Friday 28 October 2011

'You Can't Simply Avoid Share Market'

Senior Awami League MPs have come down hard on the finance minister Abul Maal Abdul Muhith over his remarks on the recent stock market slumps.

Tofail Ahmed, Suranjit Sengupta and Sheikh Fazlul Karim Selim launched tirades at Muhith on Thursday at an unscheduled meeting in parliament.

Pointing to Muhith's frustration over the flagging capital market, presidium member Sheikh Selim said, "You can't simply avoid the matter by saying 'I don't understand share market'."

"Make the market stable. Otherwise, the government will face negative reaction from a huge chunk of people."

He said, "You [Muhith] can't call the investors 'fatkabaj' [speculators]. You can't talk in this manner. You can't just ignore them."

A frustrated Muhith on Oct 18 had said, "A slew of measures are being taken to steady the market. Still, it's not returning to normal. I don't know how it will get right."



Speaking about the demonstration over the market crashes, Muhith on Oct 8 said, "There is no investor in the demonstration. They (demonstrators) are 'fatkabaj' [speculators]. Real investors never demonstrate."

Awami League advisory council member Tofail said, "The share market has reached the tipping point. Small investors are in critical situation. Many people including members of the armed forces have invested there."

Addressing the finance minister, Tofail's advisory council colleague Suranjit Sengupta said, "There's no problem with the money which has been flown out of the country. Bring the profit back into the market which the private banks made from there…. that'll be enough."

Sheikh Selim also criticised the prime minister's advisors. "We can blame the finance minister and the advisors. We won't find them after Awami League leaves power."

"They are advisors to the prime minister, not to the government or parliament or country. Sometimes their remarks tug the government into 'awkward' situations. Measures have to be taken about this," he added.
In the wake of recent fall of share prices that began since December, small investors have continued demonstrating until Thursday and have even demanded resignation of the finance minister and the Bangladesh Bank governor.

Since July 25, when the slide resumed, general index of the Dhaka Stock Exchange has risen in just four trading sessions.

On July 20, Muhith had said that the stock market was moving towards stability. "It's going to be rather stable, though it'll now fluctuate a little." On Aug 6, he said that those expecting a rise in the share market every day were 'insane'.

The next day, he termed the demonstrators 'speculators'. 

Source/Copy: http://biz.bdnews24.com/details.php?cid=4&id=210108

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