Stock plunge triggers protest again

Capital market investors take to the streets in front of the Dhaka Stock Exchange building at Motijheel on Sunday to vent their anger over share price fall.— Sony Ramany

Staff Correspondent

Dhaka stocks suffered a massive plunge on Sunday, prompting a number of retail investors, uncertain about the efficacy of the capital market stimulus package announced by the Securities and Exchange Commission and its implementation, to take to the streets.

The benchmark general index of Dhaka Stock Exchange, or DGEN, nosedived by 5.73 per cent to close the day at 5,065.17 points.

Retail investors staged a demonstration in front of the DSE building in Motijheel demanding immediate implementation of the pledges made by prime minister Sheikh Hasina one week ago.

‘We have been banking on the prime minister’s assurance of stabilising the market and announcing a mechanism of recovering the capital losses incurred by the small-scale investors. But, the SEC has failed to

specify any such measures in the bail-out package,’ said Bangladesh Capital Market Investors Council president Mizanur Rashid Chowdhury.

He said if the announced measures were really going to help the market then the government should implement them immediately to prove their effectiveness.

He also alleged that ‘A vested quarter is deliberately spreading panic by bulk selling shares and the SEC should identify them’.

If the market is not stabilised in the next two days, the retail investors will launch a tough programme, he announced. 

At around 2:10pm, investors from different brokerage houses gathered in front of the DSE building and formed a human chain. They chanted slogans against finance minister Abul Maal Abdul Muhith, Bangladesh Bank governor Atiur Rahman, and DSE president Shakil Rizvi.

The demonstrators also brought out a series of processions at regular intervals that paraded from Shapla Square to Ittefaq crossroads. The demonstration ended at around 4:00pm in front of the Investment Corporation of Bangladesh head office.

The day also saw the turnover of the bourse dropping to Tk 451.43 crore from that of Tk 530.92 crore in the previous trading session.

Market operators said the reduced turnover indicated that the institutional investors were yet to become active in the market.

‘The stimulus package could not fully meet the investors’ expectations and we saw the result today,’ Salahuddin Ahmed Khan, a professor of finance at Dhaka University, told New Age.

He said, ‘The market bail-out package will not change the scenario within a day or two and the investors need to understand that.’

The professor, also a former chief executive officer of the DSE, said the announced measures would offer some relief to the banks but they would not be able to increase their participation in the market ahead of December closing.

The SEC, in line with the prime minister’s instructions, announced on Wednesday a 21-point stimulus package containing short-, mid- and long-term measures aimed at increasing participation of the banks and their financial institutions to stabilise the market.

The short-term measures of the package include easing the banks’ exposure calculation system and extending their single-borrower exposure deadline. The stimuli also include withdrawal of the gain tax imposed on foreign institutional investors and non-resident Bangladeshis.  

‘The investors have been expecting an overnight change after the announcement of the stimulus package. But implementation of the announced measures will take some time,’ DSE president Shakil Rizvi told New Age.

He also advised the retail investors not to panic and go for long-term investment and trading plan.

SEC officials refused to make any comment about the market situation on Sunday.

The DGEN gained 947 points in four trading sessions last week following prime minister Sheikh Hasina’s intervention to bring back stability in the market after the index had taken a 560-point plunge in three days since resumption of share trading on the DSE after the Eid vacation.

Of the 254 issued traded on Sunday, only seven advanced, with all the remaining 247 scrip suffering a decline.

Source: newagebd.com/newspaper1

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Clothing of the worker death road accident sparks violent protest

A police officer speaks with a person who tries to stop fire on a bus, the clothing workers at Shewrapara in the capital on Sunday lit workers in traffic accident on the spot was after the death of clothing. -Sanaul Haque

Two killed in separate city traffic accidents

Staff correspondent

Hundreds of angry clothing workers have Mirpur busy road in the city for almost three hours Sunday morning from protest against the death of a colleague in a traffic accident.

The protesters damaged at least 30 vehicles, and battles with the police in their violent protests, which began about 10: 30.

Police and the local population, said that the demonstrators on the road, Begum who went after the death of 30-year-old colleagues Wednesday.

A worker of Akik apparels limited, Rabu died on the spot, which from an acceleration bus Shikor Paribahan in the vicinity of Taltola bus stand about 3 AM run over.

Hours workers from various factories on place and blocked the street movement on the road for almost three hours stop traffic.

The place, crashed to restore traffic police, but the workers refused to remove the barricades on their demand for compensation by the authorities of the victim's family.

When the Police directing evil took workers threw stones as a reprisal.

Later, additional police on the spot assured the workers that would be tackled by bus owners sent.

The police held a meeting with the workers and factory owners, to settle the issue.

The police confiscated the bus, but the driver had escaped.

Wednesday, October came from Bhola and lived in Taltola.

The blockade attracted workers at 13.

The victim's body sent to Dhaka Medical College Hospital mortuary for post mortem examination.

Kafrul police station officer responsible for Abdul Latif said that police brought reinforcements from nearby police stations the situation under control.

He said that the police charge batons on the workers had to bring the situation under control.

Mirpur police station officer responsible for Kazi Wazed Ali said that the workers was damaged buses and cars on an entire stretch of the road from Shewrapara to Mirpur-10 roundabout.

He said that the problem in consultation with the authorities concerned was settled.

At least two others were killed in separate road accidents on Kadamtoli and Darussalam in the city Sunday morning.

Kadamtoli, Mohammad sent a helper died in a bus on the spot at approximately 07: 30 by speeding up bus close to the Bangladesh-China friendship bridge on the Postagola hit, as he was crossing the road.

Son of Abbas Ali, Bhaumik came from Shibchar shortly Madaripur district and worked as Assistant of Jhilik Paribahan.

Darussalam, bus driver Mohammad Toyeb Ali, died on the job by an accelerating lead bus, as he is on the road of foot.

He had left just his house and was on its way to the garage near the bus stop of Darussalam, take a bus am to 05: 30.

Police said that sent his body to DMCH morgue for autopsy.

Source: newagebd.com/newspaper1

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