Dhaka, Bangladesh (BBN)– Bangladesh’s stocks extended their losing spell for the two consecutive weeks that ended on Thursday as prolonged bearish vibe in the market kept the investors worried.
Brokers said sell-off in large-cap stocks tumbled the prime index of the major bourse almost throughout the week due to lack of confidence among investors.
The week witnessed five trading sessions as usual last week. Of them, four sessions while one session managed to close green.
The benchmark index of the Dhaka Stock Exchange (DSE) went down by 124 points or 2.20 percent to settle the week at 5,522 points over the previous week.
DSEX, the prime index of the DSE, lost about 255 points in the past 11 trading sessions, after reaching highest level at 5777 points since its introduction in January 2013, except 3.29 points gain on Monday last.
The two other indices also finished lower. The DS30 index, comprising blue chips, fell 36.90 points or 1.77 percent to finish at 2,050 points.
The DSE Shariah Index fell 22.64 points or 1.75 percent to close at 1,272 points.
The port city bourse, Chittagong Stock Exchange (CSE), also closed lower with its Selective Categories Index, CSCX, slumping by 225 points or 2.12 percent to close at 10,368.
The total turnover for the week came down to BDT 34.33 billion against BDT 35.93 billion the week before.
The daily turnover averaged at BDT 6.86 billion, which was 4.46 percent lower than the previous week’s average of BDT 7.18 billion.
LankaBangla Securities, said, “Most large-cap financial stocks lost price last week. Looking at the top 20 large-cap stocks, all except four stocks experienced major price falls”.
“Trading activities of the investors fell again as they refrained themselves to inject fresh fund in the market thus sessions progressed amid sale pressure throughout the week,” commented EBL Securities.
Most of the traded issues price tumbled last week. Out of 332 issues traded, 231 closed lower, 76 closed higher and 25 remained unchanged on the DSE trading floor.
LankaBangla Finance dominated the week’s turnover chart for the third straight week with about 4.30 million shares of BDT 2.36 billion changing hands, followed by Shahjibazar Power Company, City Bank, Ratanpur Steel Re-rolling Mills and Regent Textile Mills.
BDCOM Online was the week’s biggest gainer, posting a 25.66 percent rise, while IFIC Bank was the worst loser, slumping by 33.46 percent following its price adjustment after record date.