An irrationally inflated stock market crashed. The crash had been deadliest during the stock market’s 55 year history. The crash would carry its legacy in the coming days; unforgettably.
A sudden and the harshest crash in the Dhaka Stock Exchange in its 55-years history led many individual retail investors to riot in the streets in Dhaka after suffering significant losses who still believe that the returns are much higher than the deposits in share market.
Bangladesh is one of the world’s poorest countries, but in recent years the rising stock of the country’s mobile communications enterprises and also other companies attracted many investors. Most of these retail investors divert their funds to the stock market from essential and productive activities and also many of them left and still leaving their day-jobs to ponder in the stock market. Largely they are small-time entrepreneurs with limited capital, knowledge about the market and limited risk-taking capacity believe that they will get a quick and more return out of the market by buying stocks; without realizing the real face values of the stock versus the performance of the companies they are buying from. But things were proved not like what they hoped when a sudden and the most drastic crash in December 2010, in the Dhaka Stock Exchange (DSE) in its 55-years history. Many of these retail investors lost their investments in this fall of share prices. Out of anger and dejection, the aggrieved investors came down to the streets, vandalized vehicles, set fire to wood and papers in front of the DSE building and blocked the roads there chanting slogans against the top bosses of the premier bourse and market regulators, and demanded resignation of the central bank governor. Police baton-charged the angry crowd outside the stock exchange building in central Dhaka to calm the situation down. Though the share-market is giving a sign of rebounded in its stable state again, fear and uncertainty still prevails in every investor here.
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