Dhaka stocks dip to 10-month low

Dhaka stocks continued to collapse on Sunday with the bourse’s general index hitting 10-month low as panic-stricken retail investors went for heavy sell-offs for the fourth day.
The government on the day again asked four state-run banks and the Investment Corporation of Bangladesh to purchase shares to stablise the market but the directive had little impact on the day’s trading.
The general index of the Dhaka Stock Exchange collapsed by 337.58 points, or 5.81 percent, to close at 10-month low at 5463.35 points on the day. The DGEN was at 5467.12 points on April, 18, 2010.
The DGEN shed a massive 926 points in last four trading days as panic spread among general investors while institutional investors took a wait-and-see policy to see the DGEN fall further to purchase shares at cheaper rates.
The DGEN, which started to wobble in December last year after large investors like banks and other financial institutions left the market taking huge profits, have so far lost 3455 points or 38.80 percent since it hit record 8918.51 points on December 5, 2010.
The market capitalisation also dropped by a whopping Tk 1,16,784 crore to stand at Tk 2,51287 crore on Sunday from Tk 368071 crore on December 5, 2010 as capital of many of the retail investors wiped out.
On Sunday, the bourse lost 140 points in five minutes as the floor opened while jittery investors continued with sell-offs to leave the market with whatever they have fearing further crash.
During the trading hours, the DSE posted a news on its website that said the government again ordered four state-run banks and the Investment Corporation of Bangladesh to buy shares from the securities market as a measure to stabilise the market.
But the daily turnover at the burse fell further to Tk 501.27 crore on Sunday from Tk 559.25 crore on Thursday.
The confidence of the investors hit the lowest ebb and as a result good dividend declaration by two non-bank financial institutions resulted in the plunge of share prices of the companies as the market lacked buyers for most of the issues.
Out of the total 255 issues traded on the day, prices of 249 issues plunged while only 6 advanced.
The retail investors, however, expressed their utter aggravation following the announcement of the government that the banks had been asked to buy shares.
They termed the government’s directives as ‘mockery’ and questioned their sincerity in order to stabilise the market.
‘It seem the government is enjoying to make us fools as we proved ourselves enough stupid to believe them,’ Anwar, a retail investors, shrugged.
The investors blasted the government for the empty words as government promises time and again resulted in utter disappointment among them.
Lutfar Rahman, one investor in front of the DSE building, said, ‘The banks do not even care about those orders as it comes from such worthless authority’.
Earlier on the second week of the month, the government had issued similar orders to the institutions as a wake up call following the extreme protest by the investors. The government also allocated a Tk 200 core fund to the ICB to buy shares from the market.
But in the last week, the DGEN had lost 125.41 points, or 2.12 percent on the week. The declining graph brought back
the jittery and anger among the retail investors and made them doubtful about the government measures.
Experts are considering such government directives and frequent orders pointless if those do not yield any result.
Salahuddin Ahmed Kahn, a finance teacher of Dhaka University, said, ‘The government better not embarrass itself by issuing such orders which would not come into effect.’
Salahuddin, who is also a former CEO of DSE, said the amount of investment demanded by the market to came into stability, can only be met if the government invests itself.
‘Otherwise, asking others to buy shares would really not help’ he added.


Courtesy of New Age

Related News

Achol Foundation reported 585 student suicides in 2022

News Desk : dhakamirror.com A survey by the Achol Foundation found that 585 students from schools, colleges, universities, and madrasas died by suicide in 2016. Among them, 340 were in school, 106 were in college, 85 were in university, and 54 were in a madrasa. The foundation revealed the information through a press release sent ... Read more

Mother, kid reunited by cop’s brave act

News Desk : dhakamirror.com A mother sold her two-month-old infant for Tk 30,000 to pay off debts. A police team reunited the mother and kid yesterday, three days after the terrible tragedy. The mother, Lima Hanufa, said her husband hasn’t worked in five years since a road accident incapacitated him. Lima, her family’s sole breadwinner, ... Read more

Taslima Nasreen claims she became a big victim of medical crime

News Desk : dhakamirror.com Exiled Bangladeshi writer Taslima Nasrin has accused a hospital in India of committing a “medical crime” by providing wrong treatment to her after she reportedly broke a bone in her leg. She claimed that doctors at the hospital conducted a total hip replacement surgery on her even though the X-ray report ... Read more

Boy found in the cargo container calls himself Fahim

News Desk : dhakamirror.com The boy found in a cargo container in Port Klang of Malaysia on January 17 calls himself Fahim and he could be Bangladeshi or Rohingya. A video clip of the boy, aged between 11 and 15, being rescued from the empty container went viral and in several clips the boy calls ... Read more

Sreemangal became cool at 5.6 degrees Celsius

News Desk : dhakamirror.com Sreemangal of Moulvibazar ha the lowest temperature of the season at 5.6 degrees Celsius in the 24 hours preceding friday morning. Mujibur Rahman, a Srimangal weather monitoring station officer, told UNB that the lowest temperature at Sreemangal was 2.8 degrees Celsius on February 4, 1968. Sreemangal is struggling with severe cold, ... Read more

