Dhaka, Bangladesh (BBN) – Bangladesh’s stocks fell last week that ended on Thursday, breaking five straight weeks’ upward trend though government offered a set of incentives for the capital market in the upcoming budget.
The week featured five trading sessions as usual. Of those, the market closed positive in the two sessions while three sessions ended lower.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 76.29 points or 1.66 percent to end at 4,515.14 points.
The two other indices also closed lower.
The DS30 index, comprising blue chips, moved down by 20.88 points or 1.18 percent to close at 1,744.31 points.
The DSE Shariah Index shed 18.37 points or 1.64 percent to close at 1,099.22 points.
The port city bourse Chittagong Stock Exchange (CSE) also ended lower, with its Selective Categories Index – CSCX – lost 125 points or 1.76 percent to close the week at 8,455.20 points.
The total turnover for the week stood at BDT 26.75 billion against BDT 30.15 billion the week before despite the last week saw five trading sessions instead of previous week’s four.
The daily turnover for the week averaged BDT 5.35 billion, registering a decline of 29 percent over the previous week’s averaged BDT 7.54 billion.
LankaBangla Securities said, “After a capital market-friendly national budget proposal of FY’16, market failed to react positively as investors kept themselves in the sideline to observe the direction”.
IDLC Investments, a merchant bank, said, “As previously anticipated by the investment community, the budget offered array of incentives for the capital market by mean of several fiscal measures”.
Losers took a strong lead over the gainers as out of 321 issues traded, 196 declined, 113 advanced and 12 remained unchanged on the DSE floor.
United Airways was the week’s top turnover leader with shares worth BDT 1.58 billion changing hands during the week followed by KPCL, Beximco, Summit Power and GP.
ICB Employees Provident Mutual Fund One was the week’s best performer, posting a rise of 31.82 percent while Purabi General Insurance was the week’s worst loser, plunging by 22.10 percent.