MARKET SLUMP: Investors to stage token hunger strike Monday

A section of stock investors yesterday announced that they would stage a token hunger strike in front of Dhaka Stock Exchange (DSE) on Monday for five hours protesting alleged inaction of the regulator amidst a continuous fall of the market.

The DSE’s benchmark index, the DSEX, plunged 710 points in the last three months while the market value of stocks dropped Tk 32,297 crore.

The investors have been demonstrating on and off before the DSE building for the past two weeks, including yesterday.

One investor, Arifur Rahman, said the market value of shares was eroding every day for reasons including a liquidity crunch in the financial sector and regulations limiting institutional investors from putting in more money.

The premier bourse already identified some reasons and placed those before the stock market regulator, he added.

“But the Bangladesh Securities and Exchange Commission has not yet taken any initiative to solve the problems,” he said.

However, Dhaka stocks rose slightly yesterday. The DSEX gained 25.81points, or 0.49 percent, finishing the day at 5,266.17.

Turnover, another indicator of the market, rose 15.06 percent to Tk 382.97 crore. Fortune Shoes dominated the turnover chart with 58.65 lakh shares worth Tk 22.75 crore changing hands, followed by Monno Ceramic, National Tubes, Bangladesh Submarine Cable Company and Brac Bank.

Aziz Pipes topped the gainers’ list rising 9.98 percent while Agrani Insurance was the top loser shedding 9.38 percent.

The Investment Corporation of Bangladesh, Square Pharmaceuticals and Bank Asia were the most positive contributors to the index.

Chittagong stocks also rose with the bourse’s benchmark index, the CSCX, increasing 61.42 points, or 0.63 percent, to finish the day at 9,769.88.

Gainers beat losers as 145 advanced and 73 declined while 20 finished unchanged on Chittagong Stock Exchange. The port city bourse traded 50.08 lakh shares and mutual fund units worth Tk 18.01 crore.