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Dhaka, Bangladesh (BBN)- Bangladesh’s stocks extended the losing streak for the two consecutive weeks that ended on Thursday as cautious investors continued to book profit banking sector issues.
Analysts said profit booking tendency, especially on heavyweight banking, financial institutions and engineering issues pulled stocks down as theses sectors’ issues saw bullish trend in recent weeks.
The week featured five trading sessions as usual. Of them, four sessions closed lower while one session posted marginal gain.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 58.63 points or 0.93 percent to settle the week at 6,248.
The two other indices also finished lower. The DSE 30 Index comprising blue chips fell 6.06 points or 0.27 percent to finish at 2,264.
However, the DSE Shariah Index (DSES) managed to close green, advancing 7.92 points or 0.0.57 percent to close at 1,389.
The port city bourse Chittagong Stock Exchange (CSE) also closed lower with CSE All Share Price Index -- (CAPSI) – shedding 172 points or 0.88 percent to finish at 19,336.
The Selective Categories Index of the port city bourse -- CSCX, also lost 105 points or 0.90 percent to close at 11,696.
EBL Securities, a stockbroker, said, “The investors focused on profit booking on banking issues prior to year-end which triggered the index plummeted”.
According to International Leasing Securities, the market witnessed price correction as the shaky investors went on selling spree amid the lowest investors’ participation.
The stockbroker noted that some investors opted for liquidating their holdings from bank and financial institutions sectors as they remained doubtful regarding the year-end earnings declaration of the sector.
Bearish sentiment also reflected on the turnover activities as total turnover for the week came down to BDT 30.11 billion on the DSE, which was BDT 38.32 billion in the week before.
The daily turnover averaged BDT 6.02 billion, which was more than 21 percent lower than the previous week’s average of BDT 7.66 billion.
Out of 337 issues traded, 169 closed lower, 143 closed higher and 25 issues remaining unchanged on the DSE trading floor during the week.
Bangladesh Thai Aluminium topped the week’s turnover chart with 31.44 million shares of BDT 998 million changing hands, closely followed by Square Pharmaceuticals, Grameenphone, Brac Bank and Paramount Textile.
CAPM BDBL Mutual Fund One was the week’s best performer, posting a gain of 20 percent while ICB Islamic Bank was the week’s worst loser, slumping by 15.38 percent.
BBN/SSR/SR