Dhaka, Bangladesh (BBN) - Bangladesh’s stocks ended lower for the third consecutive week that ended on Thursday as investors’ confidence remained shaky amid uncertainty in the political arena.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE) went down by 73.91 points or 1.54 percent to close at 4,724.05 points.
The DS30, comprising blue chips index moved down by 31.05 points or 1.75 percent to close at 1,747.76 points. The DSE Shariah Index shed 20.64 points or 1.82 percent to close at 1,115.70 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended lower last week with its Selective Categories Index - CSCX – plunged 188.81 points or 2.12 percent to close the week at 8,736.03 points.
The total turnover for the week came down to BDT 10.85 billion against BDT 12.88 billion in the week before.
The daily turnover for the week averaged BDT 2.17 billion, registering a decline of 15.79 percent over the previous week’s average of BDT 2.57 billion.
IDLC Investments said: “Amid worsening political condition and continuous blockade, market lacked any motivation to stay optimistic”.
Monetary Policy Statement (MPS) for the second half of FY 2015 became available on the last session of the week. However, as political stability was the prime concern for investors, MPS expectation hardly came to impact the market, said the merchant bank.
LankaBangla Securities said: “The market continues its bearish sentiment in the week amid countrywide political instability and lingering political unrest in the country which suppressed investor’s confidence”.
The losers took a lead over the gainers out of 316 issues traded, 236 advanced, 64 declined and 16 remained unchanged on the DSE trading floor.
Newly listed C & A Textiles dominated the week’s top turnover chart with shares worth BDT 781.20 million changing hands followed by GP, Lafarge Surma Cement, Alltex Industries and CVO Petrochemical.
Phoenix Finance First Mutual Fund was the week’s top gainer, posting a rise of 20.45 percent National Feed Mills was the week’s worst loser, plunging by 15.14 percent.
BBN/SSR/AD-30Jan15-7:34 pm (BST)