Dhaka, Bangladesh (BBN)-Bangladesh’s stock market returned to the red last week after previous week’s moderate gain with significant improvement in turnover as the investors kept their attention to the national budget.
Week-on-week, DSEX, the prime index of Dhaka Stock Exchange (DSE), dipping below 4,400 point-mark and ended at 4,396.54 points, shedding 33.93 points or 0.77 percent.
The other two indices, however, ended positive.
The DS30, comprising blue chips, gained 13.68 points or 0.85 percent to close at 1,622.95 points.
The DSE Shariah Index (DSES) went up by 15.01 points or 1.51 percent to close at 1,007.83 points.
The port city bourse, the Chittagong Stock Exchange (CSE), also went down last week that ended on Thursday with its Selective Categories Index (CSCX) losing 134.92 points or 1.59 percent to close the week at 8,334.07 points.
The total turnover of the week amounted to BDT 20.29 billion which was BDT 13.03 billion in the previous week.
The average daily turnover for the week stood at BDT 4.06 billion, registering an increase of 55.6 percent over the previous week’s average of BDT 2.61 billion.
LankaBangla Securities, said in its weekly market analysis that mixed budget expectation of FY 2014-15 and growing worry over government’s strong position on bringing down the banks’ capital market exposure, pulled the index down in four consecutive sessions.
“Market was slow after recent early-year rally, particularly at higher valuation multiples as budgetary expectations were only enough to create little buzz across the bourse,” said IDLC Investments, in its weekly market analysis.
Out of 303 issues traded during the week, 229 declined, 66 advanced and eight issues remained unchanged on the DSE trading floor.
Only one company – Wata Chemicals declared 30 percent stock dividend for the year ended on December 31, 2013 last week.
Following its dividend decoration, its share price jumped 714.54 percent on June 2.
GP dominated the week’s top turnover chart with shares worth BDT 1.84 billion changing hands during the week followed by Lafarge Surma Cement, Meghna Petroleum, BSRM Steels and Heidelberg Cement.
Wata Chemicals Ltd was the week’s top gainer, posting a rise of 529.60 percent following its corporate declaration last week while Union Capital was the week’s worst loser, slumping by 16.18 percent.
BBN/BB/AD-06June14-8:30am (BST)