Dhaka, Bangladesh (BBN)- Bangladesh’s stocks extended their losing spell for the third straight week that ended on Thursday as investors went on massive sell-offs in the first two sessions of the week.
The benchmark index of the Dhaka Stock Exchange (DSE) went down by 12.96 points or 0.30 percent to settle at 4,370.50 points, first two sessions saw drastic fall while last three closed marginally higher.
The DS30 index, comprising blue chips, fell 6.50 points or 0.39 percent to finish at 1,648.95 points.
The DSE Shariah Index dropped 7.57 points or 0.71 percent to close at 1,052.14 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended marginally lower with its Selective Categories Index, CSCX, shedding 41.26 points or 0.50 per cent to finish at 8,140.85 points.
Turnover on the premier bourse stood at BDT 16.77 billion, which was BDT 18.39 billion in the previous week.
The daily turnover averaged BDT 3.35 billion, registering a decline of 8.77 percent over the previous week’s average of BDT 3.68 billion.
“Due to strong selling pressure, small and mid-cap faced the highest correction till the second session of the week. However, in the meantime bargain hunters became active in the market identifying lucratively priced issues,” said IDLC Investments, in its weekly analysis.
Royal Capital, a stockbroker, said, “Some of the investors were in sell mode and got panicked regarding the market in the first two sessions of the week. Return to risk ratio tracked with poor performance per unit of risk level”.
The losers took a modest lead over the gainers as out of 326 issues traded, 166 closed lower, 130 higher and 30 remained unchanged on the DSE trading floor during the week.
Aman Feed, a fisheries and livestock feed producer, dominated the turnover chart last week with BDT 626 million changing hands, followed by Bangladesh Steel Re-rolling Mills, Emerald Oil, Keya Cosmetics and Dragon Sweater.
The IBN Sina was the week’s best performer, posting a gain of 123.15 percent, while Emerald Oil was the week’s worst loser, plunging by 13.59 percent.
BBN/SSR/AD