Investors Demand Resignation Of BSEC Chief
Bourses decline for 3rd running day, DSE dips 3years low
The Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) continued to decline for the third consecutive day on Tuesday as the dominant small investors maintained their selling spree.
As index plunging continued, a group of aggrieved investors held a press conference at the National Press Club on Tuesday in protest against the inaction of the authorities.
The retail investors, under the banner of 'Bangladesh Pujibazar Biniogkari Oikya Parishad,' demanded immediate actions to help revive the market.
They also demanded immediate resignation of Chairman of the Bangladesh Securities and Exchange Commission (BSEC) M Khairul Hossain for his alleged failure to bring back the market normal despite the government took a series of market supportive measures.
Stock investors have demanded the prime minister's intervention in the investigation into corruption and unethical activities at the Bangladesh Securities and Exchange Commission (BSEC).
Market analysts said the investors have been suffering a crisis of confidence for long and the recent fall of the index mounted the crisis among them.
They said lower than expected dividend recommendation and some companies "no" dividend declarations during the trading hours also dampened investors' confidence.
DSEX, the prime index of DSE declined by 28.48 points or 0.60 per cent to settle at 4,670-the lowest level since November 15, 2016.
Two other indices also ended lower. The DS30 index, comprising blue chips, fell 13.44 points to finish at 1,635 and the DSE Shariah Index lost 7.07 points to close at 1,067.
Turnover was at Tk 3.58 billion, which was nearly 17 per cent higher than the previous day's turnover of Tk 3.05 billion.
The losers took a strong lead over the gainers as out of 354 issues traded, 197 closed lower, 110 ended higher and 47 issues remained unchanged on the DSE trading floor.
A total number of 108,786 trades were executed in the day's trading session with trading volume of 134.23 million securities.
The market capitalisation of the DSE also fell to Tk 3,551 billion on Tuesday, from Tk 3,562 billion in the previous session.
National Tubes topped the turnover chart with shares worth Tk 190 million changing hands, followed by Sonar Bangla Insurance, Monno Ceramic, Legacy Footwear and Square Pharma.
Alif Manufacturing Company was the day's best performer, posting a gain of 21.31 per cent while Intech was the day's worst loser, plunging by 37 per cent following its 'no' dividend declaration.
The CSE with its CSE All Share Price Index - CASPI -lost 140 points to settle at 14,184 and the Selective Categories Index - CSCX -dropped 83 points to finish at 8,627.
The losers beat the gainers as 145 issues closed lower, 67 ended higher and 27 remained unchanged. The port city's bourse traded 6.70 million shares and mutual fund units worth Tk 148 million in turnover.