Stocks on free ride; 9 investors released
Dhaka, Feb 7 (UNB) - Stocks at the country’s twin bourses -- Dhaka and Chittagong stock exchanges -- made substantial gains on Tuesday showing a sign of recovery.
The massive rise in the share prices apparently came a day after the lawmakers sharply criticised the recent volatility in the market.
“The criticism by the senior parliamentarians cast a physiological impact on the market. Still, the market needs to be observed for a couple of weeks to know whether the rise is sustainable or not,” market analyst Prof Abu Ahmed told UNB.
He, however, said things depend on how the overall economy performs since the stock market is closely linked with it.
Voicing grave concern over the capital market ‘collapse’, senior members of the ruling alliance in parliament on Monday night demanded the arrest of those involved in the share market scam identified by the Ibrahim Khaled probe committee.
Initiating the debate on a point of order, Tofail Ahmed wondered as to why actions have not been taken against those involved in the share market scam based on the report of the probe committee headed by Ibrahim Khaled.
The benchmark index of the Dhaka Stock Exchange - DGEN- gained over 329.14 points or 9.10 percent to close at 3945.39 today. On December 5, 2010, the DSE benchmark index was 8918.51.
Likewise, Chittagong Stock Exchange key index - CSCX - gained 527.26 points today.
Trading of the many companies’ shares was halted much before the end of day’s trading as the price touched upper limit (circuit breaker).
All the traded issues (261) at the DSE gained while only 6 traded issues out of 192 suffered losses at the CSE today.
But many investors refrained from selling their issues consequently many buyers, who rushed to the market with a hope to making quick bucks, did not find sellers.
As the result the single-day turnover of the DSE remained very low today. The turnover stood at Tk 191 crore or Tk 1913.08 million as against Tk 212 crore on Monday. The CSE turnover was Tk 33.58 crore.
Earlier, on Monday night, police released nine detained stockmarket investors. Police picked them up in front of Dhaka Stock Exchange (DSE) on Monday afternoon as they gathered there to protest the massive fall in share prices.
“Police released them at 11pm on Monday,” International Affairs Secretary of Bangladesh Capital Market Investors Unity Council Ataullah Nayeem told UNB on Tuesday.
President of the Council Mizan-ur-Rashid Chowdhury, vice president Nazrul Islam, publication secretary Mizanur rahman were among the released investors.
The benchmark index of the Dhaka Stock Exchange, DGEN, lost over 229.41 points or 5.96 percent to close at 3616.24 after the end of the day’s trading on Monday.
The massive rise in the share prices apparently came a day after the lawmakers sharply criticised the recent volatility in the market.
“The criticism by the senior parliamentarians cast a physiological impact on the market. Still, the market needs to be observed for a couple of weeks to know whether the rise is sustainable or not,” market analyst Prof Abu Ahmed told UNB.
He, however, said things depend on how the overall economy performs since the stock market is closely linked with it.
Voicing grave concern over the capital market ‘collapse’, senior members of the ruling alliance in parliament on Monday night demanded the arrest of those involved in the share market scam identified by the Ibrahim Khaled probe committee.
Initiating the debate on a point of order, Tofail Ahmed wondered as to why actions have not been taken against those involved in the share market scam based on the report of the probe committee headed by Ibrahim Khaled.
The benchmark index of the Dhaka Stock Exchange - DGEN- gained over 329.14 points or 9.10 percent to close at 3945.39 today. On December 5, 2010, the DSE benchmark index was 8918.51.
Likewise, Chittagong Stock Exchange key index - CSCX - gained 527.26 points today.
Trading of the many companies’ shares was halted much before the end of day’s trading as the price touched upper limit (circuit breaker).
All the traded issues (261) at the DSE gained while only 6 traded issues out of 192 suffered losses at the CSE today.
But many investors refrained from selling their issues consequently many buyers, who rushed to the market with a hope to making quick bucks, did not find sellers.
As the result the single-day turnover of the DSE remained very low today. The turnover stood at Tk 191 crore or Tk 1913.08 million as against Tk 212 crore on Monday. The CSE turnover was Tk 33.58 crore.
Earlier, on Monday night, police released nine detained stockmarket investors. Police picked them up in front of Dhaka Stock Exchange (DSE) on Monday afternoon as they gathered there to protest the massive fall in share prices.
“Police released them at 11pm on Monday,” International Affairs Secretary of Bangladesh Capital Market Investors Unity Council Ataullah Nayeem told UNB on Tuesday.
President of the Council Mizan-ur-Rashid Chowdhury, vice president Nazrul Islam, publication secretary Mizanur rahman were among the released investors.
The benchmark index of the Dhaka Stock Exchange, DGEN, lost over 229.41 points or 5.96 percent to close at 3616.24 after the end of the day’s trading on Monday.
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