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Bangladesh - Bank & Finance - Diplomatic - September 24, 2023

Visa policy caused big fall in stock market

Staff Correspondent: The country’s stock market fell sharply on Sunday after news spread that the United States had begun implementing a visa policy against some Bangladeshi nationals accused of being responsible or involved in obstructing the electoral process.
The share prices of most of the companies participating in the main stock market Dhaka Stock Exchange (DSE) and another stock market Chittagong Stock Exchange (CSE) have decreased. In this, all the price indices have decreased in both the markets. Also, the volume of transactions has decreased.
On this day, before the start of trading in the stock market, the issue of US visa policy came to the center of discussion in the brokerage houses. As the trading time increased, the discussion in the brokerage houses increased and the share market also started to fall.
Last Friday, the US State Department announced the visa policy in a press release. Although it does not name anyone, it says that those who have been banned are current and former officials of Bangladesh, members of the ruling and opposition political parties, members of law enforcement, members of the judiciary and members of the security agencies.
It is said that the Foreign Affairs Department has undermined the democratic electoral process of Bangladesh or is taking steps to give visa policy to some Bangladeshi citizens who are responsible for it. The visa policy covers members of law enforcement agencies, ruling political parties and political opposition parties.
The notification states that the family members of the persons on whom the visa policy is being issued may not be considered eligible to enter the United States. In the future, if any other persons are accused of undermining the democratic electoral process of Bangladesh or being involved in it, they will also be subject to the same visa policy. can
After the announcement of this visa policy of the United States, the stock market was traded for the first time today. At the beginning of the trading session, the price of most institutions increased, but gradually the list of price decreases became larger. As a result, the day’s trading ended with the share price of most of the companies falling and all the indices falling.
At the end of the day’s trading, only 12 companies registered their names in the list of share and unit price increase in all sectors. On the contrary, the price of 148 has decreased and the price of 150 has remained unchanged.
In this, the main value of DSE, DSEX, decreased by 28 points to 6,280 points. Among the other two indices, DSE Shariah decreased by 5 points to 1,358 points compared to the previous day. And the DSE-30 index consisting of 30 good companies is down 9 points compared to the previous day at 2 thousand 136 points.
Shares of Tk 500.74 crores were traded in DSE throughout the day. The previous day’s transaction was Tk 735.35 crore. As a result, the transaction has decreased by Tk 234.61 crore.
Shares of Fu-Wang Food were the most traded in terms of rupees. Tk 22.60 crore shares of the company have been traded. Shares of Eastern Housing, which is in second place, were traded worth Tk 20.27 crore. Union Insurance is in the third place with a share transaction of Tk 20.41 crore.
Besides, the list of top ten companies in terms of transactions on DSE includes- BDCOM Online, Khan Brothers PP Oven Bag, Gemini Sea Food, Paramount Insurance, Miracle Industries, Republic Insurance and Crystal Insurance.
The other stock market CSE’s overall price index CASPI decreased by 68 points. 13 of the 143 firms participating in the market rose in price. In contrast, the price of 80 has decreased and the price of 50 has remained unchanged. Tk 8.15 crores were transacted. The previous day, the transaction was Tk 24.47 crore.

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