Dhaka, Bangladesh (BBN) - Bangladesh’s stocks returned to the red last week that ended on Wednesday, after a positive week as investors went on selling spree, mostly large-cap stocks.
The week featured four trading sessions as Thursday was public holiday due to Birthday of Bangabandhu Sheikh Mujibur Rahman. Of them, three sessions closed lower while one saw marginal gain.
The prime index of the Dhaka Stock Exchange (DSE) went down by 38.24 points or 0.85 percent to settle at 4,446.29 points last week over the previous week.
The DS30 index, comprising blue chips, plunged 27.76 points or 1.61 percent to finish at 1,693.30 points.
The DSE Shariah Index fell 5.12 points or 0.47 percent to close at 1,080.45 points.
The port city bourse Chittagong Stock Exchange (CSE) also returned to the red last week with its Selective Categories Index, CSCX, falling 60.46 points or 0.72 percent to settle at 8,323.06 points.
The total turnover of the week came down to BDT 15.10 billion, which was 6.46 percent lower compared to the previous week’s BDT 16.15 billion, as last week saw four trading sessions compared to the previous week’s five.
The daily turnover averaged BDT 3.78 billion, which was 17 percent higher than the previous week’s average of BDT 3.23 billion.
“Negative tone in large-cap stocks challenged the market movement and hit broad index last week,” said IDLC Investments, a merchant bank, in its weekly market analysis.
Summit Power, BATBC, GP, United Power encountered selling pressure throughout the week, which faced erosion of 9.0 per cent, 6.9 per cent, 1.7 per cent and 1.6 per cent respectively, said the merchant bank.
LankaBangla Securities, a stockbroker, said, “Market lost momentum last week amid sells pressure of large-cap stocks”.
The losers took a modest lead over the gainers as out of 324 issues traded, 166 closed lower, 134 higher and 24 remained unchanged on the DSE trading floor during the week.
Aman Feed dominated the week’s turnover chart last week with shares worth BDT 705 million changing hands followed by LankaBangla Securities, Orion Pharmaceuticals, AFC Agro Biotech and Summit Power.
Keya Cosmetics was the week’s best performer, posting a rise of 19.82 percent, while LankaBangla Finance was the week’s worst loser, plunging by 17.04 percent.
BBN/SSR/AD