Motijheel sees yet another rowdy protest by investors

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FE Report Aggrieved investors came out onto the streets again yesterday (Monday) and blocked the busy street in front of the Dhaka Stock Exchange (DSE) for nearly four hours in protest against the unabated fall in share prices. On the day the DGEN, the key index of DSE, came down to nearly two years' low to 4,877.52, losing 164.71 points or 3.26 per cent. Earlier on January 19, 2010, the DGEN was 4,856.73. Almost all share prices traded on the day declined. Out of 252 issues traded, only 15 advanced, 235 declined and two remained unchanged, while the day's turnover value stood at Tk 3.21 billion. A section of angry investors under the banner of Bangladesh Share Investors Unity Council (BSIUC), a platform of small investors, took to the streets in front of the DSE building at about 11.45am when the DGEN dropped nearly 200 points. At one stage, some frustrated investors set fire to their shirts in front of the DSE to show their anger. An investor named Anwar Hossain fell ill during the demonstration. The angry investors also vowed to continue their agitation programme until normalcy was restored to the market. Another section of investors gathered in front of the Securities and Exchange Commission (SEC) and demonstrated there. Later, three members of the BSIUC met the SEC chairman and demanded suspension of share trading. The infuriated investors shouted slogans against the government, the finance minister, the Bangladesh Bank governor and the DSE president. They also demanded resignation of the three persons blaming them for the current spell of continuous plunge in stock prices. The protesters also demanded immediate investment of the banks' promised fund as the banks and institutional investors are yet to become active in the stock market. The demonstrators also carried a banner that read, 'Shoot us or stabilise the market.' Some despondent investors raised their voice against the administration and the Prime Minister "as she has yet to take any visible steps to stablise the market". But they also sought immediate intervention of Prime Minister Sheikh Hasina in restoring normalcy to the market, as repeated promises and regulatory measures failed to revive the investors' confidence. Traffic movement on the busy road from Shapla Square to Ittefaq Intersection remained suspended for more than three hours --12am to 3.45pm. Later, the protesters brought out a procession which paraded the street from Shapla Square to DSE building. The infuriated investors held demonstrations at Motijheel on Sunday as share prices at the Dhaka Stock Exchange (DSE) witnessed 166 points' fall after a nine-day Eid vacation. Profesor Salauddin Ahmed Khan, a finance teacher at Dhaka University, said the market experienced continued downturn as there was no institution to support the market at present. "Absence of institutional participation and the ongoing liquidity problem is eroding the investors' confidence day by day and they now find themselves at an exit point, said Mr Khan, also former CEO of the DSE. "The investors are highly panicked and they are selling off their shares fearing further price fall amid the country's various depressing economic news," said Mr Khan, adding: "When the overall economy is in bad shape, the anxieties of the stock investors also increase." A merchant banker seeking anonymity observed that media reports on liquidity problem of four state-owned banks might have also affected the market mood and further heightened prevailing concerns about the country's overall macro-economic stability. However, AB Mirza Azizul Islam, former finance adviser to the caretaker government, and former chairman of the SEC, said that there is no valid justification behind the fall of share prices now.