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Wednesday, November 16, 2011
Free fall in stockmarket
Prompts PM to meet with stakeholders today
A steep fall in share prices continued for a third day yesterday, prompting the prime minister to call a maiden
emergency meeting with market stakeholders today.
The 4.67 percent fall at the close of trade at Dhaka Stock Exchange also set off protests by some retail investors
in the busy financial hub of Motijheel.
Sheikh Hasina will sit with the stakeholders at Gono Bhaban to discuss the current stockmarket situation, Prof M
Khairul Hossain, chairman of the Securities and Exchange Commission, told newsmen.
The government is highly concerned about the stockmarket, he mentioned.
Apart from the SEC chief, the finance minister, central bank governor, Bank and Financial Institutions Division
secretary, National Board of Revenue chairman, chief of Investment Corporation of Bangladesh, leaders of
Bangladesh Insurance Association, Bangladesh Association of Banks, Association of Bankers, Bangladesh, and
presidents of Dhaka and Chittagong bourses will attend the meeting.
Earlier on yesterday noon, the prime minister called upon the SEC chairman at her office and instructed him to
take all necessary measures to stabilise the market, which is now on the verge of a second crash in a year.
We informed the prime minister about the overall situation in the stockmarket. She directed the commission to
take immediate measures considering the current market situation and bring back normalcy in the market, said
Khairul.
The General Index, DGEN, of the premier bourse on Monday dipped below the psychological 5,000 points level
for the first time in two years.
At the close of yesterday's trade, the DGEN stood at 4,649 after shedding 228 points. The market breadth, which
indicates the health of the market, was also very negative as only eight securities traded higher, while 239 lost
their values.
The prime index of the DSE continued to dive further below as the investors put tremendous pressure on
selling, observed Green Delta Securities in its regular market analysis.
According to the stockbroker, all the recent initiatives of the government failed to stabilise the market. Some
experts believe that the financial crisis around the world is slowing down our economy and also causing the
downtrend in the capital market in that process.
Faruq Ahmad Siddiqi, a former chairman of the SEC, however, said the economic factors do not put direct impact
on the market.
The main problem in the market now is the loss of confidence among the investors, he pointed out.
Protesting the continuous free fall in stock prices, a group of small investors under a banner of Bangladesh
Capital Market Investors' Unity Council took to the streets in front of DSE and Bangladesh Bank offices in the
capital.
Vehicular movement between Shapla square and Ittefaq crossing came to a halt around noon for hours.
Aggrieved investors set fire to wooden and paper stuffs, chanted slogans and demanded a shut of stock trading
until the market is stabilised through government intervention.
They announced to continue their demonstration today and left the streets around 5:30pm.
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COMMENTS
Annonymous
Wednesday, November 16, 2011 05:22 AM GMT+06:00 (150 weeks ago)
If the prime minister listens to the advices given by people like Salman Rahman, Raqibur Rahman and Lotus

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Nothing good is going to happen
out of this meeting. Similar type of
meetings were held several times
in the last 11 months under her
directives, but the end result was
zero. The market may rise for few
days making an opportunity to sell
who bought at much lower price in
the last few days. Then it will come
back to the previous position
again. The only thing they have to
decide is that enough money has
been made out of stock market
and it is time to move to another
sector. This could be the only
solution to this problem at this
time.
: Anonymous
What is she going to do? Make
useless soothing noises to people
who do not believe in her words
and have lost so much? The PM,
like the whole nation, is fully aware
of the people behind this stock
market manipulation after all such
scams take place only during AL
rule historically and there was a
report submitted on the crash and
the guilty parties, yet the
government has, and will, do
nothing. So this meeting is yet
another cover-up, yet another
scam perpetrated on the innocent
citizens of Bangladesh. Surely
their time will also come.
: Raihan Sharif
Kamal then this meeting will not be able to bring back confidence in the market
which is the rarest thing at the moment.
Manzoor Ashraf
Wednesday, November 16, 2011 04:15 AM GMT+06:00 (150 weeks ago)
Most people who invested their money in the stock market in Bangladesh do
not know the basic rules and now they expect our poor government to bail
them out. I hope the government keeps out of this mess as the people who
invested did so willingly. Let the market stabilise itself as it certainly will when it
reaches true value! In the mean time please do not be sorry for foolish
gamblers.
Aarwar, Riyadh
Wednesday, November 16, 2011 02:38 AM GMT+06:00 (150 weeks ago)
Whatever is happening in the country's stock market is natural and it happens
in any such market in any country. Small ups and downs occur regularly and
big ups and downs happen less frequently but they do indicate that either a
heavy fall or a sharp rise is imminent.
Anonymous
Wednesday, November 16, 2011 12:31 AM GMT+06:00 (150 weeks ago)
I am astounded to see the stupidity of my fellow countrymen who got involved
in stock market without any idea how it works. Someone should tell them that
stock market is not a magical place where price of stocks only go up. You can
ask the government to take measure to stop the illegal activities if you suspect
anything, but you can not ask them to take measure to increase the stock
prices. It is the person's responsibility who is investing to understand the risk
and the gain. I wish they just grow up and stop crying and breaking stuff when
they find out things are not as they have imagined. It is your fault if you loose
money when you invest in this risky business.
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