Stock market likely to reopen on May 10

The stock market is likely to reopen on May 10 after remaining closed for one and half month due to the Covid-19 pandemic, board members of the Dhaka Stock Exchange (DSE) have primarily decided on Thursday.

"It is our primary decision to reopen trading regardless of whether the government holiday extends or not and we will apply to the securities regulator," Minhaz Mannan Emon, a shareholder director of the country's premier bourse said after an online meeting of the board members. 

He said, "Through the general holiday since the beginning of the shutdown, we have been cooperating with the government's initiatives to curb the spread of the virus despite our revenue losses."

The already-struggling capital market intermediaries are running short of money as they have to pay all the bills and salaries without earning any revenue during the shutdown.

The unprecedented weeks-long closure had also been disturbing for the investors, especially some foreign ones, who want to sell securities for cash.

"Now, like all other stock exchanges around the world, we are going to reopen and the industry people are being instructed to strictly follow health safety measures," Emon added.

The exchange's management team has presented a detailed report on the pros and cons of reopening at the current situation to its board on Thursday.

If the pandemic situation worsens and the government decides to impose a stricter lockdown in the second week of May, the DSE may retreat from its initial decision of reopening, Emon further said.

The DSE management is working to prepare another situation report on that.

March 25 was the last trading day for Bangladeshi capital market, while March 26 was the beginning of the shutdown.

Chittagong Stock Exchange (CSE), the port city bourse, has been extending its period of trade closure in alignment with the government's decision on general holiday and they are yet to take decision about reopening it.

In Bangladesh, the government-declared general holiday is going to end on May 5 if it does not get a further extension.