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Dhaka, Bangladesh (BBN)- The prime index of the Dhaka Stock Exchange (DSE) faced marginal correction last week that ended on Thursday as risk-averse investors booked profit on sector-wise stocks.
Analysts said lower than expected earnings results and dividend declarations of many companies prompted investors to booked quick-gain, taking the market into red zone.
The week featured five trading sessions as usual. Of them, three sessions closed lower while two sessions finished marginally higher.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled the week at 5,814, losing 29.67 points or 0.51 percent over the week before.
Two other indices also closed lower with the DS30 index, comprising blue chips, fell 32 points to finish at 2,172 and the DSES (Shariah) index shed 22 points to settle at 1,344.
Port city bourse the Chittagong Stock Exchange (CSE) also returned to the red with the CSE All Share Price Index – CASPI – falling 83 points to settle at 17,926 and Selective Categories Index – CSCX –losing 49 points to close at 10,836 points.
Turnover, another important indicator of the market, stood at BDT 25.06 billion last week against BDT 25.75 billion in the week before.
The daily turnover averaged BDT 5.01 billion, which was 2.68 percent lower than the previous week’s average of BDT 5.15 billion.
“The market slipped into the red after a single-week break as the shaky investors went on selling spree,” commented International Leasing Securities, in its weekly analysis.
The stockbroker the market faced mild correction in the week as the some investors preferred to book quick-gain on their investment while others were busy reshuffling their portfolios based on the quarterly earnings and year-end dividend declarations.
Among the major sectors, fuel & power posted the highest gain, posting a gain of 2.50 percent, engineering 2.20 percent, and bank 0.80 percent.
Telecommunication posted the highest loss of 4.60 percent, followed by non-bank financial institutions with cement with 2.80 percent, ceramic 2.10 percent and pharmaceuticals 0.10 percent.
Out of 341 issues traded, 191 closed lower, 127 advanced and 23 issues remained unchanged on the DSE floor.
Beximco continued to dominate the turnover chart for the four consecutive weeks with shares worth BDT 1.45 billion changing hands, closely followed by Grameenphone, United Power, BRAC Bank and Al-Arafah Islami Bank.
UCB was the week’s best performer, posting a gain of 15.73 percent while the First Finance was the week’s worst loser, losing 14.89 percent.
BBN/SSR/AD