Dhaka, Bangladesh (BBN)– Bangladesh’s stocks witnessed yet another bearish week that ended on Thursday, extending the losing streak for fifth week in a row.
Brokers said the retail investors were reluctant to make fresh investment amid ongoing bearish market trend while the institutional investors could not support the market more due to liquidity crisis.
The week featured five trading sessions as usual. Of them, three sessions ended lower while closed higher.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 13.62 points or 0.25 percent to settle the week at 5,429 points.
“The investors’ confidence remains low as prevailing bearish market trend, upcoming budget declaration coupled with disappointing earnings results, taking toll on the market,” said an analyst at a leading brokerage firm.
Two other indices also finished lower with the DS30 index, comprising blue chips, fell more than 10 points to end at 2,015 and the DSES (Shariah) index lost nearly 18 points to settle at 1,259.
Chittagong Stock Exchange (CSE) also ended lower with the CSE All Share Price Index – CASPI – shedding 75 points to settle at 16,729 and the Selective Categories Index – CSCX – falling 29 points to close at 10,120.
Total turnover on the DSE rose to BDT 23.58 billion last week, against BDT 19.52 billion in the week before.
The daily turnover averaged BDT 4.71 billion, which was nearly 21 percent higher than the previous week’s average of BDT 3.90 billion.
The engineering sector topped the turnover chart, capturing 16 percent of the week’s total turnover, closely followed by textile with 15 percent and banking 13 percent.
The market capitalisation of the DSE also fell 3.22 percent as it was BDT 3,983 billion on opening day of the week while it came down to BDT 3,855 billion on Thursday.
Among the major sectors, telecommunication witnessed the highest correction of 4.18 percent, followed by banking 3.45 percent, non-bank financial institutions 2.21 percent, engineering 1.90 percent and pharmaceuticals 1.60 percent.
The losers took a strong lead over the gainers last week as out of 342 issues traded, 214 closed lower, 103 advanced and 25 issues remained unchanged on the DSE floor.
The newly listed Intraco Refueling Station was the week’s most traded stocks with 23.78 million shares worth BDT 1.18 billion changing hands, followed by BRAC Bank, Beximco, United Power and Legacy Footwear.
Legacy Footwear was the week’s higher gainer, posting a gain of 29.41 percent while the Jamuna Bank was the worst loser, losing 22.56 percent.