• Thursday, Sep 19, 2019
  • Last Update : 06:31 pm

Investors take to streets as stocks continue to fall

  • Published at 09:58 pm April 9th, 2019
DSE protest
Investors hold a rally in front of the Dhaka Stock Exchange building at Motijheel Dhaka Tribune

In the last two months, DSEX, the benchmark index of the Dhaka Stock Exchange, shed 482.58 points. During this period, the prime bourse market capitalization lost Tk18329 crore

Small stock investors on Tuesday staged demonstration for the second day protesting at the continuous fall of the key indices at the Dhaka and Chittagong Stock Exchanges.   

After the trade session at 2:30pm, a group of small investors took to the streets in front of the Dhaka Stock Exchange building at Motijheel under the banner of Bangladesh Pujibazar Biniogkari Oikya Parishad.

During the protests, the aggrieved investors also demanded resignation of Bangladesh Securities and Exchange Commission (BSEC) Chairman M Kairul Hossain for what they call his failure to protect the investors’ rights.    

In the last two months, DSEX, the benchmark index of the Dhaka Stock Exchange, shed 482.58 points. During this period, the prime bourse market capitalization lost Tk18329 crore. Yesterday the capitalization stood at Tk397329 crore, which was Tk4,15,658 crore on February 3.

On Tuesday, DSE saw the broad index losing 53.48 points. At the end of the day, the index closed red at 5318.75 levels with 1.00% decrease from the previous day while the market turnover declined by 12.46%.  

Meanwhile, the Chittagong Stock Exchange's (CSE) All Share Price Index fell by 165 points at closing. 

Pujibazar Biniogkari Oikya Parishad president Mizan-ur-Rashid Chowdhury said that Investment Corporation of Bangladesh (ICB) was inactive as regard the purchase of shares in the current situation of the stock market. 

He demanded investigation into the matter.

“The government collects necessary funds from the common stock market investors for the development of the country. This is the way in other countries. But in our country, the listed companies are used for manipulation. The small investors thus become victims,” he said.

“Share prices of 76 listed companies are currently below the face value. But as the regulatory body, the BSEC is not taking any action against them,” he added. 

The Parishad president said that the government appointed Khairul Hossain as chairman of the BSEC in order to protect the interests of the investors, not to think about the interest of the listed companies only. But all steps BSEC is taking are going in favour of the listed companies, he alleged.

He warned that they would go for tougher programs if BSEC took no initiatives to address their demands.    

The Parishad publicity secretary Mizanur Rahman said that pre-IPO placement must be closed and demanded that share locking be suspended for at least two years.

“A group is manipulating the market to lower the prices and steal money. Small investors are facing massive losses,” he alleged, demanding a probe to identify the perpetrators.