The New Nation - Internet Edition

Staff Reporter

Angry investors took to the streets twice yesterday in front of the Dhaka Stock Exchange between 10am and 12pm in the wake of falling prices of the shares.

However, the Dhaka stocks bounced back from losses same day with the prices of most issues going up on a buying spree after a previous-day fall.

The last two trading days witnessed corrective measures taken by Dhaka Stock Exchange to cool the overheated market. Investors sold off their holdings for fears of more interventions.

Market analysts cited the price corrections as an artificial move.

"Price corrections should come naturally, not artificially. The bourse authorities are not getting to the root of the problems. They are making interventions, which is not good at all for the market," Yaweer Sayeed, CEO of AIMS of Bangladesh, told newsmen.

Rumour was at the heart of the problem, according to him.

"Strong surveillance and enforcement should be focused on brokerage houses, not on companies whose prices are going up," said Sayeed.

The DGEN or general index witnessed a fall from the opening bell until the first two hours. Traders became angry seeing the downward trend and staged demonstration twice.

The country's prime bourse recovered from losses for the next hour before declining again until the midday sessions. The index however maintained an upward curve afterwards to end 20.53 points or 0.67 per cent on 3040.79.

The DSI or all share price index finished at 2579.61, rising 16.25 points or 0.63 per cent, while the DSE-20 blue chip index edged up 2.42 points or 0.09 per cent to 2537.60.

Turnover slipped to Tk 2.42 billion from Sunday's Tk 2.49 billion from 18,566, 872 shares changing hands.

Of the traded issues, 129 advanced, 87 declined and eleven remained unchanged.

AIMS 1st Mutual Fund topped the turnover board, closing 5.70 per cent higher at Tk 21.13.

Beximco Pharma followed it to end on Tk 96.90, up by 1.46 per cent. Square Pharmaceuticals lost 0.31 per cent to Tk 5190.

Lanka Bangla Finance gained 6.13 per cent to finish at Tk 178.20.

Profit-taking led Shahjalal Islami Bank to fall 1.08 per cent to Tk 363.75.

The other scripts on the turnover board-Grameen Mutual Fund One, S Alam Cold Rolled Steels, Union Capital, NCC Bank and Padma Oil-also gained.