Dhaka, Bangladesh (BBN)- Bangladesh’s stocks edged marginally lower last week after steadily rising for the four straight weeks as investors realised some profit and pursued somewhat cautious stance.
DSEX, the prime index of Dhaka Stock Exchange (DSE), stayed above the 4,500 points ‘psychological’ threshold for the last two weeks and closed at 4,547.06 points, shedding 7.45 points or 0.16 percent from the week before.
However, the other two indices managed to close positive. The DS30, comprising blue chips, went up by 20.50 points or 1.20 percent to close at 1,726.43 points. The DSE Shariah Index gained 1.27 points or 0.12 percent to close at 1,061.71 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended marginally lower with its Selective Categories Index - CSCX – went down by 36.86 points or 0.43 percent to close at 8,559.41 points.
The total turnover stood at BDT 26.32 billion, which was 21.69 percent lower over the previous week’s total turnover of BDT 33.61 billion. The total turnover declined steeply as last week saw one less trading session compared to the previous week.
The daily turnover for the week averaged BDT 6.58 billion, merely 2.12 percent lower than the previous week’s average of BDT 6.72 billion.
“Changing the ripple of last week, investors pursued somewhat cautious stance,” commented IDLC Investments, in its weekly market analysis.
“Natural correction and profit booking were observed after last few sessions’ gain following Eid festival, resulting frequent rebalancing by investors,” the merchant bank said.
International Leasing Securities said an analysis that the market’s recent rally suffered a slight setback as the investors realised some of their profits and waited for new opportunities.
“After four consecutive weeks of Bull Run, market took a breather during the week,” observed LankaBangla Securities, in its weekly analysis.
“Market once again reduced its pace, closing the week with some profit booking. The sheer size of the volume proves that, traders are only taking a pause following the recent upward move,” observed Zenith Investments.
Out of 305 issues traded during the week, 241 declined, 52 advanced and 12 remained unchanged on DSE floor.
A total of 14 listed mutual funds made corporate declaration last week.
The market capitalisation of the DSE went down slightly by 0.47 percent as it was BDT 3,045.81 billion on the opening day of the week and it stood at BDT 3,031.53 billion on closing day of the week.
MJL Bangladesh dominated the week’s top turnover chart for the second week straight, with shares worth BDT 1.62 billion changing hands followed by Beximco, Kulna Printing and Packaging, Lafarge Surma Cement and GP.
BSRM Steels was the week’s top gainer, posting a rise of 14.30 percent while Green Delta Mutual Fund was the week’s worst loser, plunging by 16.98 percent.
BBN/BB/SI-22Aug14-7:44 pm (BST)