United News of Bangladesh

Small investors in the stock market are frustrated as their wait for a good time gets delayed by the Bangladesh’s ongoing political unrest. The political impasse over who should oversee the upcoming national polls is thwarting the stock market’s recovery from Covid-19 pandemic and the Ukraine-Russia war. The small investors’ shares are stuck on the floor price (minimum sale rate) and overall economic downfall. This has been painful for many unfortunate small investors of the capital markets, according to market analysts. Policymakers and the Bangladesh Securities and Exchange Commission (BSEC) paint a rosy picture for small investors saying that stock markets will rebound with enlistment of new companies and injection of big investments. But the situation for the small investors seems to be hopeless. Read: Economy buffeted by political unrest amid declining forex reserves: Analysts A large number of shareholders have remained stuck with their investment in the capital market for over a decade amid fading hopes. “No one, not even the regulator or stock market authorities pay heed to their screams,” Abdul Latif, a grocery owner and one of the affected investors, told UNB in a broken voice. He said he invested Tk13 lakh in 2011 to buy shares of different companies listed in Dhaka Stock Exchange (DSE). After graduation in 1998 Latif found no suitable job and then started a small business in the Motjheel area in 2002 with support from his father-in-law. He made a good profit in the business and invested money in the share market. In 2010 Latif invested around Tk13 lakh of which 5 lakh was his own and 8 lakh borrowed from relatives. All of his investment was stuck in shares of different companies due to a big scam in the capital market in 2011. Read: Govt aims to collect 11.2% of GDP in taxes by FY 2025-26 Like Latif, thousands of investors lost their hard-earned capital in 2011, and after that, some were able to gain part of the capita. But most of them left the capital market losing nearly all investment. Many of such investors are still in the market hoping for a rebound in the DSE, but without any good news. There is no sign of lifting the floor price before the next election. However, economists say that people do not have confidence in the market. BSEC advises investors to be patient until the general election is held by January next. Dr ABM Mirza Azizul Islam, an economist and a former adviser of a caretaker government, told UNB that there has been a crisis in investors' confidence in the stock market for a long time. “To this are added various economic crises, the international situation, and everything including elections and national politics,” he said. Read: Despite challenges, govt hoping to restore economy’s pre-Covid momentum in current fiscal As a result, first of all, steps should be taken to eliminate the trust crisis. In this case, trust should be ensured by establishing good governance, he said. That is, the investors have to be given the assurance that if someone steals their money through manipulation, they will be prosecuted. Besides, the supply of good shares should be increased. Through these two steps, it is possible to eliminate the market problem. But it is not easy at all, said Dr Azizul Islam. Dr Abu Ahmed, former professor of Dhaka University’s Economics Department, said there are two crises in the market: one on the demand side and the other in investor confidence. On the supply side, the problem is that there are fewer good companies. As a result, it is a win-win situation for manipulation and syndicates, he said. Read: Country’s first electrical testing laboratory on the cards All in all, the stock market is currently in an unstable condition and gradually the situation is getting worse. The passage from here is very difficult, he said. According to market insiders, the stock market situation is in a dire. The situation is not improving due to political uncertainty ahead of national elections, increases in commodity prices, and various international issues. The market has lost its importance to the government as well. For those who are not directly involved with government policymakers, the stock market is a source of irritation. Their thinking is like this - if there is no stock market, there will be no problem in the country. For these reasons, the government wants to hold the market with floor prices until the next national election. This brings an opportunity for syndicates blessed by the regulatory body to be controlling the market, the market insiders said. They spoke on condition of anonymity. BSEC Chairman Professor Shibli Rubayat Ul Islam told UNB in this regard that the global situation is not in the hands of the regulator or the government. Investors should beware of investing with any company depending on rumours. He also said due to a lack of financial literacy, people are sometimes investing in weak shares with an expectation of big profit which is not the right way of investment. Read: BSEC sits with stock market stakeholders Thursday after drastic fall of share prices

BNP on Thursday said the recent statement of Japanese Ambassador Ito Naoki about “ballot box stuffing at night” during Bangladesh’s last general election was “absolutely true”. “What the Japanese ambassador said (about the election) was absolutely true,” said BNP Secretary General Mirza Fakhrul Islam Alamgir. Speaking at a press conference at the BNP Chairperson’s Gulshan office, he also said the government is now talking about the Vienna Convention that bars envoys from commenting on any country’s domestic affairs. Read more: Japanese ambassador’s remark on police’s role in national polls “uncalled for”: Cops’ associations “Where does it (Vienna Convention) stand when you (government) kill people, make them disappear, hold the day’s voting at night and declare yourself the government without voting?” — Fakhrul asked. Earlier on Monday, the Japanese Ambassador said he had heard about the example of “ballot box stuffing” and that “some policemen stuffed the ballot boxes the previous night” — something he did not hear of in any other country. Stating that “ballot box stuffing” should never be repeated, the envoy said Japan expects that the next national election in Bangladesh will be held in a “free and fair” manner with participation of all major political parties. Read more: Japan hopeful of better election in Bangladesh; sees positive step Replying to a question, Fakhrul said the international community has opened its eyes to see what is happening in Bangladesh. “Bangladesh is not an isolated island… In this day and age, no one can do anything whimsically without facing any question,” he said. The BNP leader also said Bangladesh is not a “closed” country like Myanmar or North Korea that no one can raise questions about the government’s actions. Read more: Find way for fair election, Fakhrul urges govt “It (Bangladesh) is pretty much an open country. Those who are our (development) partners and those who invest here and provide the country with financial assistance can speak about it (polls),” he said. About the government’s allegation that BNP is persuading the international community to raise various issues concerning Bangladesh, Fakhrul said it means “BNP has come a long way together with the country’s people that the international community is being forced to pay attention to it.”  

