Investors’ anger deepens as stocks fall further

The long-brewing anger of the retail investors intensified further on Thursday as the Dhaka stocks plunged for the third day at a stretch, with all the government measures failing to stabilise the capital market, operators said.
The general index of Dhaka Stock Exchange slid 217.54 points, or 3.61 per cent, to 5,800.93 points at the end of the day as panic-stricken retail investors continued to sell off shares and institutional investors sit on the fence waiting for the market to slump further, creating an opportunity for them to buy shares at giveaway prices, they said.
The DSE general index, DGEN, had lost as many as 588 points in past three days.
The index had dipped in the previous two days mainly because of the selling pressure from a section of investors who had decided to leave the market for good but the two-day bear run also made the rest of the small investors jittery and lose whatever hope they still retained, the market operator explained.
Almost all retail investors lambasted the government on Thursday for making ‘empty promises’ of keeping the market stabilised.
‘The government is making fools of small investors like us by giving us hope and issuing fancy directives,’ said Jahid standing in front of the DSE building. ‘But, when it comes to facing reality, they are entirely incapable of accomplishing
any thing,’ he added in harsh tone.
Finance minister AMA Muhith in last week announced a number of government measures for stabilising the securities market. The measures include asking the state-run commercial banks and allocating a Tk 200 crore fund to the Investment Corporation of Bangladesh to buy shares from the stock market.
‘If the government does not know how to stabilise the market, why does not it admit that,’ said an angry investor in front of the bourse. ‘The people in power must admit their responsibility and stabilise the market at any cost,’
he said.
When the DGEN dropped by 253 points at around 2:25pm, investors in different brokerage houses in Motijheel, roared simultaneously in anger, producing a sound like a thunder that made the windowpanes and loose fixtures in the buildings of the area shake and vibrate, instilling in many people the fear that a street demonstration was in the offing.
The trading at DSE, however, closed without any untoward incident on the last day of the week.
The police, however, had kept movement of buses and cars on the roads in the area from 1:00pm to the end of trading at 4:00pm fearing a street protest.
Retail investors in the previous two weeks had gone on rampage in Motijheel area, a commercial hub of the capital, time and again in protest against a relentless slide in share prices. They vandalised a number of vehicles and business establishments, set fire to a high-rise, and staged rowdy demonstrations almost on every trading day of the first and second week of this month.   
The turnover of the bourse on Thursday fell further to Tk 559.25 crore from 573.67 crore on Wednesday because of the continued liquidity crisis.
Experts said the reluctance of institutional investors to become active in trade made the retail investors nervous yet again. Although the government had announced to make the institutional players become active in the market soon but this week’s market trend
gave a different picture, they said.
A high official at an asset management company told New Age categorically, ‘We know at what condition we had invested in the market and it is for us to decide what we should do about that.’
Explaining constrains of such institutions, he said, ‘As an institution, we cannot act contrary to our investment policy and assessment of the market.’
‘We really lack funds to invest in the market at the moment,’ he added.
A market analyst, however, questioned the validity of the claim of liquidity crunch made by the institutional investors.
Market analyst Akter H Sannamat said, ‘The institutional investors continue to remain inactive in the market and this discourages retail investors as well.’
‘If the financial institutions took money out of the stock market then the claim of liquidity crisis cannot have any justification,’ he pointed out.
‘And if they are facing such a crisis, the authorities must examine where the money has gone as it just cannot vanish from the channel,’ he added.
Many of the market players alleged that the institutional investors actually were waiting for the general index to collapse further before going for investment

 

Courtesy of New Age

Related News

MTB Foundation and Buet provide student scholarships

Business Desk : dhakamirror.com The Bangladesh University of Engineering and Technology (Buet) and the Mutual Trust Bank (MTB) Foundation recently held a “Saifuddin Ahmed Chowdhury Memorial Scholarship” program at the Buet academic council bhaban in Dhaka. The programme aims to provide funds on a monthly basis to 33 students of 12 departments, said a press ... Read more

Jamuna Bank Foundation holds free plastic surgery camp

Business Desk : dhakamirror.com A free plastic surgery camp for cleft lip, palate, and burn patients was held at Munshiganj General Hospital by Jamuna Bank Foundation. Specialized doctors from the Netherlands provided treatment during the camp, reads a press release. Local government Tazul Islam attended the camp as the chief guest. Chairman of Jamuna Bank ... Read more

Disney Star and Beximco Digital Distribution reach broadcast agreement in Bangladesh

Business Desk : dhakamirror.com Beximco Digital Distribution Limited (BDDL), a concern of Beximco Group has signed a deal with Disney Star to distribute eight of their popular entertainment television channels across Bangladesh via paid television service through cable, IPTV, and OTT. The collaboration will see BDDL distribute Disney Star’s channels in the original languages of ... Read more

6 Organizations and 5 Individuals get Best CSR Awards 2022

Business Desk : dhakamirror.com Six organizations and five individuals were recognized with “A Better Tomorrow CSR Awards 2022” for making positive contributions to society through various projects. The awards were presented by Planning Minister Abdul Mannan at a ceremony held at Le Meridian Dhaka in the capital, according to a press release. The Daily Star ... Read more

Nagad gets two MasterCard Excellence Awards 2022

Business Desk : dhakamirror.com The Postal Department’s Nagad mobile financial service won the “Mastercard Excellence Award 2022” for its digital innovation in Bangladesh’s financial industry. According to a press release, Nagad won its second online award for its outstanding merchant business contributions. Mastercard recently held the “Mastercard Excellence Award 2022” ceremony in Dhaka’s five-star hotel ... Read more

