950807

BD's second

bourse to begin

in Oct 10

DHAKA: Bangladesh's second stock market, the Chittagong Stock Exchange (CSE), said it had started listing companies and expected share trading to begin on October 10.

A CSE statement said the new stock exchange, approved by the government early this year, had seventy members and was issuing licences for dealers and brokerages.

It said trading would be conducted initially through an open outcry system with a fully automated settlement system.

The CSE plans to switch over to an electronic screen-based system, set up a central depository system and establish satellite links for national and overseas trading.

The stock exchange has an authorised capital of 100 million taka and paid-up capital of 21 million taka.

Amir Kashru Mohammad Chowdhury, a member of parliament from the ruling Bangladesh Nationalist Party, has been appointed its chairman.

The main Dhaka Stock Exchange was set up in 1954. Its current market capitalisation is more than $1.2 billion with 182 listed companies.-Reuter