Dhaka, Bangladesh (BBN)-Bangladesh’s stocks closed marginally lower, the first week after budget declaration, as proposed budget failed to spur stocks prices and investors were mostly in selling mood.
The week witnessed five trading sessions as usual.
Of them, three sessions closed lower, while two saw marginal gain.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 27.10 points or 0.61 per cent to settle the week at 4,418.99 points.
The two other indices also ended lower.
The DS30 index, comprising blue chips, fell sharply by 23.12 points or 1.31 per cent to finish at 1,738.06.
The DSE Shariah Index plunged 14.10 points or 1.29 per cent to close at 1,082.88.
The port city bourse Chittagong Stock Exchange (CSE) also ended lower with its Selective Categories Index, CSCX, falling 55.36 points or 0.66 per cent to settle the week at 8,274.34 points.
The total on the DSE to BDT 17.26 billion, which was 20.45 per cent lower than the previous week’s total of BDT 21.70 billion.
The daily turnover averaged BDT 3.45 billion, registering a decline of 20.45 per cent over the previous week’s average of BDT 4.34 billion.
Due to the debut of ACME Laboratories, pharmaceuticals sector emerged as the most active sector of the week, capturing 25 per cent of the week’s total turnover, followed by fuel and power and engineering, where they captured 17 per cent and 12 per cent respectively.
IDLC Investments, a merchant bank, said, “Activities remained shaky throughout the week as investors assimilate budgetary decisions and looked for stocks and sectors benefited the most”.
International Leasing Securities a stockbroker, said, “Stocks inched down as investors were in selling mood since declared proposed budget failed to match investor’s expectation accordingly”.
The proposals placed earlier by premier bourse and the port city bourse was not considered in the proposed budget for FY 2017 and investors focused mostly on new stock ACME Laboratories, said the stockbroker.
Losers took a strong lead over the gainers as out of 326 issues traded, 219 closed lower, 79 closed higher and 28 remained unchanged on the DSE trading floor during the week.
The newly listed ACME dominated the week’s turnover chart with 17.93 million shares worth BDT 2.16 billion changing hands, followed by Lafarge Surma Cement, Shahjibazar Power Company, Bangladesh Steel Re-rolling Mills and Far Chemical Industries.
Brac Bank was the week’s best performer, posting a gain of 11.40 per cent, while MBL First Mutual Fund was the week’s worst loser, slumping by 20 per cent.
BBN/SK/AD