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Investors protest trade halt on DSE

Star Business Report
Investors took to the streets yesterday to protest the suspension of trading in certain shares on Sunday, a move they claimed was unnecessary interference in the market by regulators.
On Sunday Dhaka Stock Exchange (DSE) suspended trading in shares of four com-panies. The move was prompted by the sharp rise in the four securities.
However, investors said yesterday such action interfered in the normal operations of the market and it was not the regulators' job to decide what the 'right' price for a share should be.
Senior sources said that in response to the demonstration, regulators made it know that further 'interference' would be unlikely.
Recently, the Securities and Exchange Commission (SEC) asked the Dhaka and Chittagong stock exchanges to take measures such as halting trade and putting companies under spot market trade, if any company's share prices go up irrationally.
Yesterday, trading on the
premier bourse started with a steep fall with the benchmark index going down by more than 37 points just in 55 minutes. Finally, the DSE General Index, however, rose by 20.53 points, or 0.67 percent, ending the day at 3040.79 points. The DSE All Share Price Index also went up by 16.25 points, or 0.63 percent, to 2579.61 points.
Following the plunge in the morning trade, a group of agitated investors, consisting of some 50 people, came out from the trading houses and started demonstrating at around 11am.
They chanted slogans denouncing the interference by the regulator and stock exchange authorities in the market.
However, law enforcers rushed to the spot at 11:30am and brought the situation under control without any untoward incidents.
Following the demonstration, the market started gaining and finally recovered from the earlier losses.
Market experts, however, said holding demonstration is not a good practice. It exposes the inherent weaknesses of the market, they said.
But, they also said there should be no intervention in the market.
“Rather, the market needs policy support, a good institutional framework and strong surveillance,” said Yawer Sayeed, managing director and chief executive officer of AIMS ofBangladesh.
A rumour-based market is not sustainable, nor with any kind of interference, he added.
Yesterday a total of 1,85,66,872 shares worth Tk 242.13 crore changed hands on the Dhaka bourse. Of the issues traded, 129 advanced and 87 declined with 11 unchanged.
The Chittagong Stock Exchange (CSE) also closed higher with the gainers dominating the losers.
The CSE Selective Categories Index rose by 22.45 points, or 0.38 percent, to 5905.73 points, while the CSE All Share Price Index went up by 31.9 points, or 0.35 percent, to9130.5points.
A total of 38,32,348 shares worth Tk 34.59 crore changed hands on the port city bourse. Of the issues traded, 82 advanced and 47 declined with three unchanged.