Dhaka stocks fall with a flop again

Investors demo, blame SEC for creating panic
Volatility returned to the trading floor of the Dhaka bourse on Thursday, after Wednesday’s heavy gains, pulling down the general index sharply that prompted the angry investors to take to the streets for the second day in the week.
The DGEN, the benchmark general index of the Dhaka Stock Exchange, lost 129.43 points, or 2.02 per cent, to close the day at 6,259.90 points, after shooting up 196 points on Wednesday following a seven-day bear run.
The turnover of the bourse on the day, however, inched up by Tk 7 crore from the previous day’s Tk 618.68 crore as general investors rushed to sell-off shares, driven by a panic created by a sustained rumour that the market regulators were going to file cases against some big investors suspected to be involved in market manipulation that brought about the January’s stocks debacle.
Investors, who staged a rowdy demonstration on Tuesday in protest against the continued fall in share prices for seven straight days, on Wednesday came out of different brokerages on the street in front of the DSE building again at around 1:15pm, by the time when the DGEN had already lost around 130 points.
They blockaded the road, stopped vehicular movement between Shapla Square and Ittefaq Crossing, and brought out a procession that paraded the road section a few times.
They chanted slogans against finance minister Abul Maal Abdul Muhith, Bangladesh Bank governor Atiur Rahman, the Securities and Exchange Commission, and DSE president Shakil Rizvi for their failure to stabilise the market and infusing the investors with panic.
At one point, a section of the demonstrators turned rowdy and chased journalists covering the event, besides harassing the camera crew of Independent and Massranga television channels.
The investors ended the demonstration at around 2:10pm, after holding a short meeting in front of the DSE building. From the meeting, they warned the government that they launch a strike from Sunday for an indefinite period, if the market was not stabilised.
Market operators said many investors, who suffered the impacts of the January’s market crash and passed the following depression till June, were becoming more and more panicky by the day, fearing another round of debacle.
They blamed the SEC for foot-dragging in taking legal actions against the market manipulators.
‘The SEC on Monday announced that it was set to file cases against a number of market manipulators responsible for the January’s stock market crash, which spread fast through the grapevine. They should have filed the cases first and then announced that they had taken such an action,’ observed a stockbroker.
Many investors on Thursday also alleged that the announcement made by the equities market watchdog gave rise to the bearish trend of the past few days.
‘If they wanted to bring the manipulators to book, they could have done it without the unnecessary trumpeting,’ remarked an investor, adding that, ‘But, since making the announcement, they have been delaying the process, which helped rumours to spread and panic to be intensified among the investors.’
Investors also termed the recent bearish trend, which deepened after the SEC had decided to take legal action against market manipulators, unusual and plotted by a syndicate. ‘May be a syndicate is intentionally doing such market manipulation to put the regulators under pressure,’ said an investor.
Akter H Sannamat, a capital market analyst, said, ‘If the SEC finds any one guilty after investigation, it can take action against him or her by itself, because it would lake a long time to settle such issues under the judicial system as we have seen in the past.’  
He said the commission should not have made such a public announcement of such issues and, if it did, it should go for immediate action to prevent any rumour to form.
Akter also said, ‘The SEC should gear up its surveillance and find out the quarters that had generated the heavy selling pressure in the last few days.’
‘It is very much possible for them to indentify the culprits,’ he added.
Of the 258 issues traded on the bourse on Thursday, only 12 advanced, while 241 declined and five remained unchanged.

-With New Age input

Related News

DITF concludes with export orders of around Tk 300 crore

Business Desk : dhakamirror.com The 27th Dhaka International Trade Fair-2023 ended on Tuesday with businesses receiving export orders worth about $30.38 million (about Tk 300 crore) while goods worth Tk 100 crore were sold in the month-long exhibition at the Bangabandhu Bangladesh-China Friendship Exhibition Centre at Purbachal in Dhaka. A total of 47 businesses received ... Read more

Belal Ahmed now SIBL’s acting chairman

Business Desk : dhakamirror.com Social Islami Bank Ltd (SIBL) has appointed Belal Ahmed as the acting chairman of its board of directors after Md Mahbub Ul Alam resigned. Previously, he served the bank’s board as vice-chairman. Ahmed is the son-in-law of Mohammed Saiful Alam, the chairman of Chattogram-based S Alam Group. He represents Unitex Steel ... Read more

Walton sees Tk 566cr sales drop in six months

Business Desk : dhakamirror.com Walton Hi-Tech Industries PLC, the largest electrical, electronics and home appliance manufacturer in Bangladesh, posted lower sales and profits in the first half of the current financial year due to higher inflation and the dearer US dollar amid the ongoing global economic crisis. The sales dropped by Tk 566 crore, or ... Read more

Phone producers must preinstall Bijoy app, although users are under no obligation: Jabbar

Business Desk : dhakamirror.com Preinstallation of Bijoy app on android phones is still mandatory for the importers and manufacturers of the devices, but it is not obligatory for the users to use the Bangla writing software, Telecom Minister Mustafa Jabbar said today. The Bangladesh Telecommunication Regulatory Commission (BTRC) has not changed its stance over the ... Read more

‘Richest 1% seize two-thirds of fresh $42 trillion created since 2020′

Oxfam report says Business Desk : dhakamirror.com A new Oxfam report shows that the top 1% of the world’s wealthiest people have taken almost two-thirds of the $42 trillion in new wealth that has been created since 2020. This is almost twice as much money as the bottom 99% of the world’s population has. A ... Read more

‘Richest 1% seize two-thirds of fresh $42 trillion created since 2020′

Oxfam report says Business Desk : dhakamirror.com A new Oxfam report shows that the top 1% of the world’s wealthiest people have taken almost two-thirds of the $42 trillion in new wealth that has been created since 2020. This is almost twice as much money as the bottom 99% of the world’s population has. A ... Read more

