Stocks dip for 2nd week in a row

Stocks this week have witnessed a down trend for the second straight week as many investors managed funds by selling their existing securities to invest on the primary market.

Meanwhile, many investors took cautious move following the second wave of coronavirus amid rising trend of virus infections and fatalities in the recent days.

Market analysts said many investors were busy selling their securities on profit booking and buying in three new IPOs including Robi Axiata Limited which will come soon to the market, pushing the market down.

However, many investors witnessed buying sprees on sector-specific issues that declared satisfactory dividend and quarterly earnings, they mentioned.

They added the country’s stocks dipped last week largely for profit-taking on sector-specific issues by investors based on the latest corporate declarations.

Expert said the market has showed volatility as buyers and sellers both maintained cautious mood about their trade execution, said a leading broker.

The prime index of Dhaka Stock Exchange decreased by 25.09 points or 0.51 percent during the week to settle at 4,879 on Thursday. In the last two weeks, the core index of DSE decreased 62 points.

However, the blue chips index (DS30) went down by 10.26 points during the week to close at 1,701 on Thursday and Shariah index (DSES) increased 11.44 points to finish at 1,128 in the span of one week.

The losers beat over the gainers, as out of 361 issues traded, 199 closed lower, 99 higher and 63 remained unchanged on the DSE floor.

The market capitalisation of the DSE decreased by 1.30 percent to Tk 3,933 billion as against Tk 3,984 billion on the first working day of the week. 

Beximco Pharma dominated the floor of the DSE and became the top of the week’s turnover chart. 

Market data shows 20.6 million shares of the Beximco Pharma were traded on the floor of the Dhaka Stock Exchange (DSE) during the week and its market value stood at almost Tk 2.94 billion on the week.

It was followed by square Pharma, the Bangladesh Export Import Company Limited, Grameen One: Scheme Two and Brac Bank.

Bangladesh Lamps was the week's best performer, posting a gain of 38.55, while CAPM IBBL Islamic Mutual Fund was the week's worst loser, slumping by 22.66 percent.

The daily average turnover stood Tk 7.81 billion, which was less than 14 percent lower than the previous week's average of Tk 9.11 billion.

The total turnover stood at Tk 39.09 billion last week which was Tk 45.56 billion the week before.

On the other hand, the port city bourse, the Chattogram Stock Exchange (CSE) also saw a negative trend during the last week with its selective category index (CSCX) losing 60 points to close at 8,410 points.

All-Share Price Index (CASPI) of the CSE was lower by almost 99 points on Thursday to close at 13,968 points.

At the CSE, total 311 issues were traded. Among them, 72 closed higher, 176 ended lower and 65 remained unchanged. 

However, the number of shares transacted on the floor of the CSE was 55.19 million and the total turnover in value was Tk 1.12 billion during the last week.