Big price fall in capital market, capital of 8 thousand crore rupees was lost in one day
October 3, 20244 Mins Read
Jumbangla Desk: There has been a big price drop in the capital market again. The price index fell by 132 points on the fourth working day of the week in the capital market which has been in continuous decline. Market capitalization fell by over Rs 8,000 crore due to the large fall in the index in one day. Investors are becoming destitute due to unbridled price fall.
There is a state of lamentation among them. Small investors protested in Motijheel to protest against the fall in prices.
A market review shows that on Wednesday, only 39 companies' share prices increased, while 347 companies' prices fell. The analysis of the data also shows that the main index of the main stock market Dhaka Stock Exchange (DSE) fell by 450 points during the current commission.
Out of this, the index has decreased by 215 points in the last three days. Monday fell 34 points, Tuesday fell 38 points and yesterday Wednesday fell 132 points.
Market analysis shows that the stock market has continued to decline in the last two years during the tenure of the former government. There have also been many falling centuries in between.
The DSE index fell by 104 points on August 4, the day before the fall of the Hasina government. The decline was one of the biggest in two years. However, yesterday's drop was hailed by investors as one of the biggest in recent memory.
According to people related to the market, yesterday BSEC fined a record amount for manipulating the shares of Beximco Limited. As a result of this, there has been a big fall in the market.
They say that the present commission has been imposing penalties for manipulation and irregularities almost every day since taking office.
According to market related persons, manipulation and irregularities in the capital market must be punished. But the market has not yet developed the support of new big investors. Still the ghosts of Salman F Rahman and Shibli Rubaiyat continue to control the market as major investors. And BSEC is imposing punishment on them.
Market review
Yesterday the main index of DSE 'DSEX' decreased by 132.29 points to 5 thousand 454 points. Shares and units worth Tk 440 crore 83 lakh were traded in DSE that day. Yesterday, transactions increased by Tk 51 crore 35 lakh or 13 percent.
Among the 398 companies traded on the DSE, the share and unit prices of 29 rose or 7.29 percent, fell for 347 or 87.19 percent and remained unchanged for 22 or 5.53 percent. Shares and units worth Tk 5 crore 96 lakh were traded yesterday in the other stock market CSE.
Why is the price so low?
DSE Brokers Association of Bangladesh, DBA president Saiful Islam said, 'It is not enough to do policy, they also have to give a message of confidence. For this, a message of hope needs to come from the policy-making level.'
Concerned persons believe that the effect of fining 9 individuals and organizations of Tk 428 crore 52 lakh for the alleged involvement in manipulation in the purchase of Beximco Group shares in the capital market may also fall on the capital market.
On the other hand, the Bangladesh Financial Intelligence Unit, BFIU, the financial intelligence agency of Bangladesh Bank, has written a letter asking for information about the bank accounts of Abul Khair Hiru and his family, a government official who has been discussed for a long time in the capital market.
Abul Khair Hiru, who controls a portfolio worth half a hundred crore rupees, has been fined several times. BSEC fined Shakib Al Hasan Tk 50 lakh and Hiroo Tk 25 lakh for cheating.
Investor Ajmal Hossain also thinks that if the ban on transfer of their shares and demand for bank account information spread in the market, the investors would panic.
He said, there are more syndicates in the market. They are caught one by one. Tago also has supporters, they are not in the transaction. I will read the index. It seems that it will take time for the market to settle down.'
Protests demand BSEC chairman's resignation
Investors demanded the resignation of BSEC's new chairman, Khandkar Rashed Maqsood, due to the continued fall in the stock market. They also demanded the formation of National Stock Exchange. The investors made this demand in a human chain under the banner of Bangladesh Capital Market Investors Unity Parishad in front of the old DSE building in Motijheel at 11:30 am on Wednesday.
At that time, Mizanur Rashid Chowdhury, president of Bangladesh Capital Market Investors Unity Council, and other leaders and activists were present in the human bonding program.
Finance Secretary of Bangladesh Capital Market Investors Oikya Parishad. Sajjadur Rahman said, 'Merchant banks that are members of the share market should be prevented from participating directly and indirectly. And the chairman of BSEC should resign immediately. Our backs are against the wall as rates continue to fall.'
Everyone should contribute to the development and reform of the stock market
Meanwhile, the chairman of the Bangladesh Securities and Exchange Commission (BSEC), Khandkar Rashed Maksud, said that to build a prosperous and successful stock market, not only BSEC, but all institutions related to the stock market must fulfill their responsibilities and duties according to the rules . Everyone should contribute to the development and reform of the stock market. He said this in an exchange meeting with heads of seven stakeholder organizations at the BSEC building on Tuesday.
The forum was attended by listed companies, market intermediaries and other stakeholders. They talked about reforming the regulatory structure of the stock market, strengthening the monitoring activities of the stock market. Apart from this, he made a series of proposals including increasing management, implementation, transparency and accountability, taking expansion and development initiatives, conducting quality research on the stock market, simplifying the process of IPO approval and restarting the process of direct listing to government institutions and multinationals.
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