Dhaka, Bangladesh (BBN) – Bangladesh’s stocks witnessed a marginal loss for the two straight weeks as risk-averse investors continued their sell-offs on selective large-cap issues.
Week-on-week, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 16.70 points or 0.37 percent to settle at 4,452.
Brokers said poor quarterly earnings, falling export and private sector’s credit growth coupled with no progress of the government’s recent moves to stabilise the market dampened investors confidence.
The news that a bill over depositing surplus money of state owned entities to the national exchequer was passed, which also eroded investors’ confidence.
Two other indices also ended lower. The DS30 index, comprising blue chips, fell 10.18 points to finish at 1,513 and the DSE Shariah Index also saw a fractional loss of 0.88 point to close at 1,027.
The weekly total turnover on the prime bourse stood at BDT 22.22 billion, slightly down from BDT 22.25 billion in the week before.
The daily turnover averaged BDT 4.44 billion, down 0.15 percent, from the previous week’s average of BDT 4.45 billion.
According to International Leasing Securities investors confused about the market movements over the macro-economic outlook like dwindling export earnings coupled with lethargic private sector credit growth.
However, gainers outnumbered the losers, as out of 358 issues traded, 173 closed higher and 152 ended lower while 33 issues remained unchanged on the DSE floor in the outgoing week.
LafargeHolcim dominated the week’s turnover chart for the third straight weeks with shares worth BDT 1.56 billion changing hands during the week.
Phoenix Finance First Mutual Fund was the week’s best performer, posting a gain of 23.88 percent while the United Airways was the worst loser, losing 15.79 percent.
The Chittagong Stock Exchange (CSE) also ended lower, with its CSE All Share Price Index – CASPI – losing 44 points to settle at 13,542 and the Selective Categories Index – CSCX – shedding 24 points to finish the week at 8,211.
Here too, the gainers beat the losers as 160 issues closed higher, 127 ended lower and 20 remained unchanged during the week
The port city bourse traded 45.33 million shares and mutual fund units worth BDT 970 million in turnover last week.