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Stock market plunge sparks violent protests in Bangladesh

Asheron
Posts: 1,229 Forumite
Bangladesh suspended trading at its main stock exchange in the capital Dhaka on Monday, and security officials used batons to disperse thousands of angry investors upset over a market plunge.
After the protesters began gathering on Monday morning, authorities used batons to try to break up the crowds, according to police officials. But protesters continued to demonstrate at several busy intersections in Dhaka's Motijheel commercial district, where the stock exchange is located, smashing vehicles, burning tyres and chanting anti-government slogans.
http://www.youtube.com/watch?v=WohJ_YV4ZV0
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After the protesters began gathering on Monday morning, authorities used batons to try to break up the crowds, according to police officials. But protesters continued to demonstrate at several busy intersections in Dhaka's Motijheel commercial district, where the stock exchange is located, smashing vehicles, burning tyres and chanting anti-government slogans.
http://www.youtube.com/watch?v=WohJ_YV4ZV0
RT on Facebook: http://www.facebook.com/RTnews
RT on Twitter: http://twitter.com/RT_com
As an investor, you know that any kind of investment opportunity has its risks, and investing in Stocks or Precious Metals is highly speculative. All of the content I post is for informational purposes only.
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Comments
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10% in an hourBangladeshi police have used tear gas and water cannon against angry investors after the stock market incurred huge losses.
Trading on the Dhaka Stock Exchange index was halted after it fell by 660 points, or 9.25%, in less than an hour.
It was the biggest one-day fall in its 55-year history.
It is estimated that over three million people - many of them small-scale individual investors - have lost money because of the plunging share prices.
The benchmark index had climbed by 80% in 2010 but has lost more than 27% since early December.
Investors and police also clashed last month.
Monday's protest followed losses of about 6.7% in Sunday trading.
Trading was also halted on the country's other main index, the Chittagong Stock Exchange.
Rumours and panic Police say that they are now firmly in control of Dhaka's business district and have closed roads leading to the stock exchange.
Earlier, officers baton-charged about 5,000 investors to clear them from the area.
They had gathered to protest against the closing of the exchange after the record fall. Vehicles were vandalised and bonfires were lit at traffic intersections.
"They started vandalising government property, which forced us to use batons against them," police inspector Azizul Haq told the AFP news agency.
One of the protesters, Mukul Ahmed, said he had lost $3,000 (£1,932) in the market over the last three weeks.
There was also violence in the port city of Chittagong - which has its own exchange.
The government regulator, the Securities and Exchange Commission, held an emergency meeting on Monday with merchant bankers and institutional stockbrokers to discuss saving the market from further falls.
The rising value of the stocks in recent years has attracted millions of investors in Bangladesh.
Shares have become a popular investment for ordinary people, often providing higher returns than bank deposits and savings.
The BBC's Mark Dummett says that Bangladesh might be one of Asia's poorest countries, but its two stock markets have soared in recent years on the rising value of its mobile telephone companies and other firms.
But over the past few weeks more and more investors have been selling up, amid rumours that large institutional investors had pulled their money out after making large profits.
In recent weeks, regulators have taken measures to limit the proportion of deposits that banks can invest into the stock market - after concerns that shares were over-valued.
This move forced big institutional investors to withdraw from the market, triggering panic among individual investors.Not Again0 -
Why do we leave it to poor students to do all the 'demonstrating' in this country. Surely us investors should show a bit of 'metal' and become activists?
Suggest we all meet in Paternoster Square a week from today and give the Stock Exchange people a good 'going over' before beating a path to a few merchant banks to 'make ourselves known' through their letter boxes. After lunch, we should flog a few Fund Managers for not performing well enough and taking a bit too much TER from our South Bulgarian Cotton Farmers Accumulation Fund.
Suggestions for Anti Government chants are welcomed. Placards announcing "Cameron is not a very nice chap" and "Cleggy is a bit of a wimp" are already in production.0
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