Puma extends footprint

Business Desk : dhakamirror.com The global footwear and apparel giant Puma has opened a flagship store in Chattogram, Bangladesh. With the new one, the total number of showrooms of Puma in Bangladesh rises to four. The brand has three outlets in Dhaka, launched by DBL Group, the franchise partner of Puma in Bangladesh. Bangladeshi cricketer ... Read more

First time gold prices exceed Tk 93,000 per bhori

Business Desk : dhakamirror.com The Bangladesh Jewellers’ Association (Bajus) has decided to raise gold prices for a third straight week, effective tomorrow. According to a press release issued by Bajus yesterday, the price of one bhori (11.66 grams) of 22-carat gold has increased by 3 percent, to around Tk 93,400, as of today. It said ... Read more

Tk 351 crore apartments, plots sold, booked in REHAB Fair 2022

Business Desk : dhakamirror.com Flats, plots and commercial spaces worth around Tk 351.16 crore were sold and booked in the 22nd edition of the REHAB Fair, which ended today. Of them, Tk 168 crore came from the sales and booking of flats, Tk 80 crore from plots and Tk 53.73 crore from commercial spaces, according ... Read more

StanChart wins The Banker’s ‘Best Bank award

Business Desk : dhakamirror.com Standard Chartered Bangladesh was recently named as the “Best Bank in Bangladesh” by The Banker magazine’s Bank of the Year Awards 2022. The Banker provides economic and financial intelligence for the world’s financial sector, combining in-depth regional and country coverage with reports on markets, banking, regulation, risk, transactions and technology and ... Read more

10 new products require BSTI certification

Business Desk : dhakamirror.com Bangladesh Standards and Testing Institution (BSTI) has added 10 new products to the list of items that need to be certified by the national standards body. The new products are: disposable diapers, facewash, petroleum jelly, flatbread/tortilla, shaving foam or gel, eye care, hair dye liquid, aerosol, shoe polishing and geyser. The ... Read more

Walton introduces hire purchase and family protection

Business Desk : dhakamirror.com Walton has launched a hire purchase and family protection policy along with a one-stop service solution. SM Mahbubul Alam, managing partner of Walton Plaza, inaugurated the ‘Hire Purchase and Family Protection Policy’, ‘One-stop Service Solution’ and ‘Hire Purchase and Family Protection Week’ at a programme held at Walton Corporate Office in ... Read more

ICAB, auditor general office to exchange knowledge

Business Desk : dhakamirror.com The Institute of Chartered Accountants of Bangladesh (ICAB) and the Office of the Comptroller and Auditor General (OCAG) of Bangladesh signed a memorandum of understanding (MoU) recently to sharing knowledge by jointly developing and introducing courses and programmes.  The two entities will also work towards developing customised training programmes and disseminating ... Read more

Shahjalal Islami Bank gets first place in 22nd ICAB National Award

Business Desk : dhakamirror.com Shahjalal Islami Bank has won first position for the best presented annual report-2021 at the 22nd ICAB National Award recently. Mohammed Younus, chairman of the bank, Mosleh Uddin Ahmed, managing director, and Md Jafar Sadeq, chief financial officer, received an award from Commerce Minister Tipu Munshi at Pan Pacific Sonargaon Dhaka, ... Read more

Islami Bank wins ICMAB Best Corporate Award 2021

Business Desk : dhakamirror.com Islami Bank Bangladesh Limited IBBL won the ICMAB Best Corporate Award 2021 for “Private Commercial Bank (Islamic Operation)”. Commerce Minister Tipu Munshi handed over the award to Muhammad Qaisar Ali, additional managing director of the bank Thursday (1 December) at a ceremony held at Hotel InterContinental Dhaka. JQM Habibullah, additional managing ... Read more

Brac Bank holds fire safety awareness sessions during Fire Service Week

Business Desk : dhakamirror.com To observe Fire Service Week, Brac Bank held a fire safety awareness event for its people in conjunction with the Fire Service and Civil Defence Department. The bank arranged a fire safety drill at its head office in Dhaka on 17 November, said a press release. The department observes Fire Service ... Read more

Premier Cement Mills PLC obtains ICMAB ‘Gold Award’ for cement manufacturing

Business Desk : dhakamirror.com Once again, Premier Cement Mills PLC has taken home the Gold in the Cement Manufacturing category at the ICMAB Best Corporate Award 2021. Mohammed Amirul Haque, managing director of Premier Cement Mills PLC, received the award from Commerce Minister Tipu Munshi at a city hotel on 1 December.  Among others Federation ... Read more

IPDC Finance took home “gold” for ICMAB Best Corporate Award 2021

Business Desk : dhakamirror.com IPDC Finance was honored with the Gold Award in the NBFI category at the ICMAB Best Corporate Award 2021. The awards event took place on Thursday, December 1 at the Intercontinental Dhaka, said a press release issued in this regard. Commerce Minister Tipu Munshi handed over the awards to the recipients as ... Read more

Agora, BD Recycle Technologies to work on solid-waste management 

Business Desk : dhakamirror.com Agora Limited has recently joined hands with BD Recycle Technologies Limited (BRTL) to work together with the goal of ensuring sustainable solid-waste management. A memorandum of understanding has been signed in this regard, where these two institutions will work towards environmental protection through modernisation of waste management, reads a press release. ... Read more

ICMAB Best Corporate Award goes to 65 firms

Business Desk : dhakamirror.com A total of 65 businesses were awarded the “Best Corporate Award 2021” by the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for their efforts in establishing corporate governance. After examining each company’s annual report, the ICMAB presented them with honors Thursday night at a local hotel during its annual ... Read more