Dhaka, Bangladesh (BBN)- Bangladesh’s stocks extended their losing streak for the second straight week that ended on Thursday as cautions investors were on selling frenzy.
The week featured five trading sessions as usual. Of them, one session managed to close positive zone, while four sessions saw sharp decline.
The benchmark index of the Dhaka Stock Exchange (DSE) settled the week at 4,370.50 points, slumping by 75.79 points or 1.70 percent.
The DS30 index, comprising blue chips, plunged 37.85 points or 2.24 percent to finish at 1,655.46 points.
The DSE Shariah Index fell 20.74 points or 1.92 percent to close at 1,059.71 points.
The port city bourse Chittagong Stock Exchange (CSE) also saw sharp fall with its Selective Categories Index, CSCX, slumping 140.95 points or 1.69 percent to settle at 8,182.11 points.
The total turnover of the week stood at BDT 18.38 billion, which was 21.74 percent higher than the previous week’s BDT 15.10 billion, as last week saw five trading sessions instead of previous week’s four.
However, the daily turnover averaged BDT 3.68 billion, which was 2.61 percent lower than the previous week’s average of BDT 3.78 billion.
LankaBangla Securities, a stockbroker, said, “Decline of prices of large-cap shares is one of the reasons of decline in the broad index”.
Among the large cap stocks, BATBC lost 4.90 percent followed by Titas Gas 4.1 percent, Square Pharma 3.7 percent, United Power 3.5 percent, Lafarge Surma Cement 3.3 percent, ICB 2.4 percent and GP lost 1.0 per cent last week.
“The large-cap and mid-cap stocks took a beating, offsetting gains in small-cap stocks to close the market for the second straight week,” said IDLC Investments, a merchant bank, in an analysis.
The losers took a strong lead over the gainers as out of 326 issues traded, 221 closed lower, 80 higher and 25 remained unchanged on the DSE trading floor during the week.
Keya Cosmetics dominated the week’s turnover chart last week with shares worth BDT 941 million changing hands followed by Bangladesh Steel Re-rolling Mills, Square Pharma, Emerald Oil and AFC Argo Biotech.
Keya Cosmetics was the week’s best performer for the second straight week, posting a gain of 17.29 percent, while ONE Bank was the week’s worst loser, plunging by 21.52 percent.
BBN/SSR/AD