National, Front Page

Stocks break 3-week gaining streak

Published : 16 Sep 2023 09:45 PM

Stocks witnessed a losing streak after breaking a three-week winning streak in the last week as many investors were busy selling their shares to book profits from short-term gains.

Market analysts said the stocks plunged into the red after breaking a three-day gaining streak as risk-averse investors went for quick profit-booking sell-offs of their holdings that appreciated recently.

They said some investors are selling their shares as the rising interest rate and increasing inflation have dampened the investor sentiment.

There is a possibility to increase the interest rate further, he said, adding that if the interest rate rises, it will badly affect the stock market investment, he added.

DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 5.05 points or 0.08 percent to settle at 6,302.03 after gaining 52 points in the past three weeks straight.

However, the DS30 Index, comprising blue-chip companies, decreased by 2.53 points to 2,134 and the DSES Index, Shariah-based companies, declined by 8.61 points to 1,360.

The total turnover in the week increased to Tk 28.64 billion, up from Tk 26.23 billion in the previous week.

The average daily turnover decreased by 13 percent to stand at Tk 5.73 billion from the previous week's average turnover of Tk 6.56 billion.

As 369 issues traded on the DSE trading floor, 204 remained unchanged, 99 declined and 66 advanced.

Small-cap Fu-Wang Food, which saw 17.70 percent price decline, kept its dominance in the weekly turnover charts with shares worth Tk 2.10 billion changing hands. 

Crystal Insurance was the week's top gainer, rising 36.97 percent while Legacy Footwear was the worst loser, shedding 21.44 percent after its unusual price hike in recent weeks.

Meanwhile, the All-Share Price Index of the CSE was lower by 52 points during the time to close at 18,626 points on Thursday.

The CSE's Selective Categories Index (CSCX) lost 15 points to close the week at 11,136.

Of the 277 issues traded, 75 declined, 63 advanced and 139 remained unchanged on the CSE.

The port city's bourse traded 12.52 million shares and mutual fund units with turnover value of Tk 59.70 crore.