Dhaka stocks fall for 4th week amid cautiousness

Dhaka stocks inched down in the past week, extending the losing streak to the fourth consecutive week, as Grameenphone’s recovery and power sector’s surge saved the market from heavy fall.
DSEX, the key index of Dhaka Stock Exchange, shed 0.08 per cent, or 4.46 points, over the week to close at 5,745.83 points on Thursday, the last trading session of the week.
DSEX lost 204 points in last four weeks.
The week was shortened to four trading sessions as the trading on the market was closed on February 21 due to the observation of International Mother Language Day.
Although DSEX remained positive in three out of four sessions, it ended in the negative territory in the week as it failed to recover the plunge in one session, market operators said.
They said that investors remained cautious on the trading floor and continued selling shares from the sector specific scrips resulting in fall in share prices of more than two-thirds of scrips.
Average share prices of general insurance, textile, cement, and non-bank financial institution sectors dropped by 5.1 per cent, 2.6 per cent, 1.7 per cent and 0.2 per cent respectively.
Share prices of bank sector however, advanced by 0.4 per cent over the week, after a heavy beating in the previous week, as a section of investors went for bargain hunting buys.
The banks will soon declare dividends and earnings results for the year 2018.
Despite a fall in share prices of more than two thirds of scrips, DSEX barely dropped as some of the large capitalised scrips soared.
Share prices of Grameenphone gained by 1.1 per cent after losing 3.85 per cent in the previous week as investors went for bargain hunting share buying from the company.
The mobile operator company had witnessed heavy fall in the previous week after Bangladesh Telecommunication Regulatory Commission had decided to declare GP as significant market power.

Among the other large capitalised scrips, share prices of United Power Generation Company, Square Pharmaceutical, Bangladesh Submarine Cable Company and Investment Corporation of Bangladesh gained most on the week.
Average share prices of telecommunication, power and engineering sectors advanced by 3.4 per cent, 2.6 per cent and 0.1 per cent respectively that saved the market from further fall.
‘During this week, shaky investors opted for realising gain from their portfolio while others readjusted their portfolios targeting at sector-specific large capitalised scrips,’ said EBL in its weekly market commentary.
The daily average turnover on DSE declined by 10.70 per cent to Tk 728.35 crore in last week from Tk 815.66 crore in the previous week.
Out of the 349 traded issues, 229 declined, 94 advanced and 26 remained unchanged.
DS30, the blue-chip index of DSE, however gained 0.15 per cent, or 3.10 points, to close at 2,002.18 points.
Shariah index DSES also gained 0.11 per cent, or 1.46 points, to finish at 1,312.91 points.
UPGDCL led the turnover chart with its shares worth Tk 194.94 crore changing hands in the week.
BSCCL, Fortune Shoes, Square Pharmaceutical, Monno Ceramic Industries, Alif Industries, The Peninsula Chittagong, GP, Legacy Footwear and Monno Jute Stafflers were the other turnover leaders.
Mercantile Insurance Company gained the most in the week with a 24.25-per cent increase in its share prices, while Savar Refractories was the worst loser, shedding 18.21 per cent.
Source: http://www.newagebd.net

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