Dhaka, Bangladesh (BBN) – Bangladesh’s stocks closed lower for the two consecutive weeks that ended on Thursday as investors continued on profit booking mood.
Analysts said the market continued to fall for the two consecutive weeks as all the major sectors ended red as investors prompted to cash in on some sector specific stocks.
“Dividend declaration and earnings update remained the major market trigger,” said LankaBangla Securities, a leading stockbroker, in its weekly analysis.
The stockbroker noted that seems like investors were playing in safe side to book their profit during this earnings season.
The week witnessed five trading sessions as usual. Of them, first two sessions closed in the flat, while last three closed in the red.
Weak-on-week, the benchmark index of the Dhaka Stock Exchange (DSE) went down by 56.21 points or 1.20 percent to close at 4,636.23 points.
The DSE Shariah Index also lost 1.96 points or 0.18 percent to close at 1,109.81 points.
However, the DS30 index, comprising blue chips, advanced 3.21 points or 0.18 percent to settle at 1,751.44 points.
The port city bourse, Chittagong Stock Exchange (CSE) also finished lower with its Selective Categories Index, CSCX, falling 88.03 points or 1.0 percent to close at 8,675.36 points.
The market level activity was vibrant as the total turnover for the week stood at BDT 30.19 billion, which was 17.33 percent higher than the previous week’s BDT 25.73 billion.
The daily turnover averaged BDT 6.04 billion, registering an increase of 17.33 percent higher over the previous week’s average of BDT 5.15 billion.
IDLC Investments, a merchant bank, said, “Earning declarations of some of the major companies listed in the bourse snatched overall investors’ interest during the week”.
The merchant bank noted that investors’ short-term trading mania and profit booking tendency hit the market movement.
Among the large-cap sectors, telecommunication posted the gain of 3.06 percent.
The non-bank financial institutions saw the highest loss of 5.68 percent, followed by engineering 4.12 percent, food and allied 1.68 percent, pharmaceuticals 1.18 percent, banks 0.79 percent and fuel and power 0.44 percent lost over the previous week.
The losers took a strong lead over the gainers as out of 329 issues traded, 236 closed lower, 78 higher and 15 remained unchanged on the DSE trading floor last the week.
Doreen Power dominated the week’s turnover chart with 18.45 million shares worth BDT 1.97 billion, followed by Fortune with BDT 875 million changing hands, KDS Accessories BDT 856 million, MJL Bangladesh BDT 767 billion and IT Consultants BDT 689 million.
Doreen Power was the week’s best performer, posting a 52.90 percent rise, while Alltex Industries was the worst loser, slumping by 38.55 percent.