Dhaka, Bangladesh (BBN) – Bangladesh’s stocks slipped into the red last week that ended on Thursday as investors continued their cautious trading behaviour.
Global stocks turmoil made Bangladeshi investors cautions though there is no direct relation. However, last two days of the week global stocks recovered some losses.
The week witnessed five trading sessions as usual. Of them, first three sessions witnessed downturn following global markets plunged while last two saw marginal gain.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 27.34 points or 0.56 percent to settle the week at 4,812.82.
The DS30 index, comprising blue chips, lost 10.06 points or 0.54 percent to finish at 1,840.89. The DSE Shariah Index dropped 4.24 points or 0.3 percent to end the week at 1,186.70.
The port city bourse Chittagong Stock Exchange (CSE) also closed marginally lower with its Selective Categories Index – CSCX – shed 56.83 points or 0.63 percent to close the week at 8,927.44.
The total turnover remained low and amounted to BDT 21.76 billion against BDT 28.20 billion in the week before as investors remained followed cautious stance.
The daily turnover for the week averaged BDT 4.35 billion, registering a decline of 22.79 percent over the previous week’s averaged BDT 5.64 billion.
“Turnover took a major nosedive of 22.79 percent in comparison to the last week as investors pursued passive strategy,” said IDLC Investments.
International Leasing Securities, a stockbroker, said, “First three sessions of the week witnessed profit booking sell-offs from the investors. However, the market ended in nearly flat the two ending session as investors preferred to take positions on fundamentally sound stocks”.
The stockbroker noted that though the market witnessed notable institutional investment, that was made in order to survive the market following significant world stock price plunge, the turnover remained poor as a large group of investors endured in the sideline amid ‘wait and see’ stance.
Losers outpaced gainers as out of 324 issues traded, 180 declined, 115 declined and 29 remained unchanged on the DSE floor during the week.
Square Pharma was the week’s top turnover leader with shares worth BDT 1.03 billion changing hands followed by Shahjibazar Power Company, Lafarge Surma Cement, Islami Bank and United Power Generation and Distribution Company.
Standard Ceramics was the week’s best performer, posting a rise of 12.95 percent while Northern Jute Manufacturing Company was the week’s worst loser, plunging by 11.39 percent.