Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their losing spell for the third week in a row that ended on Thursday, as most of the investors continued on selling mood ahead of Eid Festival and June closing.
The week witnessed five trading sessions as usual. Of them, first three sessions closed lower, while last two saw marginal gain.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 13.82 points or 0.31 percent to finish the week at 4,381.46 points.
The DS30 index, comprising blue chips, fell 14.91 points or 0.86 percent to settle at 1,714.38 points.
The DSE Shariah Index lost 1.91 points or 0.18 percent to close at 1,078.91 points.
The port city bourse Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index, CSCX, shedding 42.94 points or 0.52 percent to close at the week at 8,191.67 points.
Trading activities remained poor as the total turnover for the week stood at BDT 16.19 billion, which was BDT 19.72 billion in the week before.
The daily turnover averaged BDT 3.24 billion, registering an increase of 18 percent over the previous week’s average of BDT 3.94 billion.
IDLC Investments, a merchant bank, said, “The market passed a mundane week with most of the sessions ending in flat realm”.
The merchant bank noted that during first three sessions of the week, market confronted marginal selling pressure as investors opted for some profit booking before Eid holidays. However, the market reverted in the positive zone in the last two sessions.
LankaBangla Securities, a stockbroker, said, the investors might have become reluctant to inject any fresh fund in market during shortened trading sessions before the Eid holiday.
“Investors remained watchful about the national budget for the fiscal year 2017 as it will decide whether government considers the demands of business bodies in favor of economic prospect,” said the stockbroker.
Losers took a strong lead over the gainers as out of 328 issues traded, 159 closed lower, 136 higher and 33 remained unchanged on the DSE trading floor during the week.