BBN file photo
Dhaka, Bangladesh (BBN)- Bangladesh’s stocks ended lower for the two consecutive weeks that ended on Thursday as risk-averse investors continued their selling binge amid ongoing earnings disclosures and dividend declarations session.
Analysts said profit taking and cautious trading amid ongoing quarter-end earning disclosures and year-end dividend declarations pushed the market down.
The week witnessed five trading sessions as usual. Of them, two sessions closed red while three sessions edged higher.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), which replaced the DGEN in four-and-a-half-year back, went down by 24.85 points or 0.41 percent to settle the week at 6,039 points.
The two other indices -- the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,188 and 1,329 points, after losing 9.17 points and 4.25 points respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also fell with its Selective Categories Index, CSCX, shedding 48 points or 0.42 percent to settle at 11,330 points.
EBL Securities, said, “Mixed earnings and corporate declarations from some listed companies have failed to satisfy investors’ expectation that resulted into selling frenzy”.
Bearish sentiment also reflected on the turnover activities as total turnover for the week came down to BDT 28.68 billion on the DSE which was BDT 46.22 billion in the week before.
The daily turnover averaged at BDT 5.74 billion, which was 38 percent lower than the previous week’s average of BDT 9.24 billion.
International Leasing Securities, said, “The shaky investors persisted their sell offs through the week to avoid further loss while some adopted “wait-and-see” stance amid ongoing quarter-end earning disclosures and year-end dividend declarations”.
Of the issues 335 issues traded, 158 closed higher, 156 closed lower and 21 remained unchanged on the DSE trading floor.
IFAD Autos topped the week’s turnover chart with 8.67 million shares of BDT 1.28 billion changing hands, closely followed by Uttara Bank, Brac Bank, Aamra Networks and LankaBangla Finance.
Wata Chemicals was the week’s best performer, posting 18.67 percent gain while IFAD Autos was the worst loser, losing 21.69 percent following its price adjustment after record date for entitlement of rights shares.
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