Angry investors take to the streets as share market declines further today

A group of investors has taken to the streets once again in protest of the continuous decline in the share market.

After trading began at 10:00am today, Monday, these investors gathered in front of the Dhaka Stock Exchange (DSE) building in Motijheel.

Following a significant drop in share prices yesterday, the downward trend continues today.

Under the banner of the Bangladesh Investors Oikya Parishad, the protesting investors held a pre-scheduled human chain.

At the time, they chanted slogans demanding the resignation of Khondoker Rashed Maqsood, chairman of the Bangladesh Securities and Exchange Commission (BSEC), for failing to stop the market decline.

Investors alleged that millions of investors have lost their capital and have become broke due to the ongoing downturn, while the BSEC has failed to ensure the security of their investments.

They said that they do not want to take to the streets, but have been compelled to protest because the government and regulatory bodies have taken no action to halt the decline.

Meanwhile, within the first 30 minutes of trading today, the DSE’s main index, DSEX, fell by over 60 points. The index dropped by nearly 150 points on Sunday, falling below the 5,000 mark, reaching its lowest level in four years.

People concerned said the recent decline in the stock market is both abnormal and irrational. The market is declining due to the distrust of the investors. The price fall could not be stopped as the government and regulatory bodies have not taken effective measures.

However, the BSEC formed a four-member committee Sunday to investigate the reasons for the recent decline in the stock market. This committee will also provide recommendations on how to improve the situation. They have been instructed to submit their report to the commission within 10 days.

When asked about the measures taken by the regulatory body in response to the market situation and to prevent further decline, BSEC executive director and spokesperson Mohammad Rezaul Karim told Prothom Alo yesterday, “Currently, the price-to-earnings ratio in the market is at its lowest level. In this situation, we expect both institutional and individual investments to increase. Additionally, efforts are being made to bring state-owned companies to the market and provide financial assistance through the Investment Corporation of Bangladesh (ICB), the state-owned investment institution."