Dhaka, Bangladesh (BBN) – The country’s stocks ended lower for the second week in a row weeks that ended Thursday as cautious investors continued on selling spree amid mixed batch of earnings and dividend declarations.
The week featured five trading sessions as usual. Of them, four sessions closed lower, while one session saw marginal gain.
Stocks were mostly lower headed, closing the benchmark index to move towards the near term support level 4,300 at the end of the week.
DSEX, the prime index of the Dhaka Stock Exchange (DSE), came down below the 4,400-mark and settled the week at 4,340.34, slumping by 68.30 points or 1.55 percent over the previous week.
The two other indices also closed lower. The DS30 index, comprising blue chips, fell 17.20 points or 1.02 percent to finish at 1,666.15. The DSE Shariah Index lost 8.06 points or 0.76 percent to close at 1,057.93.
The port city bourse Chittagong Stock Exchange (CSE) also closed lower for the second week with its Selective Categories Index, CSCX, falling 116.06 points or 1.40 per cent to finish at 8,130.54.
The total turnover for the week stood at BDT 19.33 billion against previous week’s BDT 17.47 billion, as the last week saw five trading sessions instead of previous week’s four.
The daily turnover averaged BDT 3.87 billion, registering a decline of 11.50 percent over the previous week’s average of BDT 4.37 billion.
“The week passed on downward trend as selling spree was dominant among the investors,” said LankaBangla Securities, a stockbroker, in its weekly analysis.
International Leasing Securities, a stockbroker, said, “Investors remained watchful ahead of earnings declaration from listed companies as well as the national budget announcement for the FY 2016-17”.
The stockbroker noted that lack of any policy support in the gloomy market scenario and delay in the announcement of extending the deadline for the adjustment of bank’s capital market exposure limit has put the investors’ nerve in wariness.
The losers took a strong lead over the gainers as out of 328 issues traded, 227 closed lower, 84 higher and 17 remained unchanged on the DSE trading floor during the week.
MJL Bangladesh dominated the week’s turnover chart on DSE with 10.42 million shares worth BDT 1.07 billion changing hands, followed by ACI, Keya Cosmetics, Jamuna Oil and Doreen Power.
Monno Stafflers was the week’s best performer, posting a gain of 29.77 percent, while Standard Bank was the week’s worst loser, slumping by 18.18 percent.