Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their losing spell for the two consecutive weeks that ended on Thursday as risk-averse investors continued on selling mood amid reduced trading time during Ramadan.
The week witnessed five trading sessions as usual. Of them, three sessions closed lower, while two saw marginal gain.
The benchmark index of the Dhaka Stock Exchange (DSE) went down below the 4,400-mark and finished the week at 4,395.28, shedding 23.71 points or 0.54 percent over the previous week.
The two other indices also closed lower. The DS30 index, comprising blue chips, fell 8.77 points or 0.50 percent to settle at 1,729.29 points.
The DSE Shariah Index dropped 2.06 points or 0.19 percent to close at 1,080.82 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended lower with its Selective Categories Index, CSCX, slumping by 39.73 points or 0.48 percent to finish the week at 8,234.61 points.
Trading activities, however, improved slightly riding on the newly listed ACME Laboratories, and the total turnover for the week stood at BDT 19.72 billion, which was BDT 17.26 billion in the week before.
The daily turnover averaged BDT 3.94 billion, registering an increase of 14.26 percent over the previous week’s average of BDT 3.45 billion.
International Leasing Securities, a stockbroker, “Dhaka stocks continued to dip for the second consecutive week on wary trading moves”.
The stockbroker noted that the sluggish market continuing on Ramadan schedule and post budget centric dissatisfaction also led the investors going slow in trading.
“Most of the investors were reluctant to inject fresh investment due to lack of confidence riding on negative vibe in the market,” said the stockbroker.
LankaBangla Securities, a stockbroker, said, the market closed negative with higher volume as investors passed the week amid profit booking mood.
“The market closed negative and went down below the ‘psychological’ support level of 4,400-mark last day of the week as selling spree went on,” said Asian Tiger Capital Partners, an asset management company, in an analysis.
Losers took a strong lead over the gainers as out of 326 issues traded, 192 closed lower, 110 higher and 24 remained unchanged on the DSE trading floor during the week.
The newly listed ACME dominated the week’s turnover chart with shares worth BDT 1.72 billion changing hands, followed by Bangladesh Steel Re-rolling Mills, Aman Feed, Lafarge Surma Cement and Shahjibazar Power Company.
Quasem Drycells was the week’s best performer, posting a gain of 19.25 percent, while Purabi General Insurance was the week’s worst loser, slumping by 12.10 percent.