Press Release
Capital Market Fair kicks off today
CSE President says this is a remarkable event for Capital Market Participants
Chittagong, December 5, 2005: In a bid to mark the CSE
10th Anniversary Program a memorable one, CSE has organized two days
Capital Market Fair that begins today at Hotel Agrabad. CSE President Mr. Habibullah
Khan before opening the fair, unfolded a CSE Publications named “ Share Bazar
Shuchok”, investors can learn how to calculate Share Index by the Stock Exchange
and also learn what INDEX indicates on Market Performance.
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While addressing to the investors, journalists, listed companies, Stock
Broker and their representatives, Mr. Khan said, this is an opportunity
for you all to convey the message of Capital Market Fair to your friends,
investors etc. This Capital Market Fair will enable a person to make contact
face to face with the Brokers, listed Companies, SEC or CSE. Our investors
is still behind from present market situation and it is our duty to inform
them every issues of stock market. Every issues can be discussed at this
fair or can be solved. He further said, investors could ask questions
directly to SEC as they have a stall here. CSE and some brokers have also
stall here, investors can be benefited if they have any query.
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CSE President Mr. Habibullah Khan is cutting ribbon
and opened two day capital market fair at Hotel Agrabad, Chittagong
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Mr. Habibullah Khan also urged that, our brokers have lots of duty who have
branch offices at different places in the country. Let introduce this example
and organize many events like Capital Market Fair at Dhaka, Syleht if possible
at Rajshahi, Barishal or CoxsBazar. He also said, participants might be felt
reluctant to attend in the fair, but after some days it will be a really effective
event for the Capital Market. While sharing his experience of this fair, he
said in THAILAND, SET (Stock Exchange of Thailand) is spending
million of dollars in their marketing budget and CAPITAL MARKET FAIR
is one of an effective marketing tool.
He further said, since the beginning of my tenure
as President, I have been emphasizing that the study of Capital Market should
be included in the secondary school curriculum and onward. Because this
is so important, it will just make aware the future generation about the capital
market.
While discussing on present market situation, he
said, our market depth is very shallow having only a few equity shares.
Market capitalization is only 5% of our GDP, whereas it is 30% in Pakistan,
50% in India and 80% in Thailand. We need to have more mutual funds and bonds
to bring depth in the market. In addition the government should offload their
holdings in the multinational companies and divest the SOEs (State Owned Enterprises)
such as Bangladesh Biman. Also, government can securitize large projects like
Jamuna Bridge or other very successfully by mobilizing the domestic fund. There
is a great demand of good shares in the primary market, which is evident by
the huge over subscription in the recent IPOs lately.
Government should enact laws so that the multinational
companies go public and list their shares in our local market. Most of the
multinational companies operating in our country have listings in their home
country. Why don’t they issue share in our capital market, list here, and share
some profit with our investors. Govt. should should look into the matter seriously.
A primary step in the development of the capital
market needs to be strengthening capacity of the regulatory authority, i.e.
SEC. Simultaneously, SEC has to be an independent authority, totally free
of government intervention. Only then they can perform up to the standard and
cater to the needs of the capital market.
He also said, we always focused on infrastructural development
at CSE. We have a plan to build a Financial Hub at the heart of Agrabad
Commercial Area. CSE has its own land in front of its existing building at Agrabad,
where we are going to erect this multi-storied building. Once it is built this
is going to be the epicenter of all the commercial and financial activities
in Chittagong.
He said, last but not the least. Media’s role in developing
a strong capital market is very crucial. Whatever we do for the betterment of
the market, unless it is widely and positively broadcast, it has no value. I
am very grateful to the media that it is playing its due role so far, and I
hope, it will continue to do so for the betterment of the capital market.
Mr. Nasiruddin Ahmed Chowdhury, Vice President, CSE and other
CSE directors Mr. A.S.M. Nayeem, Mr. Mirza Salman Ispahani, Mr. Nurul Qayyum
Khan, Mr. Abu Sayed Md. Shahidullah, Mr. Tareq Kamal and Mr. Bijan Chakroborty
were present at the opening session.
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For Chittagong Stock Exchange