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Regulators discuss bearish trend in stock market

Star Business Report
An eight-member delegation of Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) led by Securities and Exchange Commission (SEC) met Bangladesh Bank officials yesterday to discuss the recent bearish trend in the markets.
The central bank will not take any step, which may cast any negative impact on the capital market, said a DSE statement.
• The Bangladesh Bank (BB) does not need to know about the portfolio of an individual, said the statement
However the BB officials who were present at the meeting could
not be reached for comments despite repeated attempts.
After the present government came to power, the share market started to show a bullish trend, but recently it has been on a downward curve.
There have been protests under the name of general investors against such a downswing.
Officials alleged that a type of companies and market players in collusion take the market to abnormal height and make a huge profit.
They also said the SEC as the regulatory body has failed to play its due role to keep the market stable.
The central bank issued a circular
early this month advising all banks not to make risky investment in the share market beyond their limit.
After the circular was issued, it was alleged that the central bank notice was responsible for the fall in the share market.
Against this backdrop, the DSE pushed for withdrawal of the Bangladesh Bank circular, an official present at the meeting said.
After the meeting, DSE President Rakibur Rahman told journalists that the Bangladesh Bank said it might withdraw the circular, if needed.
I Ie also said the central bank from now would not seek detailed information of the investments made by
the banks, but it would ask for information regarding their investment limits.
The DSE in its statement quoted Bangladesh Bank Deputy Governor Murshid Kuli Khan as saying that the central bank will oversee the activities of the financial institutions, but will not take any steps that may create a negative impact in the capital market.
Khan also said what is happening in the market is based on rumour, and the BB did not conduct any such investigation into investment by any bank or financial institution that may cause panic among die investors or banks, according to thestatement.