Dhaka, Bangladesh (BBN) - Dhaka stocks plummeted for the second consecutive week and its key index ended bellow the 5,000 points level again with turnover declined substantially as most investors adopted ‘wait-and-see’ on writ issue.
Market analysts said the market plunged due to fragile investors’ confidence for looming uncertainty regarding sponsors-directors’ mandatory two per cent share holding while many of them wanted to stay safe zone rather than fresh exposure.
The week witnessed five trading sessions as usual. Among those, four sessions lost 139 points while only one session gained 55 points.
In the week, the DSE General Index (DGEN), the key index, lost 84.84 points or 1.67 per cent to close at 4,991.79.
The total turnover value stood at BDT 17.87 billion against BDT 15.40 billion in the previous week as there was one less trading session on the previous week.
The average daily turnover value came down to BDT 3.57 billion which was 7.17 percent lower compared to BDT 3.84 billion in the previous week.
Out of the 276 issues traded in the week, 204 declined, 67 advanced and five remained unchanged.
During the week, a total of seven companies---Beach Hatchery, BIFC, Exim Bank, First Security Islami Bank, Padma Oil, Purabi General Insurance, and Shajalal Islami Bank made their corporate declarations.
The market capitalization of the DSE also declined by 0.99 percent in the week, as it was BDT 2,643.47 billion on the opening day of the week, and at the end of the week it stood at BDT 2,617.20 billion.
Banks gained 0.12 percent last week and were the only gainers among the major sectors.
Fuel and Power lost 3.29 percent, followed by non-banking financial institutions (NBFIs) 3.12 percent, and pharmaceuticals 2.96 percent.
Telecommunications lost 0.81 percent comparatively less among the major sectors.
General insurance gained 3.73 percent was the highest gainer among all the sectors with seven companies featuring in the top gainers list as several companies of the sector has outstanding earnings growth.
LankaBangla Finance continued to top the week’s turnover chart with shares worth BDT 816.55 million changed hands.
Republic Insurance was the week’s top gainer, posting a rise of 17.86 percent while ACI Formulations was the week’s worst loser.
BBN/BB/SI-18May12-9:10 pm (BST)
