15 May 2007

Women Investors get separate booth privilege for stock business

CSE broker Meenhar Securities introduced first of its kind in the country’s brokers community

To promote women investors as well as general investors, Meenhar Securities Ltd. a leading broker of Chittagong Stock Exchange opened a branch office at the very busiest residential area in Chittagong named CDA Avenue. Chief Executive Office Mr. A B Siddique formally launched trading operation while Mr. Habibullah Khan, Former President of CSE and Managing Director of Meenhar Group were present in the inaugural program.

Mr. A B Siddique, CEO is cutting ribon and formally launched trading operation of Meenhar Securities Ltd. at CDA Avenue.

Mr. Khan while addressing his remarks said, “Meenhar Securities has opened a special booth only for women investors first of its kind in the country’s brokerage houses where they can comfortably execute their trade.” He further said, “Our Capital Market eyes a good potentially in the future, many government stakeholders, multinational companies including leading cell phone providers have to come our market soon and thereby our market capitalization will be broaden enough. He said the country's stock market will see a major development when shares valued at US$1.0 billion will be floated within the next three to six months as eight large profitable state-owned companies will go public under the Direct Listing Regulation. The top telephone company Grameen Phone are finalising their offers to go public and this will be a positive signal to the investors. He said the 'image problem' of Bangladesh will be removed to a large extent. We are hopeful that a huge fund now invested in India and Pakistan stock markets by the Middle East, Japan and US-based investors will be diverted to Bangladesh stock market. He said the foreign investors are impressed with the higher yield from investment in bonds in Bangladesh markets. It is just the beginning and Bangladesh stock market will really have a bang in near future.

Mr. Habibullah Khan, MD Meenhar Securities Ltd. and former President of CSE is addressing remarks towards the investors.

Mr. Khan further lamented and said with the inclusion of more companies under power, telecommunications and energy sectors, the market capitalisation of the bourses will cross $ 15 billion-mark from the present $ 5.50 billion and daily average turnover to $ 100 million-mark from the present average of $ 10 to $ 15 million by 2009.

He said the deep seaport to be built at a cost of $ 1.0 billion will also float shares in the stock market. He said total portfolio investment in Bangladesh stock market stood at Tk 5.09 billion as of April this year.  Portfolio investment in January this year shot up by around 200 per cent over the previous month's level. He said many analysts have attributed the surge in portfolio investment in local securities through merchant banks to a stable political scenario following the declaration of a state of emergency and formation of a new interim government. The portfolio investors are still in a buying mood, he added.

Mr. A B Siddique, CEO of CSE said, “Unemployment is a serious social evil in Bangladesh, in order to reduce the unemployment rate, we have tap our capital market for rapid industrialization. Borrowing from banks is an adverse culture in our society; our entrepreneurs have to look into our stock market for their fund rising.”

Mr. Md. Shaifur Rahman Mazumdar, FCA, FCMA, Director Finance of Meenhar Group, Mr. AKM Shahroze Alam, Deputy Manager Corporate Development were present in the program.