Bourses see extensive profit booking
Bourses witnessed widespread profit-booking last week when the insurance stocks rose the most thanks to a regulatory move on minimum shareholding compliance.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), dropped 73.14 points, or 1.24 per cent, during the week.
Meanwhile, insurance stocks went upward riding on news that the regulator issued letters to all the companies to maintain a paid-up capital of Tk 30-40 crore.
Almost all the top gainers were from the insurance sector. For instance, Agrani Insurance rose 21.9 per cent in the week followed by Provati Insurance and Islami Insurance.
The Insurance Development and Regulatory Authority asked all insurance companies to comply with the minimum shareholding rule of 60 per cent by the sponsors in their respective companies and maintain a minimum paid-up capital of Tk 30-40 crore in a month.