Dhaka, Bangladesh (BBN)– Bangladesh’s stocks witnessed another bearish week, extending the losing streak for the three consecutive weeks, as investors continued their selling binge ahead of year-end.
Analysts said price correction of large-cap sectors, like food & allied, telecommunication, pharmaceuticals, engineering and fuel & power contributed the overall market fall.
The week featured five trading sessions as usual. Of them, three sessions closed lower while two sessions posted marginal gain.
The benchmark index of the Dhaka Stock Exchange (DSE), went down by 18.21 points or 0.29 percent to settle the week at 6,230.
The two other indices also finished lower. The DSE 30 Index comprising blue chips fell 16.89 points or 0.75 percent to finish at 2,247 points.
The DSE Shariah Index (DSES) shed 12.85 points or 0.92 percent to close at 1,376 points.
The port city bourse Chittagong Stock Exchange (CSE) also closed lower with CSE All Share Price Index — (CAPSI) – fell 62 points or 0.32 percent to finish at 19,274.
The Selective Categories Index of the port city bourse — CSCX, also lost 48 points or 0.41 percent to close at 11,648.
According to International Leasing Securities, indecisiveness and lack of confidence among the investors created choppy trading during the week.
“The wobbly investors persisted their sell-offs through the week to avoid further loss while some adopted “wait-and-see” stance,” said the stockbroker.
The stockbroker noted that the average daily turnover for the week was the lowest since June 2017 as the small investors were shying away about taking fresh position while institutional investors remain in the sideline ahead of year-closing.
Bearish sentiment also reflected on the turnover activities as total turnover for the week came down to BDT 21.77 billion on the DSE, which was BDT 30.11 billion in the week before.
The daily turnover averaged BDT 4.35 billion, which was more than 28 per cent lower than the previous week’s average of BDT 6.03 billion.
Among the major sectors, only banking sector posted a 1.64 percent gain after losing 3.98 percent in the previous week.
Out of 337 issues traded, 170 closed lower, 141 closed higher and 26 issues remaining unchanged on the DSE trading floor during the week.
Islami Bank Bangladesh topped the week’s turnover chart with 15.50 million shares of BDT 527 million changing hands, closely followed by Square Pharmaceuticals, Grameenphone, BD Thai Aluminium and Legacy Footwear.
Fine Foods was the week’s best performer, posting a gain of 15.95 percent while Al-Haj Textile was the week’s worst loser, slumping by 9.37 percent.