Dhaka, Bangladesh (BBN)– Bangladesh’s stocks witnessed yet another bearish week that ended on Thursday, extending the losing streak for six weeks in a row, as risk-averse investors continued their selling spree.
Analysts said the investors’ confidence to the market remained low amid ongoing sluggish market trend coupled with upcoming national budget.
Selling of shares mostly from telecommunication, engineering, pharma and banking sectors contributed to fall of indices.
Telecommunication sector posted the highest loss of 3.29 percent, followed by engineering with 2.84 percent, pharma 2.48 percent, banking 1.79 percent and financial institutions 1.13 percent.
The week featured five trading sessions as usual. Of them, first session witnessed marginal gain while last four ended lower.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 86 points or 1.58 percent to settle the week at 5,343 points.
Two other indices also ended lower with the DS30 index, comprising blue chips, fell more than 40 points to end at 1,975 and the DSES (Shariah) index lost 21 points to settle at 1,238.
The Chittagong Stock Exchange (CSE) also closed lower with the CSE All Share Price Index – CASPI –losing 238 points to settle at 16,491 points.
The Selective Categories Index – CSCX – also fell 144 points to close at 9,976 points.
International Leasing Securities, said, stocks witnessed price correction for the sixth consecutive weeks and lost 500 points in the last six weeks amid liquidity crisis.
With the week’s fall, the prime index of the DSE lost 993 points or 15.67 per cent from its highest level since November 26, 2017, the stockbroker said.
“Trading activities remained low, which indicates that investors were staying on the sidelines and observing the market movement, carefully,” said the stockbroker.
The daily turnover averaged BDT 4.53 billion, which was nearly 4.0 percent lower than the previous week’s average of BDT 4.71 billion.
The market capitalisation of the DSE also fell 1.44 percent as it was BDT 3,855 billion on opening day of the week while it came down to BDT 3,799 billion on Thursday.
Of the issues traded, 214 closed lower, 102 advanced and 26 issues remained unchanged on the DSE floor.
Intraco Refueling Station was the week’s most traded stock with 21.67 million shares worth BDT 1.18 billion changing hands, followed by Beximco, Berger Paints, Alif Industries and United Power.
Alif Industries was the week’s higher gainer, posting a gain of 17.50 percent while the Rupali Bank was the worst loser, losing 17 percent.