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Stock rout fuels street protests in Dhaka

Star Business Report
Stocks plunged close to a two-month low yesterday as investor confidence dipped further, rattled by demonstrations and less-than-expected dividend postings by Dutch-Bangla Bank, a market bellwether.
BRAC Bank's announcement about its exit from the bid to buy a 51 percent stake in GSP Finance, a financial institution, also contributed to the fall. The bank said it failed to reach an agreement due to differences in positions.
Prices of all traded issues of nearly all sectors suffered losses as sell-offs continued for a second day of the week, sending the benchmark index DSE General Index or DGEN to the lowest level since December 18 last year.
The DGEN closed at 2520.21, down 77.83 points or 2.99 percent, from the previous day.
The DSE All Shares Price Index or (DSD fell 63.98 points, or 2.96 percent, to 2096.52. The DSE-20 blue-chip index slipped 48.34 points or 2.26 percent to 2083.54.
Turnover also suffered as decliners beat gainers 209 to 47. Chittagong stocks also slumped in the day's trade.
"The banking sector, particularly Dutch Bangla Bank, was largely responsible for today's massive loss," said a daily market analysis by Equity Partners Ltd, referring to 'lower-than-expected dividend postings by the bank.
Dutch-Bangla dived 16.89 percent to Tk 2914.75 after it announced a 50 percent stock dividend for 2008. The bank announced four bonus shares against one existing share in 2007.
Ihe EPL also observed that the news about BRAC
Bank's withdrawal from the bid to acquire a majority stake in GSP Finance also had a negative impact' on the bank's share prices.
BRAC Bank fell 5.11 percent toTk 630.75.
Shariful Islam, chief operating officer of Dhaka Stock Exchange, linked the slump to declarations by Dutch-Bangla Bank and BRAC Bank.
"Maybe it's because of less-than-expected dividend postings by DBBL,” he said.
The market started falling just after the begin ning of morning trade, prompting a section of jittery investors to take to the streets. They expected a massive fall.
Investors brought out a rally with slogans against regulators and Finance Minister AMA Muhith.
Promises by the minister to prop up the market failed to impress investors.
“The market became jittery with the continuous fall and consequent frustration among investors," said Yawer Sayeed, who helps manage funds for AIMS of Bangladesh.
“We have taken a cautious approach considering the recent volatility,” he said.
Sayeed however was not quite sure of what the less-than-expected dividend meant to investors.
"I am not very sure about it. However I would say it is rather the other way around as a section of investors may not feel comfortable with the dilution of shareholdings and consequent impact on earnings per share," he said.