Dhaka, Bangladesh (BBN)– Bangladesh’s stocks slipped in to the red last week that ended on Thursday, after remaining upbeat in the previous week, as cautious investors released their holdings throughout the week to avoid further loss.
The week featured five trading sessions as usual and all five session closed lower amid thin participation from the investors.
The benchmark index of the Dhaka Stock Exchange (DSE) finished the week at 5,646 points, losing 90.54 points or 1.58 percent.
The two other indices also ended in the red. The DS30 index, comprising blue chips, fell 46.86 points or 2.20 percent to finish at 2,087 points.
The DSE Shariah Index fell 17.83 points or 1.36 percent to close at 1,295 points.
The port city bourse, Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index, CSCX, losing 194 points or 1.79 per cent to close at 10,593 points.
The total turnover for the week stood at BDT 36 billion at DSE which was BDT 48 billion the week before.
The daily turnover averaged at BDT 7.18 billion, which was 25 percent lower than the previous week’s average of BDT 9.58 billion.
City Bank Capital Resources, a merchant bank, said, “The bearish sentiment reflected on turnover activity as the weekly total turnover fell sharply”.
International Leasing Securities, a stockbroker, said, “The shaky investors opted to liquidate their holding of shares to escape from further losses while some adopted “wait-and-see” approach amid ongoing market movement”.
Sheltech Brokerage said: “Sell-off in large-cap tumbled the DSEX from the beginning of the week and ended red in every session due to lack of confidence among investors”.
Out of 332 issues traded, 201 closed lower, 100 closed higher and 31 remained unchanged on the DSE trading floor.
LankaBangla Finance dominated the week’s turnover chart with about 26.60 million shares of BDT 1.68 billion changing hands, followed by IDLC Finance, Ratanpur Steel, City Bank and Brac Bank.
Regent Textile Mills was the week’s biggest gainer, posting a 34 percent gain, while Brac Bank was the worst loser, slumping by 18.83 percent following its price adjustment after record date.