Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended the losing streak for the four consecutive weeks that ended on Thursday amid low turnover as investors were mostly inactive.
Analysts said the ongoing pessimism prompted retail investors to sell stocks while institutional investors mostly adopted ‘wait-and-see’ strategy ahead of year-closing.
The week featured five trading sessions as usual. Of them, three sessions closed lower while two sessions posted marginal gain.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 47.23 points or 0.76 percent to settle the week at 6,182.
The two other indices also closed lower. The DSE 30 Index comprising blue chips fell 16 points or 0.71 percent to finish at 2,231.
The DSE Shariah Index (DSES) lost 10 points or 0.73 percent to close at 1,366.
“Sluggish market trend amid extremely low turnover led the index to behave speculatively throughout the week,” commented Sheltech Brokerage, in its weekly analysis.
The port city bourse Chittagong Stock Exchange (CSE) also closed lower with CSE All Share Price Index — (CAPSI) – fell 151 points or 0.78 per cent to finish at 19,123.
The Selective Categories Index of the port city bourse — CSCX, also lost 90 points or 0.77 per cent to close at 11,558.
EBL Securities, a stockbroker, said, “The market participants remained watchful ahead of year-end corporate declaration. Furthermore, liquidity shortage in the market was apparent which drove the market turnover to plummet further”.
Bearish sentiment also reflected on the turnover activities as total turnover for the week came down to BDT 21.38 billion on the DSE, which was BDT 21.78 billion in the week before.
The daily turnover averaged BDT 4.28 billion, which was more than 1.80 percent lower than the previous week’s average of BDT 4.36 billion.
The losers took a strong lead over the losers as out of 337 issues traded, 218 closed lower, 93 closed higher and 26 issues remained unchanged on the DSE trading floor last week.
Grameenphone (GP) topped the week’s turnover chart with 1.46 million shares worth BDT 681 million changing hands, closely followed by Square Pharmaceuticals, National Tubes, Alif Manufacturing Company and Shahjalal Islami Bank.
Rupali Life Insurance Company was the week’s best performer, posting a gain of 17.22 percent while Dulamia Cotton Mills was the week’s worst loser, slumping by 14.29 percent.