Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their losing spell for the four straight weeks that ended on Thursday as investors were concern over macro- economic outlook.
The prime index of the Dhaka Stock Exchange (DSE), dipped below the 4,600-mark to settle the week at four months low to 4,564.49, after losing 83.19 points or 1.79 percent.
The DS30 index, comprising blue chips, plunged 36.58 points or 2.08 percent to finish at 1,725.97. The DSE Shariah Index fell 20.95 points or 1.88 percent to end the week at 1,092.30.
The port city bourse Chittagong Stock Exchange (CSE) also saw steep decline with its Selective Categories Index – CSCX – shedding 144.97 points or 1.67 percent to end the week at 8,491.62.
“Investors went for selling their stakes amidst concern regarding macroeconomic condition,” said LankaBangla Securities, a stockbroker, in its weekly market analysis.
“As the ‘psychological’ support of 4,600 was broken, investors went for selling frenzy almost throughout the week,” said the stockbroker.
The total turnover for the week stood at BDT 17.56 billion which was BDT 13.42 billion in the week before. The daily turnover averaged BDT 3.51 billion, which was 4.73 per cent higher than the previous week’s average of BDT 3.35 billion.
IDLC Investments said, the news of lower remittance flow as reported by Bangladesh Bank, erosion of competitiveness in export market as reported by World Bank, regulatory bar on providing margin loan in new issue and re-categorized issue for the first 30 trading sessions and pessimistic news on the ease of doing business in Bangladesh kept investors thinking again before participation in market activities.
The losers outpaced gainers as out of 327 traded issues, 212 closed lower, 92 advanced while 23 remained unchanged on the DSE trading floor last week.
Lafarge Surma Cement dominated the week’s turnover chart with shares of BDT 576.54 million changing hands during the week followed by Shahjibazar Power, KDS Accessories, CVO Petrochemical Refinery and IFAD Autos.
Miracle Industries was the week’s best performer, posting a rise of 52.44 percent while Far Chemical was the week’s worst loser, plunging by 27.01 per cent.