Stocks fall for another week as banks plummet

Staff Correspondent | Published: 23:09, Dec 09,2017 | Updated: 23:18, Dec 09,2017

 
 

Dhaka bourse plunged last week, extending the losing spell to the second week, as investors intensified share sales, especially those of banks ahead of year-end.
DSEX, the key index of Dhaka Stock Exchange, shed 0.93 per cent, or 58.63 points, over the week to close at 6,248.23 points on Thursday after losing 15.65 points in the previous week.
The equity market was sluggish during the week as investors were jittery on the trading floor ahead of year-end, market operators said.
The market started the week with a negative vibe that sustained during the whole week with a marginal gain on Tuesday, they said.
Many investors remained on the sidelines to watch the movement of the market as the year closure is approaching, stockbrokers said.
As a result, the daily average turnover on the bourse declined further by 21.42 per cent to Tk 602.26 crore last week compared with that of Tk 766.45 crore in the previous week.
Investors usually feel uncertainty ahead of the year-end, stockbrokers said.
They said banks which had led the bullish trend at the market in recent times contributed most to sending the market to the negative trajectory.
The average share prices of the sector plummeted by 4 per cent that was enough to drag down the index.
Out of the 30 traded bank scrips, the share prices of all the issues declined over the week.
Besides, a slump in the share prices of engineering and non-bank financial institutions by 1.77 per cent and 1.13 per cent respectively added fuel to the week’s volatility.
On the other hand, a section of investors went for share purchasing, especially those of non-financial scrips amid optimism.
The share prices of food, pharmaceuticals and telecommunications advanced by 4.7 per cent, 1.6 per cent and 1.4 per cent respectively that saved the market from further fall.
‘Investors concentrated on profit booking prior to the year-end, which triggered the index to plummet,’ said EBL Securities in a weekly market commentary.
The prime bourse of the country passed another sluggish week, it said.
Of the 337 companies and mutual funds traded, 169 declined, 143 advanced, and 25 remained unchanged.
DS30, the blue chip index of the DSE, shed 0.27 per cent, or 6.06 points, over the week to close at 2,264.08 points on Thursday.
Shariah index DSES, however, gained 0.57 per cent, or 7.92 points, to close at 1,389.43 points.
BD Thai led the turnover chart over the week with it shares worth Tk 99.83 crore changing hands.
Square Pharmaceuticals, Grameenphone, BRAC Bank, Paramount Textiles, Golden Harvest Agro Industries, LankaBangla Finance, Shahjalal Islami Bank, City Bank and AB Bank were the other turnover leaders.
CAPM BDBL Mutual Fund 01 gained the most in the week with a 20.00-per cent increase in its share prices, while ICB Islamic Bank was the worst loser, shedding 15.38 per cent.

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