Liver transplant: Sister saves brother

News Desk : dhakamirror.com Bogura resident 53-year-old Monetzar Rahman received a liver transplant from Bangabandhu Sheikh Mujib Medical University (BSMMU) physicians. At a press conference yesterday, BSMMU officials stated Montezar’s sister Shamima Akter, 43, gave 60% of her liver to save her brother. The Prime Minister’s Relief and Welfare Fund paid for surgery. BSMMU surgeons ... Read more

Biswa Ijtema first phase concludes with peace prayers

News Desk : dhakamirror.com The first phase of the Biswa Ijtema concluded today with the Akheri Munajat (final prayers), seeking peace on earth and prosperity for the Muslim Ummah. Thousands of devotees of all ages gathered at the Ijtema ground on the Turag banks and on the roads adjacent to the Ijtema venue during the ... Read more

Women use mobile phones more than men

News Desk : dhakamirror.com The latest survey from the Bangladesh Bureau of Statistics (BBS) shows that more women than men in the country have access to mobile phones. The proportion of mobile phone use of the male and female in the last 3-month is 89.9 percent and 90 percent respectively, said the report. The BBS ... Read more

What does a ride on the metro cost?

News Desk : dhakamirror.com The Uttara-Agargaon section of the country’s first metro rail will be inaugurated tomorrow. Dhaka Transport Coordination Authority (DTCA), the government agency responsible for fixing metro rail fare, has published the full list of metro rail fares. The minimum fare was fixed at Tk 20 and the maximum fare for travelling from ... Read more

DGHS advises taking booster and using mask amid rising COVID-19 cases

News Desk : dhakamirror.com Health officials told people today to be careful, such as by getting booster shots and wearing masks in crowded places. This comes after a warning from the National Advisory Committee about a possible new variant that has already spread through China and been found in India. Because of a highly contagious ... Read more

Met Office warns of fog

News Desk : dhakamirror.com A light to thick blanket of fog is likely to envelope large parts of Bangladesh for up to 12 hours from midnight. Moderate to thick fog may occur over the river basins and northern part of the country and light to moderate fog elsewhere over the country from midnight to morning, ... Read more

Bangladesh celebrates Victory Day

Nahid Riyasad The nation celebrates 52nd Victory Day on Friday commemorating the freedom fighters whose supreme sacrifice freed the country from Pakistani occupation force in 1971. Thousands of people from all walks of life started gathering at the National Memorial in Savar to pay tribute to the 1971 martyrs from the morning after the president ... Read more

Bangladesh’s Saleemul Huq among Nature’s top 10 scientists

News Desk : dhakamirror.com The scholarly publication Nature has presented a selection of ten individuals who were instrumental in shaping the most significant scientific stories in 2022. Saleemul Huq, a Bangladeshi scientist, has made it onto the list for his work to get wealthier nations to pay for the losses and damages caused by climate ... Read more

Martyred Intellectuals Day: People paying homage to martyred intellectuals

News Desk : dhakamirror.com People from all walks of life have been paying tributes to the martyred intellectuals by placing wreaths at the Martyred Intellectuals Memorial in Rayerbazar this morning, marking the Martyred Intellectuals Day. Most of the people, including teachers and students from different educational institutions, were wearing black clothes, a symbol of mourning. ... Read more

Stakeholders can deal with Evaly on own accord

News Desk : dhakamirror.com HC says in full text of order The High Court in the full text of an order has cleared the way for banks and other stakeholders to deal with beleaguered e-commerce platform Evaly on their own accord. “Since this court has never passed any order to halt the activities of Evaly, ... Read more

Argentina plans embassy in Bangladesh

News Desk : dhakamirror.com Argentina wants to open a diplomatic mission in Bangladesh. South Atlantic News Agency Merco Press says that the decision may have been helped by the fact that Bangladesh cheered for Lionel Messi’s team at the World Cup in Qatar. Bangladesh has always had a lot of die-hard Argentina fans, but during ... Read more

BBC’s 100 Women list includes Bangladeshi student

News Desk : dhakamirror.com The BBC placed Bangladeshi student Sanjida Islam Choya on its list of the world’s 100 most influential women for 2022 because of her work to stop child marriage. The BBC says that Sanjida has stopped at least 50 child marriages in Bangladesh. When she was in school, she saw a presentation ... Read more

HSC enrollment starts Dec 8, classes start Feb 1

News Desk : dhakamirror.com Enrollment for the following academic year’s Higher Secondary Certificate (HSC) courses will open on December 8 using an online registration system. Prof. Tapan Kumar Sarker, head of the Inter-Education Board Coordination Committee, said applicants can apply through December 15. He added the admission process will be posted on education boards’ and ... Read more

Umrah e-visa requires biometric data.

Elderly pilgrims may be affected, according to HAAB. News Desk : dhakamirror.com In order to receive their Umrah e-visas, pilgrims from Bangladesh and four other countries must submit biometric data, including “fingerprints,” to the Saudi authorities. According to a report citing an announcement by the Saudi Ministry of Hajj and Umrah, the other nations include ... Read more

75% disabled children not in secondary school

News Desk : dhakamirror.com About three-quarters of children with disabilities have dropped out of high school, and about 60% do not go to regular primary schools. A recent government study found that only 8% of them go to primary schools for early childhood education, with girls enrolling at a rate of 5.39 percent and boys ... Read more