FE Report-January 24,2012 Tuesday
Hundreds of aggrieved investors again staged demonstration in front of the Dhaka Stock Exchange (DSE) Monday, and the police detained eight of them for calling a dawn-to-dusk strike at Motijheel business area today (Tuesday) for restoration of the market's stability.
The investors, under the banner of Bangladesh Investors Unity Forum (BIUF), took to the street in front of the DSE as soon as the day's trading began with a negative note.
Police detained some of the leaders of the BIUF when they made an announcement to enforce a dawn-to-dusk shutdown at Motijheel Tuesday.
Operation officer of Motijheel police station told the newsmen that the investors were detained for calling the strike.
From the very beginning of staging demonstration, the investors raised slogans against the authorities concerned for the volatile situation, prevailing in the stock market. They also chanted slogans against the prime minister.
At one stage of demonstration, the investors collected brooms and charged those brooms on the pictures of the chiefs of different organisations, responsible for monitoring of the market.
The investors also arranged symbolic hanging in a move to expose their miserable condition. Then they made another procession with a coffin, in which one investor laid down.
At one stage, the policemen snatched away the coffin following the forum leaders' declaration of performing namaz-e-janaza in the name of some top players.
At 1.48 pm, the BIUF leaders stopped other investors, who were willing to enter different brokerage houses for trading.
Shortly afterwards, some of the leaders went to the firms situated at the DSE annex building and warned their officials not to continue trading.
Then the BIUF leaders made an announcement of observing a strike at Motijheel Tuesday to realise their demand of restoring the market.
After the trading session, the aggrieved investors started moving towards the central bank amid the policemen's efforts to disperse them.
After staging demonstration in front of the central bank office, the procession went back to the DSE premises. Then the law-enforcers detained eight investors, including the BIUF president Mizanur Rashid Chowdhury and general secretary Abdur Razzak.
Among others, Salim Chowdhury, Ataullah Naim, Nurul Haque, Abdul Hannan Shikder, Abdul Mannan and Abu Sufian were detained.
Meanwhile, former SEC Chairman A B Mirza Azizul Islam said the small investors' agitation is not supportable. However, this kind of demonstration is not the ultimate solution to restore the market's stability.
"The present market situation is investable. So the traders should make investment in the market," Mr Islam, also an adviser to the former caretaker government, told the FE.
The market insiders said a mutual fund, managed by a key stakeholder of the stock market, and a top broker made huge sale pressure on the early trading hour of Sunday to make some windfall profit following the market's sudden rise Thursday.
"The stakeholders can sell shares. But they should perceive the market situation. That's why the securities regulator should look into the roles played by different stakeholders," he added.
Hundreds of aggrieved investors again staged demonstration in front of the Dhaka Stock Exchange (DSE) Monday, and the police detained eight of them for calling a dawn-to-dusk strike at Motijheel business area today (Tuesday) for restoration of the market's stability.
The investors, under the banner of Bangladesh Investors Unity Forum (BIUF), took to the street in front of the DSE as soon as the day's trading began with a negative note.
Police detained some of the leaders of the BIUF when they made an announcement to enforce a dawn-to-dusk shutdown at Motijheel Tuesday.
Operation officer of Motijheel police station told the newsmen that the investors were detained for calling the strike.
From the very beginning of staging demonstration, the investors raised slogans against the authorities concerned for the volatile situation, prevailing in the stock market. They also chanted slogans against the prime minister.
At one stage of demonstration, the investors collected brooms and charged those brooms on the pictures of the chiefs of different organisations, responsible for monitoring of the market.
The investors also arranged symbolic hanging in a move to expose their miserable condition. Then they made another procession with a coffin, in which one investor laid down.
At one stage, the policemen snatched away the coffin following the forum leaders' declaration of performing namaz-e-janaza in the name of some top players.
At 1.48 pm, the BIUF leaders stopped other investors, who were willing to enter different brokerage houses for trading.
Shortly afterwards, some of the leaders went to the firms situated at the DSE annex building and warned their officials not to continue trading.
Then the BIUF leaders made an announcement of observing a strike at Motijheel Tuesday to realise their demand of restoring the market.
After the trading session, the aggrieved investors started moving towards the central bank amid the policemen's efforts to disperse them.
After staging demonstration in front of the central bank office, the procession went back to the DSE premises. Then the law-enforcers detained eight investors, including the BIUF president Mizanur Rashid Chowdhury and general secretary Abdur Razzak.
Among others, Salim Chowdhury, Ataullah Naim, Nurul Haque, Abdul Hannan Shikder, Abdul Mannan and Abu Sufian were detained.
Meanwhile, former SEC Chairman A B Mirza Azizul Islam said the small investors' agitation is not supportable. However, this kind of demonstration is not the ultimate solution to restore the market's stability.
"The present market situation is investable. So the traders should make investment in the market," Mr Islam, also an adviser to the former caretaker government, told the FE.
The market insiders said a mutual fund, managed by a key stakeholder of the stock market, and a top broker made huge sale pressure on the early trading hour of Sunday to make some windfall profit following the market's sudden rise Thursday.
"The stakeholders can sell shares. But they should perceive the market situation. That's why the securities regulator should look into the roles played by different stakeholders," he added.
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