Special Correspondent : The Dhaka bourse is deeper in the red as unnerved investors continue trimming their equity exposure in the absence of any major trigger to revive investor confidence in the distressed market.

Meanwhile, trading volumes were lower than usual, reflecting a cautious sentiment among market participants.

Meanwhile, investors of the Dhaka Stock Exchange demanded the resignation of Bangladesh Securities and Exchange Commission (BSEC) chairman Khondoker Rashed Maqsood, citing his inability to manage the volatile stock market.

They rallied outside the old DSE building in Motijheel on Wednesday afternoon. Protesters demanded a task force, like the one formed for the banking sector, to investigate the irregularities.

After the protest, they also took out a procession with various slogans. The procession started from Motijheel and ended in front of the DSE building in Motijheel. After the procession, they also burned the effigy of the BSEC chairman.

During the protest, SM Iqbal Hossain, president of the Bangladesh Capital Market Investors Association, said in his speech, "In the last eight months, the stock market index has only gone down, not up.

During this time, the index has fallen by about 900 points. Investors have lost about Tk 80,000 crore in this continuous decline. As the stock market has been falling for a long time, the number of investors in the market has decreased from 18 million to 7 million.

During the protest, the investors also announced an ultimatum for the removal of the BSEC chairman. The investors said that if the BSEC chairman is not removed by April 30, strict action will be announced.

This announcement sent shockwaves through the financial community, as it highlighted the growing frustration and desperation among investors. With increasing pressure on regulatory bodies, many analysts are now speculating about potential reforms that could stabilize the market and restore investor confidence.

Iqbal Hossain said the country's capital market has been in crisis for the past 17 years. "While stock markets in other South Asian countries have seen growth, our market regulator's poor decisions have left investors frustrated," he said.

He said that many investors had lost 60-80% of their capital due to repeated policy failures by BSEC.

Earlier, in March, the BSEC officials and employees staged protests on Wednesday, demanding the resignation of Chairman Khondoker Rashed Maqsood and three commissioners. The unrest was apparently triggered by the forced retirement of an executive director over graft allegations.

On Wednesday, the key index of the Dhaka bourse failed to stay afloat despite brief support from bargain hunters that fell short of breaking the continuous losing streak in the absence of any major catalyst to revive investor participation in the distressed market.

DSEX shed 4.1 points to settle further lower at 5,022 points, as against 5,027 points in the previous trading session.

In its daily market commentary, EBL Securities said that despite the market indices somewhat managing to remain afloat for the majority of today’s session, the momentum failed to sustain as shaky investor confidence and the prolonged downtrend dragged down the indices again.

Meanwhile, trading activities remained stagnant, with total turnover in the DSE falling to around a 4-month low of Tk 3.0 billion as against Tk 3.4 billion in the previous session.

Market Insider said that the downward spiral in the country’s capital market persists with lackluster trading activity as lingering pessimism and waning confidence keep investors on the sidelines, leaving the market mired in a state of prolonged uncertainty.

Sellers extended their dominance for seven consecutive sessions as unnerved investors continued trimming their equity exposure in the absence of any major trigger to revive investor confidence in the distressed market, they added.

 Large-cap sectors posted mixed performance today. Fuel & Power booked the highest gain of 1.03%, followed by Telecommunication (+0.45%), NBFI (+0.42%), Food & Allied (+0.23%), Pharmaceutical (-0.05%), Bank (-0.27%), and Engineering (-0.57%), respectively. Block trades contributed 3.7% of the overall market turnover. Shahjibazar Power Co. Ltd. (+10.0%) was the most traded share, with a turnover of Tk128 million.

Out of the 397 issues traded, 118 advanced, 213 declined, and 66 remained unchanged on the Dhaka bourse.

The port city bourse, Chittagong Stock Exchange (CSE), also settled on red terrain. The Selective Categories' Index (CSCX) and All Share Price Index (CASPI) fell by 33.1 and 54.0 points, respectively.