Bangladesh Police Service Association (BPSA) and Bangladesh Police Association (BPA) in separate statements on Thursday protested Japanese Ambassador Ito Naoki’s comment on police’s role in the national elections.  The two associations also demanded withdrawal of the ambassador’s comment, terming it “baseless and uncalled for”.  President of BPSA, Additional IGP and Chief of Special Branch Md Monirul Islam, and its general secretary Dhaka district SP Md Asaduzzaman; President of BPA, OC of Gulshan Police Station BM Farman Ali, and its general secretary, OC of Jatrabari Police Station, Mazharul Islam signed, their respective statemenrs.  Both the statements say that the attention of BPSA and BPA has been drawn to the “baseless and unwanted” accusations raised by Japanese Ambassador Ito Naoki against the police during a question and answer session regarding the 11th National Election during a "Meet the Ambassador" event in the capital on November 14.   Read more: Myanmar situation doesn't allow full-scale Rohingya repatriation now: Japan The statements say that every member of Bangladesh Police was deeply embarrassed and shocked by his comments. Both BPSA and BPA strongly protested his statement.  In response to a question, the Japanese Ambassador had said, “I heard that (in the last election), police officers filled the ballot boxes the night before… I have not heard of such instances in any other country.”  The statements say that Bangladesh Police maintains law and order during the elections and provides security to the polling stations as per the instructions of the Election Commission. The police have no role or activity in the candidate selection process of the voters or in the voting inside the polling stations, it adds.  Read more: Japan wants "strategic" partnership with Bangladesh through practical cooperation Both BPSA and BPA separately requested to withdraw the said part of his speech. Both associations also expected a more responsible role from the Japanese ambassador while commenting on national issues.     

Buoyed by the party’s apparent ‘success’ in the ongoing anti-government street protests, opposition BNP is now planning to begin a ‘simultaneous’ movement with most opposition parties at the end of this year. Jatiya Party led by GM Quader is a major target to bring it under its election-time political alliance. BNP insiders say the main and initial objective of their planned movement is to force the Awami League government to step down by restoring the caretaker government. They say their many other demands, including withdrawing cases against political leaders, unconditional freedom for Khaleda Zia and formation of a new neutral Election Commission, will easily be realised if the current government steps down and hands over power to a neutral administration. The party has already finalised the draft of a set of demands for waging the ‘simultaneous movement’ along with other parties and platforms with outcome from its discussions during the first round of political dialogue. Also read: GM Quader expresses doubt about inclusive election After weeks of street demonstrations in Dhaka and outside, BNP has begun its second round of dialogue with like-minded political parties.

The Election Commission (EC) has decided to use electronic voting machines instead of traditional ballot papers in the maximum 150 constituencies out of 300 ones in the next general election likely to be held late next year. The decision came from a meeting of the election agency on Tuesday with Chief Election Commissioner Kazi Habibul Awal in the chair at the Nirbachan Bhaban in the city’s Agargaon area. “The EC has taken decision that the polls will be held through EVMs in the maximum 150 constituencies in the next national election. But it could also be in a single constituency,” EC’s additional secretary Ashok Kumar Debnath told reporters after the meeting. Read: Stern action if anyone creates anarchy: Tajul warns He said the commission would require purchasing more EVMs to use the machines in the 150 constituencies. So, the EVMs to will be used in the maximum 150 constituencies subjected to procurement of the machines, he added. In reply to a question, the EC official said the commission took the decision taking the recommendations, placed by the political parties in the talks with EC in June last, in cognizance and analyzing all aspects. He said now the EC has 150,000 EVMs enough for sue in 70-75 constituencies. The meeting also discussed the procurement of more EVMs, he said replying to another question. Read: Next election will be held on time: Quader “If the commission takes the decision for buying more EVMs, we’ll go for procuring the machines,” said the EC official. In the dialogues with the EC, almost half the participating political parties supported the use of EVMs in the national election, while others opposed it. But BNP and its allies, who didn’t join the talks, are opposing the use of EVMs in the parliamentary elections.

Issuing a warning to opposition parties, BNP senior leader Mirza Abbas on Thursday said those who will participate in the next national election under the current Awami League government will be considered as national traitors. Speaking at a rally in the city, he also said their party will come up with a befitting reply if BNP leaders and activists are attacked by the ruling party men. “Those who will join the election under the current regime will be considered as national traitors,” Abbas said. He recalled that Prime Minister Sheikh Hasina, as an opposition leader in 1986, said in Laldighi Maidan that those who would participate in the election under then military ruler HM Ershad would be the national traitors. But, Abbas said Hasina herself joined that election despite her warning to others. “We’ll take action against both the government and those who will try to prove themselves as national traitors this time.” Also read: AL wants EVM in next polls in new plot to rig votes: BNP BNP Dhaka south and north city units arranged the rally in front of the Jatiya Press Club protesting what the party said continuous attacks on opposition leaders by ruling party ‘cadres’ in different parts of the country including Cumilla. Referring to different media reports on joining polls by opposition parties sharing seats with the ruling party, Abbas said they will not allow holding any such election. “No election of seat-sharing will be held. No stage-managed election will be allowed in Bangladesh. Keep it in mind,” he warned. The BNP leader strongly condemned and protested the recent attacks on the local residence of their party’s senior leader Khandaker Mosharraf Hossain and on some other party leaders and LDP leader Redwan Ahmed. “We would like to clearly say that if we’re again subjected to any attack and repression, we’ll put resistance together. No one will be spared,” he said.