Dhaka stocks dipped in the past week, stretching the losing streak to the five consecutive weeks, as investors were cautious ahead of Bangladesh Bank’s monetary policy statement announcement.
DSEX, the key index of Dhaka Stock Exchange, lost 0.60 per cent or 32.25 points over the week to finish at 5,305.17 points on Thursday, the last trading session of the week.
The core index lost 136 points in the last five consecutive weeks.
The market finished with slight gain in the first two sessions of the week, but it returned to negative for the rest of the week as investors became cautious ahead of monetary policy announcement.
The BB would declare monetary policy statement for the first half of the current financial year this week.
The investors kept an eye on the new MPS announcement, and they were monitoring its possible impact on the money market and capital market.
Beside, the investors continued selling shares from the bank sector amid the banks’ mixed performance for the April-June quarter.
Share prices of Rupali Bank and Uttara Bank and First Security Islami Bank dropped as the banks declared profit fall for the April-June period.
On the other hand, share prices of Mercantile Bank, Pubali Bank, Mutual Trust Bank, Shahjalal Islami Bank and National Bank advanced over the week as the banks declared profit growth for the quarter.
Average share prices of bank sector slid 0.1 per cent, extending the losing streak to the seven consecutive sessions as investors continued shedding bank shares.
Besides bank sector, most of large capitalised scrips declined over the week on the cautious mood of the investors.
Average share prices of telecommunication, energy, pharmaceuticals and non-bank financial institutions sectors dropped 1.0 per cent, 0.7 per cent, 0.4 per cent and 0.1 per cent respectively.
Among the large capitalised scrips, share prices of Grameenphone, Square Pharmaceuticals and Investment Corporation of Bangladesh plunged by more than 3 per cent each that weighed on the index.
On the other hand, share prices of cement and food advanced 2.9 per cent and 0.2 per cent respectively.
‘The market slowed down ahead of the announcement of monetary policy statement by the central bank and also most banks declared poor performance for the second quarter period,’ said EBL Securities in its weekly market commentary.
The daily average turnover of the bourse, however, increased slightly to Tk 890.94 crore in the past week from Tk 878.18 crore in the previous week.
Out of the 343 traded issues, 197 declined, 125 advanced and 20 issues remained unchanged.
DS30, the blue chip index of the DSE, also shed 0.73 per cent, or 13.95 points, to close at 1,890.51 points over the week.
Shariah index DSES, slumped 1.05 per cent, or 13.31 points, to close at 1,259.79 points.
BBS Cables led the turnover chart with its shares worth Tk 171.26 crore changing hands.
KDS Accessories, IFAD Autos, Nahee Aluminium Composite Panel, The Peninsula Chittagong, Active Fine Chemicals, Monno Ceramic Industries, Bashundhara Paper Mills, Pacific Denims and Dragon Sweater and Spinning were the other turnover leaders.
Padma Islami Life Insurance gained the most in the week with a 33.67 -per cent increase in its share prices, while Jute Spinners was the worst loser shedding 28.97 per cent.
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