction period for four hours, advancing 30 minutes, from 10:30am to 2:30pm while CSE operators wanted to continue trading for four and a half hours instead of previous schedule of four hours.
Showing disagreement with the CSE demand, the DSE authorities said it does not matter whatever the trading period, but the beginning and closing times of the transactions on both the bourses should be the same.
”Otherwise, manipulation can take place and thus cause disaster for the market,” said one of the DSE officials.
Differing with the opinion, a CSE official said, “We don’t want any incentives as a small bourse. We want 30 minutes more for transaction to keep our uniqueness. It’ll prove our ability.”
The decision on the trading hour at the two bourses now hangs in the balance as the stock market regulator asked the CSE to take decision in consultation with the DSE.
When contacted, SEC senior member Monsur Alam declined to talk about the decision. He told banglanews24.com.bd to talk to commission spokesman Anwarul Kabir Bhuyan.
Anwarul Kabir Bhuyan told banglanews24.com.bd no decision has yet been taken in this regard. The decision would be taken at the meeting of the commission.
“We are facing some problems as all the countries of the world begin transaction earlier than ours. So, we applied to the SEC to reduce our trading hours by 30 minutes,” said DSE president Md. Shakil Rizvi.
Regarding CSE’s plea, he said, “It should not be done. Transaction on both the bourses must begin and finish at a time.”
On the other hand, CSE president Md. Fakhruddin Ali told banglanews24.com.bd, “Trading hours of many countries are longer than ours. We applied for adding 30 minutes more to our trading time for bringing consistency with the capital market of other countries.”
At present, transaction on DSE and CSE start at 11 am and continue till 3 pm without break.
BDST: 1823 HRS, JULY 10, 2010
