Dhaka, Bangladesh (BBN) – Bangladesh’s faced moderate correction last week that ended on Thursday, snapping a four-week winning streak, as investors booked profit on quick-gaining stocks.
The week featured five trading sessions as usual. Of them, three sessions closed lower while two faced correction.
Week-on-week, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 52.39 points or 0.90 percent to settle at 5,782.
“This correction was triggered by slow participation and pursuance of profit booking by the investors, made some selling pressure on market. This profit booking sentiment also pushed the market to dips below 5,800 points mark,” commented City bank Capital Resources..
The two other indices — the DS30 index and the DSE Shariah Index (DSES) – also followed the suit to close at 2,121 and 1,314 points, after shedding 9.37 points and 13.30 points respectively.
The port city bourse, Chittagong Stock Exchange (CSE), also finished lower with its Selective Categories Index, CSCX, losing 95 points or 0.87 per cent to settle at 10,844 points.
LankaBangla Securities, said, “Few of the major large cap stocks have disclosed some negative earnings which has increased sell pressure in the market”.
Among the large cap stocks, engineering, telecommunication, and food & allied gained 1.23 percent, 0.47 percent and 0.40 percent respectively.
The total turnover for the week fell to nearly BDT 51 billion on DSE, against BDT 57 billion in the week before.
The daily turnover averaged at BDT 10.79 billion, which was 10.40 per cent lower than the previous week’s average of BDT 11.33 billion.
Textile sector kept dominance in turnover chart, grabbing 15 percent of the week’s total turnover value, followed by engineering 14 percent and power 13 percent.
IFAD Autos topped the week’s turnover chart with shares of BDT 2.49 billion changing hands, closely followed by Confidence Cement of BDT 2.06 billion, Doreen Power BDT 1.73 billion, Keya Cosmetics BDT 1.50 billion and Shahjibazar Power BDT 1.17 billion.
Confidence Cement was the week’s highest gainer, posting 9.72 percent rise, while BD Welding was the worst loser, losing 17.62 percent.