Big Fall in Islami Bank and Beximco Following the Removal of the Floor Price
Collected Photo
The share prices of listed companies Islami Bank Bangladesh PLC and Beximco Ltd. experienced a sharp decline after the withdrawal of the floor price on their stocks. The information was confirmed by sources at the Dhaka Stock Exchange (DSE).
On Tuesday, the floor price on the shares of Islami Bank and Beximco was lifted. Following the withdrawal, the share prices of both companies fell to nearly the maximum allowable limit under the circuit breaker mechanism. In other words, the stocks almost reached the daily maximum decline limit of 10 percent.
The commission led by Masud Khan removed the floor price after assuming responsibility at the Bangladesh Securities and Exchange Commission (BSEC). The commission made the decision after a long period in an effort to restore normal trading momentum in the market.
According to sources, due to the floor price mechanism, Beximco’s shares remained fixed at Tk 110.10 and Islami Bank’s shares at Tk 32.60 until Monday. However, after the floor price was removed, Beximco’s share price dropped by 9.99 percent to Tk 99.10 on Tuesday, while Islami Bank’s share price fell by 9.82 percent to Tk 29.40.
