Investors take to streets again in fear of another debacle

DGEN plummets by 174 points, SEC advises investors not to panic
Aggrieved share investors staged rowdy demonstrations on the streets of Motijheel on Tuesday when the general index of Dhaka Stock Exchange plummeted by 174.65 points, stretching the bear-run to seventh day because of panic-driven sell-offs.
Some of the investors could not hold their nerve and went for heavy sell-offs of shares within 30 minutes of start of the day’s trading at 10:30 am in fear of another market crash following the DGEN’s slide of 343 points in the previous six days.
Although the DGEN, the benchmark general index of Dhaka Stock Exchange, rose slightly in first 30 minutes of trading on Tuesday, by 12:30 pm it lost around 98 points.
Angry investors then stormed out from different brokerage houses to the street in front of the DSE building.
They demanded immediate government intervention to stabilise the latest spell of bear-run that began on July 25 after a government decision to offload more shares of state-owned enterprises, poor corporate disclosures by listed companies and Bangladesh Bank’s adoption of tight monetary policy aggravated on Monday following the Securities and Exchange Commission’s announcement that it would file case against suspected market manipulators of January’s stock market crash. 
Agitated investors took out small processions in regular intervals and chanted slogans against finance minister Abul Maal Abdul Muhith, Bangladesh Bank governor Atiur Rahman and the DSE president Shakil Rizvi.
They demanded resignation of Muhith for his failure to stablise the market.
After the close of trading at 1:30pm, several hundred investors joined the demonstration and brought out a procession which paraded the street in front of the DSE building up to Shapla Square and ended at the Ittefaq Crossing. After the procession they held a meeting and declared harder action today, if the fall of share prices continues.
Many investors looked shattered after the massive plunge on Tuesday fearing that the market may go towards another debacle as their losses from the market crashes in January- June were yet to be recovered.
Investors said that they had injected fresh funds to the market during the recent bull run after the passage of national budget on June 29.
Saiful Ahmed, an investor who suffered huge losses in the market crash of December-January, said that he made fresh investment to adjust his losses following the surge of share prices over the last few weeks.
‘If the market collapses this time, I may have no other way than committing suicide,’ said Saiful in teary eyes.
Another investor, Nurul Alam, said, ‘When we just started to recover the losses of the last debacle, the market is heading to another crash.’
He also blasted the Securities and Exchange Commission for its foot-dragging to put the culprits of January’s stock scam into trial.
The DGEN on Tuesday closed at 6,192.94 points while the burse’s turnover also nosedived by Tk 163 crore to Tk 842.26 crore as many investors refrained themselves from trading.
Out of 255 issues traded on the day, 241 lost values heavily while only 12 gained and three remained unchanged.
Market operators said in the last three days the market fell significantly amid a rumour that some of the heavyweight players were going for massive disinvestment following the news that the SEC was preparing to take legal actions against market manipulators.
The capital market regulator on Tuesday expressed its concern on the free fall of share prices and requested the investors not to panic.
‘Whatever the commission is doing is only for bringing back stability in the market and trust of the investors,’ Saifur Rahman, executive director of the commission told reporters.
He said the SEC it taking preparation to file cases against some of the suspected market manipulator mentioned in the probe report.
‘SEC can always file cases if there is any violation of the securities laws and it is a routine work,’ he said.
‘Investors should not get panic as the commission always tries to protect their interest,’ he added.

-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