Insurance shares boom as IDRA asks to comply 60% holding within 1 month
Turnover of the DSE fell by 15% to Tk538.31 crore during the session
The Insurance Development and Regulatory Authority (IDRA) has asked all insurance companies to comply with minimum shareholding at 60% by sponsors in their respective companies and the companies' minimum paid-up capital to Tk 30-40 crore within one month.
IDRA issued letters to the companies on Sunday in this regard.
Following this letter, all insurance companies' share prices are booming at the Dhaka Stock Exchange (DSE) on Tuesday.
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There are 49 life and non-life insurance companies listed with the DSE. Among them, only five companies have more than 60% shares held by their sponsor-directors.
The five companies are Crystal Insurance Company, Dhaka Insurance, Express Insurance, Reliance Insurance and Bangladesh National Insurance Company.
Meanwhile, DSEX, the benchmark index of DSE, rose by 0.26% or 15.53 points to settle at 5,817 till 11:30 am today.
Turnover of the DSE fell by 15% to Tk538.31 crore during the session.
Moreover, DSE Shariah index DSES rose 0.05% to 1,294 points and blue-chip index DS30 9.13% to 2,197 points.
During this session, 168 companies' share price rose, while 105 issues fell and 75 issues price remained unchanged during the session at the DSE.
The benchmark index CASPI at the Chittagong Stock Exchange (CSE) gained 36 points to 16,902 till 11:30 am.
