Dhaka, Bangladesh (BBN)–Bangladesh’s stocks fell further last week that ended on Thursday, with prime index of the Dhaka Stock Exchange, hitting fresh 18-month low as investors continued on a selling spree, fearing further fall.
Week-on-week, DSEX, the prime index of the DSE, came down below the 4,100-mark and closed the week at 18-month low of 4,047.29 points, plunging 144.92 points or 3.46 percent.
The two other indices also saw steep fall.
The DS30 index, comprising blue chips shed 47.57 points or 2.99 percent to close at 1,545.19 points.
The DSE Shariah Index dropped 32.34 points or 3.16 percent to close at 992.54 points.
The port city bourse, Chittagong Stock Exchange (CSE), also saw steep decline, with its Selective Categories Index –CSCX-plunged 266.02 points or 3.40 percent to close the week at 7,548.98 points.
Turnover, the most important indicator of the market, also dropped sharply despite one new issue started trading on the DSE last week.
The total turnover for the week came down to BDT 13.63 billion against BDT 23.66 billion the week before.
The daily turnover for the week averaged BDT 3.40 billion, registering a decline of 28 percent over the previous week’s average of BDT 4.73 billion.
The week started in the backdrop catastrophic earthquake in neighbouring country as well as heating up of local political frontier,” said IDLC Investments, merchant bank, in its weekly analysis.
In such demoralising situation market also failed to revive investors’ sentiment,” it noted.
LankaBangla Securities, a stock broker, said, “Market passed yet another gloomy week as investors remained concerned about the political outlook of the country after city corporation election.”
All the large-cap sectors retraced during the week, except food and allied, which advanced by 2.82 per cent.
The losers took a strong lead over the gainers as out of 321 issues traded, 259 declined, 35 advanced and 27 remained unchanged on the DSE trading floor.
United Power was the week’s top turnover chart for the four consecutive weeks with shares worth BDT 1.64 billion changing hands during the week followed by ACI, ACI Formulations, BSRM and Western Marine Shipyard.
ACI Formulations was the week’s top gainer, posting a rise of 26.86 percent following its handsome dividend recommendation while RD Food was the week’s worst loser, plunging by 42.47 percent as the company failed to recommend dividend.