Stocks Rise, Protests Stop
Tuesday, 08 February 2011
Protests by retail Dhaka Stock Exchange (DSE) investors stopped after the key index rose again after a dip.
The general index spiked by 159.79 points in the first hour of trade but started declining around noon. Within 15 minutes the index fell by 18.6 points. Around 1:10pm, however, the index rose again by 33.39 points.
At 1.57pm the index rose by 61.91 percent. A total of Tk 4.71 billion worth of shares were traded during this time.
The fluctuation prompted the small-scale investors to engage in chase and counter-chase with the police.
They demanded resignation of four key figures in finance minister A M A Muhith, DSE chief Shakil Rizvi, Securities and Exchange Commission chief Ziaul Haque Khandker and Bangladesh Bank governor Atiur Rahman.
The investors gathered in front of the chief bourse around noon and took to the streets protesting the drop in the DSE general index.
The demonstrators held a banner that read — 'Millions of investors cannot be undone in favour of 10-15 people.' They also wielded brooms while protesting.
Traffic on the road between Shapla square and the Ram Krishna Mission intersection, which halted due to the demonstrations, resumed on one lane after the protests had halted.
Earlier, 10-15 investors formed a human chain protesting the upward momevent of the benchmark index around 11:15am.
Protesters threw brickbats at the windows of Rahman Mansion, the building opposite to DSE that houses Shakil Rizvi's brokerage firm.
On Monday, retail investors went on the rampage after the index shed around 300 points in the first two and half hours of the day's trade.
They set fire to piles of papers in front of the DSE complex, vandalised a bus and a pickup van.