Dhaka, Bangladesh (BBN) – Bangladesh’s stocks closed marginally lower last week that ended on Thursday, breaking the four weeks winning streak.
Analysts said the market faced marginal correction as some investors booked in first two sessions of the week on stocks that saw significant gain in the past few days.
“Earning declarations of some of the major companies listed in the bourse snatched overall investors’ interest during the week,” said IDLC Investments, a merchant bank, in analysis.
The week witnessed three trading sessions as the market was closed on Tuesday and Wednesday due to Bijaya Dashami and Holy Ashura. Of them, first two sessions saw correction, while last one closed marginally higher.
Weak-on-week, the benchmark index of the Dhaka Stock Exchange (DSE) went down by 22.41 points or 0.47 percent to close at 4,701.31 points.
The two other indices also ended lower. The DS30 index, comprising blue chips, fell 17.04 points or 0.95 percent to settle at 1,767.55 points.
The DSE Shariah Index lost 7.79 points or 0.69 percent to close at 1,123.60 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished marginally lower with its Selective Categories Index, CSCX, falling 47.78 points or 0.54 percent to close at 8,787.31 points.
The total turnover for the week stood at only BDT 14.16 billion, which was 47.68 percent lower than the previous week’s BDT 27.06 billion as the last week saw three trading sessions instead of previous week’s five.
The daily turnover averaged BDT 4.72 billion, registering a decline of 12.81 percent over the previous week’s average of BDT 5.41 billion.
LankaBangla Srecurities, a stockbroker, said,” The list of turnover leaders was dominated by large-cap stocks. On the other hand, the lists of top gainers and top losers included both large and small cap stocks”.
Summit Power, one of the largest companies in the power and energy sector came out of suspension to start trading last week and registered 33.68 percent return last week, said the stockbroker.
Of the high cap stocks, BSRM and BSRM Steels declined by 13.5 percent and 10.1 percent respectively due to depressed earnings, it said.
Among the large-cap sectors, banks, fuel and power, food and allied, non-bank financial institutions were gainers, advancing by 0.55 percent, 0.49 per cent, 0.24 percent and 0.13 percent respectively.
Engineering posted the highest loss of 5.74 percent as the sector’s heavyweight BSRM and BSRM Steels declined by 13.5 percent and 10.1 percent respectively due to depressed earnings, followed by pharmaceuticals 1.13 percent and telecommunication 0.86 percent.
The losers took a strong lead over the gainers as out of 328 issues traded, 209 closed lower, 94 higher and 25 remained unchanged on the DSE trading floor last the week.
Bangladesh Steel Re-rolling Mills dominated the week’s turnover chart with shares worth BDT 788 million changing hands, followed by Singer Bangladesh, Summit Power, MJL Bangladesh and National Bank.
Desh Garment was the week’s best performer, posting a 17.74 percent rise, while Savar Refractories was the worst loser, slumping by 15.84 percent.