Share prices plummet
Indices shed over 100 points; small investors stage demonstrations
Star Business Report
Share prices on both bourses yesterday slumped heavily, over 100 points on average, prompting small investors to stage demonstrations in Dhaka.The Dhaka Stock Exchange (DSE) General Index dipped by 102.21 points or 7.11 percent to close at 1435.65. The Chittagong Stock Exchange (CSE) main index lost 172.86 points or 5.68 percent. Some agitated investors staged demonstrations in front of the DSE building and met the DSE president and the Securities and Exchange Commission (SEC) chairman. The investors asked them to take immediate measures to arrest the unusual price fall. Later, DSE President Shahiq Khan met SEC Chairman Mirza Azizul Islam over the issue. SEC chairman said there is no reason to get panicked about the price fall. He blamed the price slump on the intention of some investors to make windfall gains overnight. "We are contemplating making a change in the selling limit for institutional investors. We have already talked to some of the institutional investors about the measure," the chairman said. The DSE president said institutional investors did not play their role rightly during the last couple of weeks. "Increase in interest rates and misuse of margin rule may have caused the share prices to fall," the president noted. President of Bangladesh Share Investor Association Selim Reza said a quarter is active behind the scene to profit unlawfully. The small investors also demanded continuation of the existing fiscal measures in the share market for the greater interest of the country. During the day, the DSE 20 index lost 77 points or 7.09 percent to close at 1099, while the CSE-30 index decreased by 163.95 points or 5.20 percent to close at 2588.96 points. As many as 5,610,147 shares and debentures estimated at Tk 34.56 crore changed hands on the DSE during the day. Some 2,179,376 shares and debentures worth Tk 8.85 crore changed hands on the CSE floor.
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