Dhaka, Bangladesh (BBN)-Bangladesh’s stocks plummeted for the fourth straight weeks that ended Thursday as investors remained reluctant in making investment amid shaky confidence.

Week-on-week, the prime index of Dhaka Stock Exchange—DSEX–came down below the psychological support level of 4,400 points and ended at 4,384.06 points, shedding 32.89 points or 0.74 percent.

The other two indices also closed in red.

The DS30, comprising blue chips lost 14.79 points or 0.92 percent to close at 1589.60 points.

The DSE Shariah Index went down by 11.92 points or 1.21 percent to close at 972.92 points.

The port city bourse–the Chittagong Stock Exchange (CSE)–also ended lower for the last fourth week with its Selective Categories Index–CSCX–lost 73.6 points or 0.86 percent to close the week at 8,435.24 points.

The average daily turnover of the week stumbled to BDT 2.34 billion in the week, registering a decline of 35.5 per cent over the previous week’s average of BDT 3.63 billion.

IDLC Investments said, “With quarterly declarations passing by leaving a negative tone, investors started for searching new stimulus to rebalance portfolio, which ended in vain”.

“Market continues to fall this week in line with the downtrend of last three weeks,” said LankaBangla Securities.

Despite stable economic scenario and ample liquidity market has been going down.

Economic activity has not yet picked up after last year’s disruption. First quarter 2014 performance of listed companies were not that much encouraging, said the stock broker.

Out of 303 issues traded during the week, 192 declined, 87 advanced and 24 issues remained unchanged on the DSE trading floor.

The market capitalisation of the DSE went down by 0.95 percent as it was BDT 2,874.15 billion on the opening day of the week and it stood at BDT 2,846.98 billion on closing session of the week.

Lafarge Surma Cement dominated the week’s top turnover chart with shares worth BDT 600.99 billion changing hands during the week followed by Square Pharma, Hwa Well Textiles, GP and Matin Spinning.

Ambee Pharmaceuticals was the week’s top gainer, posting a rise of 23.64 percent following its hefty dividend declaration while Golden Son was the week’s top loser, slumping by 22.82 percent following its price adjustment after record date.

BBN/BB/AS-23May14-7:00pm (BST)