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Stocks hit new low

Staff Correspondent
Stock prices fell to a record low yesterday, pulling down the key index of the Dhaka bourse by around 6 percent, as the investors went for massive sell-offs.
The benchmark index came down to a 27-month low at 3,616 points since November 16 of 2010.
After the fall, retail investors tried to demonstrate in front of the premier bourse, but police foiled their attempt.
The law enforcers also detained nine investors, including some leaders of Bangladesh Share Investors Association (BSIA).
Police picked up the investors due to their unruly behaviour, said Sharifuzzaman, a sub-inspector of Motijheel Police Station. “We are yet to take any decision to file cases againstthem.”
BSIA President Mizanur Rashid Chowdhury, however, said they were trying to hold a peaceful demonstration in front of the DSE.
Analysts said the New York-based Time magazine in its online edition on February 2 ran a news item on Bangladesh stockmarket, fuelling the downward trend.
Following the publication of the report headlined “The Rise and Fall of One of the World's Worst-Performing Stock Markets", the investors went for huge sell-offs to save their meager amount of equity they have left.
Besides, the country's overall economic situation, lack of investor confidence, high interest rates on deposits, tightened monetary
policy, liquidity crisis and relatively poor quarterly earnings report by some listed companies are the reasons behind the continuous fall, the analysts added.
They also said most of the institutional investors remained inactive, frustrating the retail investors further and forcing them to quit the market.
Yawer Sayeed, managing director of AIMS of Bangladesh, said, “It's become a market of free-fall.”
The free-fall in the market is caused by structural problems of the economy such as high interest rates on deposits and high inflation rates, he said.
Yawer Sayeed said longterm remedy is important to eliminate the gloomy situation of the market.
In 1996, most of the investors traded without loans but in the recent years they traded with margin loan which is very harmful for them, he added.
“Investors are selling off
their holdings irrespective of the fundamental of the stock in order to save meager amount of equity they have left," LankaBangla Securities, a leading stockbroker, said in its regular market analysis.
Liquidity crunch in the financial institutions are discouraging infusion of new capital in the market, the stockbroker said.
Turnover, however, gained 25.8 percent compared to the previous trading day. A total of 6.05 crore shares and mutual fund units were traded on a value of Tk 247 crore on the DSE. Of the traded issues, only nine advanced, 247 declined and three remained unchanged.
The Chittagong Stock Exchange also declined sharply with the Selective Categories Index falling 365 points to 6,881.
Losers beat gainers 183 to 2 on the port city bourse, which traded 1.08 crore shares and mutual fund units on a value ofTk35.29 crore.