Bangladesh’s bourses close again after crash

DHAKA - Bangladesh’s two stock exchanges Thursday halted trading after crashing for the second time in ten days, triggering protests by irate investors who clashed with police in many towns.

The bourses at Dhaka and Chittagong witnessed 600-point dips within five minutes of their opening, the Daily Star reported on its website.

The regulator, Securities and Exchange Commission (SEC), suspended top officials of six different brokerage houses operating on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) for 30 days.

Those barred by the SEC are Mohammed Rezaur Rahman of Al Arafah Islami Bank Ltd, Kamrul Aziz Nippon of DBL Securities Ltd, Mohammed Manjum Ali of NCCB Securities and Financial Services Ltd, Kazi Fariduddin Ahmed of PFI Securities Ltd, Pankaj Roy of Alliance Securities and Management Ltd and Ashrafun Nessa of IIDFC Securities Ltd.

It also decided to close the bourses next Sunday. It will hold a meeting with all the stakeholders of the capital market on the day to discuss the existing market situation and work out the imperatives.

Angered over the sudden fall in stock markets, investors clashed with police at the business hubs in Dhanmondi and Mirpur areas. Chittagong, Rajshahi and Barisal cities also saw similar demonstrations.

The two bourses had experienced similar crisis Jan 10, prompting the SEC to move in and the finance ministry to take corrective measures. The stock market became normal the next day.

Meanwhile, former prime minister and opposition leader Khaleda Zia accused the government of her rival, Prime Minister Sheikh Hasina, of financial mismanagement.