Dhaka, Bangladesh (BBN)-Bearish spell deepened in the stock markets over the past week, extending their losing spell for the third week in a row that ended Thursday, as nervous investors were on selling spree.
Amid weak sentiment, the market suffered losses all five trading sessions last week that ended on Thursday.
Tthe prime index of the Dhaka Stock Exchange (DSE) came down below the 4,200-mark and settled at nearly 12-month low to 4,195.70, slumping by 144.64 points or 3.33 per cent.
The DS30 index, comprising blue chips, plunged 53.81 points or 3.23 per cent to finish at 1,612.34 points.
The DSE Shariah Index plummeted 32.79 points or 3.10 per cent to close at 1,025.15 points.
The port city bourse Chittagong Stock Exchange (CSE) also saw sharp fall with its Selective Categories Index, CSCX, falling 280.35 points or 3.45 per cent to finish at 7,850.19 points.
The total turnover for the week came down to BDT 17.57 billion, which was BDT 19.33 billion in the previous week.
The daily turnover averaged BDT 3.51 billion, registering a decline of 9.09 per cent over the previous week’s average of BDT 3.87 billion.
IDLC Investments, a merchant bank, said, “Market passed a difficult week, as most of the issues fell in price. Amid slowed activities, sell pressure pushed market in to negativity territory. The intensity of correction pushed DSEX to nearly 12 months low”.
“Despite positive indication in the macroeconomic indicators of the country and comparatively stable political state of affairs compared to previous April, market could not rebound because of lack in investors’ confidence,” LankaBangla Securities, a stockbroker, said”.
Despite relaxation of rules by the central bank related to banks’ investment in stocks in a move to boost the ailing market, the market did not respond positively, said the stockbroker.
The losers took a strong lead over the gainers as out of 325 issues traded, 253 closed lower, 56 higher and 16 remained unchanged on the DSE trading floor during the week.
Bangladesh Steel Re-rolling Mills dominated the week’s turnover chart on DSE with shares worth BDT 903 million changing hands, followed by United Power, MJL BD, Jamuna Oil and Keya Cosmetics.
Eastern Lubricants was the week’s best performer, posting a gain of 18.08 per cent, while newly listed Bangladesh National Insurance Company was the week’s worst loser, slumping by 29.51 per cent.
BBN/SK/AD