Wednesday, May 22, 2019

Bangladesh stock market is all right, insists finance minister

  • Senior Correspondent, bdnews24.com
    Published: 2019-04-22 22:13:20 BdST

bdnews24

Finance Minister AHM Mustafa Kamal has brushed off concerns over Bangladesh's stock market.

He spoke to the media on Monday after an 'emergency meeting' over the present state of the market with the regulatory body Bangladesh Securities and Exchange Commission (BSEC).

"The stock market is fine. It is normal for the market to have fluctuations."

The finance minister also dismissed reports in the media about an ongoing movement by small-scale investors' organisation over the prevalent condition of the stock market.

He said, "You (the media) are writing in your newspapers that there isn't a stock market or even a Bangladesh. You've started writing things like we don't exist. Where have these incidents occured? When did the market fall?"

A group of investors uder the banner of Bangladesh Stock Market Unity Council demonstrating outside the Dhaka Stock Exchange at Motijheel on Wednesday against continuous fall in share prices.

"The index stood at 5900 points. Now it's 5300. The exchange index goes through these short-term fluctuations."

Addressing reporters, Kamal said, "The way you write about the stock market isn't right. If the index drops from 5900 points to 5300 points, then how is that a significant change? In Japan, the stocks had plummeted to 7000 points from 31,000 point and in America, from 17,000 to 7000."

"In India, the index plunged to 7000 from 21,000. It's now gone up to 22,000 to 23,000. These things occur everywhere."

Last week, stock investors' organisation Oikya Parishad demonstrated in front of Dhaka Stock Exchange in Motijheel over the current downturn in the market.

But the finance minister believes that the country's stock market is in the 'right place'.

"If you think that the stock market isn't in the right state, then you need to study it further. Look at the current state of the economy and find out what the stock index and market capitalisation should be at this point."