Dhaka, Bangladesh (BBN) – Dhaka stocks returned to negative territory again in the week that ended on Wednesday after a week in green zone as investors sold-off shares in panicked, fearing further fall of share prices, market operators said.

During the week, the DGEN, the benchmark index of the Dhaka Stock Exchange (DSE), went down by 182.40 points or 3.09 percent to close at 5,727.80.

The broader All Shares Price Index (DSI) shed 140.79 points or 2.85 per cent to close at 4,804.17. The DSE-20 Index, comprising blue-chip shares, also plummeted 107.25 points or 2.63 per cent to close at 3,972.80.

The total turnover value of the week declined to BDT 13.31 billion against BDT 20.91 billion, in the previous week. The average daily turnover value stood at BDT 3.32 billion, down by 20.4 per cent compared to BDT 4.18 billion in the previous week.

Out of the 265 issues traded, only 58 advanced, 204 declined, while three remained unchanged during the week.

The market capitalization was BDT 2,833.21 billion on the opening day of the week and at the end of the week it stood at BDT 2,766.20 billion, a 2.36 per cent lower.

The week witnessed four trading sessions instead of five as Thursday was public holiday on the occasion of Durga Puja, the largest religious festival of Hindu community. Among them, three sessions lost while one session closed flat.

The latest move of stakeholders to propose market stabilization fund (MSF) failed to spur investors’ confidence as it could create major difficulties in operation and management and they went for panicked selling of shares, they added.

In a desperate move to bring back investors’ confidence and increase liquidity flow, the country’s apex trade body, owners of listed companies, merchant banks, the two stock exchanges and a platform of retail investors jointly unveiled the idea of the MSF on Thursday last.

All the financial sectors retraced in the last week­—banking sector lost 3.69 percent, non-banking financial institutions (NBFIs) 4.32 percent, general insurance 3.25 percent and life insurance lost 3.20 percent.

Telecommunications sector was the biggest loser among all the sectors in the week. Grameenphone (GP) share price dipped 6.23 percent following Bangladesh Telecommunication Regulatory Commission (BTRC)’s news that the company will have to pay BDT 30.3 billion in unpaid revenue and tax.

However it is yet to be decided whether the company will actually have to pay the amount.

Pharmaceuticals and power declined by 2.23 percent and 2.67 percent respectively. Cement sector gained 1.77 percent as Lafarge advanced 8.4 percent following price adjustment for rights issue.

Lafarge Surma Cement topped the week’s turnover list with shares worth BDT 685.38 million changing hands.

The other turnover leaders were Summit Power, Beximco Pharma, Beximco Limited, Beximco Synthetics, Grameenphone, MI Cement, Malek Spinning, Eastern Housing and BD Thai Aluminium.

Bangladesh Shipping Corporation was the week’s highest gainer, posting a rise of 21.51 percent.

It was followed by Tallu Spinning, Chittagong Vegetable, Rahima Food, Ambee Pharma, Imam Button, Eastern Housing, Monno Ceramics, Orion Infusion and Fifth ICB.

The week’s worst losers included Delta-Brac Housing, Lafarge Surma Cement, Grameen Mutual One, Fareast Islami Life, Grameen One: Scheme Two, Pharma Aids, Premier Leasing, Gemini Sea Food, United Airways and LankaBangla Finance.

BBN/SSR/AD-08Oct11-12:37 pm (BST)