The Bangladesh Securities and Exchange Commission has lifted floor price restrictions off four more companies.
According to a directive issued by the stock market regulatory body on Wednesday, the order would be implemented with immediate effect.
The four companies withdrawn from the downward price restriction include Shahjibazar Power Co Ltd, Khulna Power Company Limited, Meghna Petroleum Limited and Bangladesh Steel Re-Rolling Mills Limited.
However, shares of Islami Bank Bangladesh and Bangladesh Export Import Company Limited will remain under floor price restrictions until further notice, according to the directive.
The BSEC said in the directive that the circuit breaker that prevents stock prices from dropping more than 3 per cent a session was be removed.
Now, the lower circuit breaker will return to the usual limits: 10 per cent for stocks priced up to Tk聽200, 8.75 per cent for stocks in the Tk聽200 to Tk聽500 range, 7.5 per cent for stocks valued between Tk聽500 and Tk聽1,000, 6.25 per cent for stocks between Tk聽1,000 and Tk聽2,000 range, 5 per cent for stocks between Tk聽2,000 and Tk聽5,000, and 3.75 per cent for stocks priced above Tk聽5,000.
The BSEC on April 24 restricted share price fall at maximum 3 per cent for all companies based on its closing price the previous day.
Market operators said that the circuit breaker limited trading because stocks were not receiving spontaneous buy orders, making it harder for investors to switch stocks easily and frequently.
The stock market regulatory body also decided not to go ahead with its previous plan to sign a memorandum of understanding with the National Telecommunication Monitoring Committee, which aimed to monitor the communications of people involved in the market for surveillance.
Former BSEC chairman Shibli Rubayat Ul Islam tried to implement a plan to monitor the telecommunications of people involved in the stock market.
The BSEC also decided to cancel the appointment of national cricket team all-rounder Shakib Al Hasan as the goodwill ambassador of the commission for nationwide financial literacy programme.
Shakib was made the BSEC鈥檚 financial literacy programme鈥檚 goodwill ambassador in 2017.
