It's a Strange Sarket: Muhith

Finance minister A M A Muhith has refused to comment on the stock market in parliament, saying his remarks impact the 'strange' market.

Ruling Awami League MP Abdur Rahman in a supplementary question asked Muhith on Thursday why investors' confidence level 'came down to zero' even after the government had taken 'so many' steps.

"This question can't be answered now," Muhith replied.

"When I answer questions, it impacts the market. It's a strange market. No market in the world is like this one," he added.

In reply to another query from Abu Zahir, the finance minister said again no market in the world is similar to that of Bangladesh.

He mentioned several steps taken by the government to stabilise the market.

"You know that we are going to take more steps. We're taking ad hoc steps if the earlier steps failed.

"There is no fault of my ministry or SEC (Securities and Exchange Commission)," he added.

"General people can say whether the market is turning around," he continued.

Responding to a query from S K Abu Baker, he said it is not right that there are three million investors in the capital market.

"Only 1.1 million investors trade in the secondary market through BO (beneficiary owner) accounts."

The minister also said two cases were filed and 14 investigations were launched over stock market scams. "Departmental punishments were also handed down."


According to him, the departmental punishments were given following the report submitted by a committee formed to investigate the Dec-Jan stocks scam.

The Dhaka Stock Exchange general index lost 103.20 points or 1.90 percent to close at 5308.78 on Thursday.

Investors took to the street in front of the DSE one and half an hours before the day's close and continued to hamper traffic outside the stock exchange. The demonstration held up traffic on one side of the road in the heart of Dhaka's business district.

The demonstrators—individual investors—demanded prime minister's intervention and quick implementation of the government's announcements to prop up the market and the billions the bankers promised to pump into the market.

Source: http://www.bdnews24.com/details.php?cid=4&id=210029&hb=top