Dhaka, Bangladesh (BBN) – The losing streak of Bangladesh’s bourses continued as investors went for a selling spree amid growing uncertainties in the political frontier, market operators said.
They also said fear of fresh turmoil in political frontier and investors' preference for naturalising short-term return ahead of Eid-ul-Azha streamlined the week's market sentiment.
The week witnessed five trading sessions as usual. Among them, the market saw a sharp decline in the first three trading sessions while the last two gained marginally.
Week-on-week, the Benchmark Index of the Dhaka Stock Exchange – DSEX – went down by 104.89 points or 2.66 percent to close below the level of 3,900 points to 3,843.56 points.
The DS30 Index, comprising blue chips, also declined sharply by 53.99 points or 3.74 per cent to close the week at 1,387.95 points.
The Chittagong Stock Exchange (CSE) also ended lower with its Selective Category Index losing 227.53 points or 2.94 per cent to close the week at 7,494.18 points.
Turnover remained dry on DSE as total turnover for the week stood at BDT 11.90 billion against BDT 13.95 billion of the previous week.
The daily average turnover value came down to BDT 2.38 billion, registering a 14.73 percent decline over the previous week's average value of BDT 2.79 billion.
"Dragged by cashing out ahead of long closure for Eid-ul-Azha amid much more sluggish participation streamlined this week's market sentiment," commented IDLC Investments, in its weekly market analysis.
Throughout the week, investors followed previous two weeks' trend and positioned mostly in textile and pharmaceutical sectors, accounted for 20.22 per cent and 14.52 per cent of market turnover respectively.
The losers took a strong lead over the gainers as out of 293 issues traded during the week, 249 declined, 38 advanced and 6 remained unchanged on the prime bourse.
The market capitalization of the DSE went down by 2.62 percent as it was BDT 2,530.43 billion on the opening day of the week and it stood at BDT 2,464.17 billion on closing day of the week.
Delta Life Insurance became the week's top turnover leader with shares worth BDT 507.72 million changing hands followed by Argon Denim, Square Pharma, Envoy Textile and BSCCL.
Argon Denim was the week's top gainer, posting a rise of 24.18 percent while Fine Foods was the week's worst loser, slumping by 29.43 percent.
BBN/SSR/AD-12Oct13-11:15 am (BST