A section of angry investors again took to the streets at Motijheel in the city Sunday as the Dhaka Stock Exchange (DSE) experienced yet another massive fall despite announcement of the stock market rejuvenation package by the securities regulator.
The Securities and Exchange Commission (SEC) unveiled the stock market rejuvenation package Wednesday.
"But all positive steps to rejuvenate the capital market are yet to leave positive impact on the market. Rather, the falling trend has disappointed many investors," brokers said.
At the end of four-hour trading, the DSE General Index (DGEN) plunged 308.12 points or 5.73 per cent on the day to close at 5,065.17 while the turnover value stood at Tk 4.51 billion.
The losers thrashed the gainers as out of 254 issues traded, only seven advanced and 247 declined.
The frustrated investors came out of different brokerage houses and gathered in front of the DSE main gate at about 2:00 pm when the DGEN fell by more than 200 points.
They chanted slogans against the DSE president, the Bangladesh Bank governor and the finance minister for their failure to bring back stability in the market.
The leaders of the Bangladesh Share Investors Unity Council (BSIUC) staged a demonstration and brought out a procession protesting against the share price fall.
They also threatened to organise a 'grand rally' on December 7 in front of the DSE, if the government fails to bring back normalcy in the stock market within 72 hours.
The investors alleged that some big market players and gamblers might have a role behind the fall in share prices and urged the government to take effective steps immediately.
They also urged the SEC to investigate whether foul players are involved in the unusual share price fall and save the capital market from the claws of vested quarters.
BSIUC President AKM Mizan-Ur-Rashid Chowdhury said, "Though the government announced a 21-point stock market rejuvenation package to stablise the market, a group of vested quarters are trying to make the market volatile and buy shares at a lower price."
Later, they brought out a procession which marched from the DSE office to Shapla Square.
However, vehicular movement from Shapla Square to Ittefaq intersection was normal as additional police personnel cordoned off the whole area and brought the situation under control without any untoward incidents.
Yawer Sayeed, managing director and CEO of AIMS of Bangladesh, an asset management company, told the FE, "Though the government has taken some positive steps, the retail investors do not show their patience."
"The retail investors should behave rationally as the government took all positive steps to stablise the market," said Mr Sayeed.
"The measures the government has taken will take some time to come into effect; it's a reality. But our investors do not keep patience and are panicked which is very unfortunate," commented Mr Sayeed.
AB Mirza Azizul Islam, former finance adviser to the caretaker government, told the FE: "There is no valid reason for market fall as the government took a series of positive steps to stablise the market."
The investors should be rational and make their investment in fundamentally strong shares, Mr Islam, also a former chairman of the SEC, said.
Institutional investors were almost inactive ahead of wrapping up their accounts in the year-end closing which was also a cause for the market fall, he said.
However, he said, the banks may go for fresh investment in January-February.
"Relaxation of various rules in the rescue package to encourage greater participation of banks in the market seemingly did not materialise as yet with the trade value dipping below Tk 5.0 billion," said a stock broker.
On the contrary, a combination of aggressive profit-taking and tendency of traders to stay in the safe zone amidst uncertainty relating to the country's macro-economic condition led to the massive fall, he added.
Source: thefinancialexpress-bd.com
Read More on prothom alo dhaka
No comments:
Post a Comment