The Financial Express

Finance minister terms stock market fluctuation a normal phenomenon

| Updated: March 26, 2021 10:17:26

Finance minister terms stock market fluctuation a normal phenomenon

Finance Minister AHM Mustafa Kamal on Tuesday said ups and downs are common phenomenon in stock market and advised the people to invest cautiously.

"If you think that ups and downs won't happen in the stock market, that's incorrect," he said.

He added that there is no reason to be worried about it if the government works closely with the investors to overcome the situation.

The minister was speaking as the chief guest at a virtual discussion on "Golden Jubilee of Independence: Achievements and Prospects of Bangladesh Capital Market in light of the Vision of Bangabandhu".

The Dhaka Stock Exchange (DSE) organised the meeting marking the 'Mujib Centenary and Golden Jubilee of the Independence', presided over by its chairman Eunusur Rahman.

The minister said the country's capital market is now stronger than before as the government has been working to build a strong and stable market by implementing different initiatives.

"The government is providing all sorts of support to create a strong capital market. If we can strengthen the capital market, our economy will be accelerated," he said.

Mr. Kamal mentioned that Bangabandhu Sheikh Mujibur Rahman gave the people geographical freedom and his daughter, Prime Minister Sheikh Hasina, is working to ensure the economic freedom.

"Bangabandhu Sheikh Mujibur Rahman fought for establishing a poverty-and hunger-free developed Bangladesh. He gave us geographical freedom," he said.

"He (Bangabandhu) started ensuring economic freedom, but could not do it. (But) following the way of Bangabandhu, Prime Minister Sheikh Hasina is working to ensure economic emancipation of the people," the minister added.

Through implementation of different initiatives, Mr Kamal said, Bangladesh is moving forward to achieve the Sustainable Development Goals (SDGs) by 2030 and the Vision-2041.

Chairman of Bangladesh Securities and Exchange Commission (BSEC) Prof Shibli Rubayat-Ul-Islam said Bangabandhu in his entire life worked for poverty alleviation, economic freedom, independence of people and the country.

"Bangladesh could have advanced a lot had Bangbandhu remained alive for a long period," he said.

Mr Islam said the capital market is now advancing with appropriate mission and vision, though faced turbulence in the past.

He emphasised on full-fledged digitalisation of the stock market which can help improve disclosures, lower corruption and enhance transparency in market operation.

He informed that the World Bank has agreed to provide grants for development of the capital market's information technology infrastructure.

Dhaka Chamber of Commerce and Industry (DCCI) president Rizwan Rahman said there is no alternative to make more investment in establishing Golden Bangladesh what Bangabandhu had dreamt.

"In some cases, banks can't provide us with long term loans. We immensely need stock market-centric long term loans," he added.

Mr Rahman praised the government for bringing Sukuk and said introduction of long term bonds for big investment is at advanced stage. "Bangabanhdu gave us great vision and we have to fulfil it through combined efforts," he said.

DSE chief operating officer M Shaifur Rahman Mazumder presented the keynote paper.

DSE director Rakibur Rahman, former DSE president Shakil Rizvi, financial institution division senior secretary Ashadul Islam, chairman of financial reporting council Hamid Ullah Bhuiyan, and president of DSE Brokers Association Sharif Anwar Hossain also spoke, among others, on the occasion.

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