Dhaka, Bangladesh (BBN) – Bangladesh’s stocks extended their losing streak for the third week straight with key index of the major bourse dipping below 4,900-mark as investors went for selling frenzy amid weak market sentiment.
The week featured all five trading sessions. Of them, four sessions saw negative trend while one session managed to close positive.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE) came down below the 4,900-mark and closed the week at 4,899.61 points, shedding 84.85 points or 1.70 percent.
The DS30, comprising blue chips, index lost 45.46 points or 2.44 percent to close at 1,814.69 points. The DSE Shariah Index dropped 28.73 points or 2.45 percent to close at 1,145.82 points.
The port city bourse Chittagong Stock Exchange (CSE) closed lower for the third consecutive weeks with its Selective Categories Index-CSCX – went down by 117.12 points or 1.24 percent to close the week at 9,254.00 points.
The market’s participation remained sluggish and the total turnover for the week accumulated to BDT 31.35 billion against BDT 37.77 billion the week before.
The daily turnover for the week averaged BDT 6.27 billion, registering a decline of 17 percent over the previous week’s average of BDT 7.55 billion.
IDLC investments said that the market continued to slip amid shrinking turnover and weakening investor confidence.
LankaBangla Securities said: “After passing the week mostly under selling pressure, market showed lack of participation in early trading and closed in the red”.
LankaBangla Securities said: “Investors remained cautious as market is yet to get any direction”.
International Leasing Securities said that the market continued a bumpy ride throughout the week’s trading as the investors were yet to make up their mind regarding the market’s turnaround.
The losers took a strong lead over the gainers as out of 316 issues traded, 224 declined, 79 advanced and 13 remained unchanged on the DSE floor last week.
Ten listed companies – Envoy Textile, Mehgna Petroleum, Khan Brothers, Gemini Sea Food, Jamuna Oil, Kohinoor Chemicals, Orion Infusion, Dacca Dyeing, Rahima Food and Aftab Automobiles made corporate declaration last week.
Jamuna Oil Company dominated the week’s top turnover chart with shares worth BDT 2.09 billion changing hands followed by Western Marine Shipyard, DESCO, Khan Brothers and BEDL.
JMI Syringe and Medical Devices was also the week’s top gainer, posting a rise of 25.68 percent while Orion Infusion was the week’s worst loser, plunging by 29.56 percent.
BBN/SSR/BB-21Nov14-11:17 am (BST)