Rupali Bank made Tahmina Akhter DMD

Business Desk : dhakamirror.com Rupali Bank Limited has appointed Tahmina Akhter to the position of Deputy Managing Director (DMD). The Financial Institutions division of the Ministry of Finance issued a circular in this regard recently, reads a press release.  Before joining as DMD, she successfully served as general manager in the same bank. Tahmina Akhter ... Read more

Asian Banker named Islami Bank as ‘Strongest Bank’

Business Desk : dhakamirror.com Singapore-based banking and financial intelligence platform The Asian Banker has named Islami Bank Bangladesh the “Strongest Bank in Bangladesh” and the “Strongest Islamic bank in Bangladesh” for 2022. Foo Boon Ping, the platform’s managing editor, announced this on Thursday through a virtual platform which was joined by Mohammed Monirul Moula, managing ... Read more

1000th sub-branch of IFIC Bank opens in Meherpur

In an effort to create the most extensive and technologically advanced banking network in the country, IFIC Bank has inaugurated its 1000th sub-branch in Mujibnagar, Meherpur. The bank’s chairman and Adviser on Private Industry and Investment to the Prime Minister Salman F Rahman and State Minister for Public Administration Farhad Hossain was present as the ... Read more

Berger Paints offers ‘Mr. Expert Damp Guard’

Business Desk : dhakamirror.com Berger Paints Bangladesh recently launched a product called “Mr. Expert Damp Guard”, saying it protects homes from damages possible from damp conditions.  Rupali Chowdhury, managing director, and Arifin Shuvoo, brand ambassador of Mr. Expert Damp Guard, inaugurated the product at Le Meridien Dhaka, said a press release. “With this new product ... Read more

Ceramics show begins November 24

Business Desk : dhakamirror.com In an effort to boost export revenues, the Bangladesh Ceramic Manufacturers and Exporters Association (BCMEA) is holding a three-day expo from November 24–26. The expo is scheduled to take place in the International Convention City Bashundhara in Dhaka, and organizers anticipate participation from some 200 brands from 15 countries, including the ... Read more

H&M’s Bangladesh plan is big

A senior official at the Swedish retail giant says Business Desk : dhakamirror.com H&M has a big plan for sourcing from Bangladesh, but prices will rise by up to 12% after the country graduates from the least-developed countries group in 2026. Bangladesh will lose preferential market access and face 10-12% export duties after becoming a ... Read more

‘One Country, One Rate’ initiative of BTRC wins global honor

The award is presented by ASOCIO in recognition of introducing a non-discriminatory ‘one country one rate’ tariff in Bangladesh News Desk : dhakamirror.com Bangladesh Telecommunication Regulatory Commission’s (BTRC) steps to ensure affordable broadband internet got global recognition as its internet at a flat rate initiative, ‘One Country, One Rate,’ won the ASOCIO-2022 award in the ... Read more

Bangladesh produced 2.51 lakh tonnes of shrimp in FY21: minister

Business Desk : dhakamirror.com Bangladesh produced 2.51 lakh tonnes of shrimp in the 2020-21 fiscal year, and the country’s export income has increased in recent years despite the global recession and Covid-19 pandemic, according to Fisheries Minister SM Rezaul Karim. He spoke at the InterContinental Dhaka in the capital during the closing ceremony of the ... Read more

Bangladesh attends Fashion World Tokyo

Business Desk : dhakamirror.com Bangladesh attended Fashion World Tokyo Autumn 2022 on October 18-20 in Tokyo, Japan. Bangladesh’s Ambassador to Japan Shahabuddin Ahmed opened the Bangladesh Pavilion at Tokyo Big Sight on 18 October 2022, according to a release issued by the embassy there. This is the largest trade show for the fashion industry in ... Read more

StanChart and Brac University to establish curriculum

Business Desk: dhakamirror.com Standard Chartered Bangladesh and Brac University signed a memorandum of understanding recently to develop a curriculum on financial crime and compliance for both undergraduate and graduate students. The aim is to develop professionals trained to prevent financial crime while following both local and international standards of compliance, the lender said in a ... Read more

Singer’s profits drop despite rising sales

Business Desk: dhakamirror.com Although Singer Bangladesh logged higher sales between July and September this year, the company still incurred losses in the quarter, according to a press release. Sales of the multinational electronic and home appliance company were 12.8 per cent higher at Tk 520 crore in the July-September quarter compared to the same period ... Read more

Foodpanda sponsored Bangladesh’s Street Child World Cup team

Business Desk: dhakamirror.com Foodpanda donated €5,000 to the LEEDO squad representing Bangladesh at the Street Child World Cup 2022 in Doha. A Jersey Handover Ceremony was recently held at foodpanda headquarters. The Street Child World Cup Doha 2022 took place 8-15 October and brought impoverished children from around the world together for a football game, ... Read more

bKash partners with wagely to make it easier for RMG workers to access their earned wages

The facility will help RMG employees handle their emergency fund Business Desk: dhakamirror.com Wagely Bangladesh Ltd (wagely) will give Earned Wage Access (EWA) to garment workers who use bKash’s payroll system. With this feature, employees can get already-earned income before payday through their bKash account, helping them handle emergency money, according to a press release. ... Read more

Apex Footwear announces offers on anniversary

Business Desk : dhakamirror.com Apex Footwear yesterday launched its 25-year celebration campaign at The Daily Star Centre in Dhaka, where the company announced some offers and customer engagement activities that will be available at each outlet across the country till the end of December. Conditions apply on all the offers, which include lucky 25, spin ... Read more

Grameenphone reported 5.7% revenue increase in Q3 2022

Business Desk : dhakamirror.com Telecom operator Grameenphone has reported revenues of Tk11,286.75 crore for the first nine months of 2022, registering a growth of 5.7% from the same period last year. In the third quarter, the company lost some 2.9 million subscribers owing to a ban on SIM sales imposed by the Bangladesh Telecommunication Regulatory ... Read more